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Exam 1: Managerial Accounting Concepts and Principles

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Question 81

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Compute cost of goods manufactured for this period given the following amounts.

A) $72,000
B) $48,000
C) $60,000
D) $66,000
E) $180,000.

F) C) and D)
G) A) and E)

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Question 82

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Ending raw materials inventory divided by raw materials used multiplied by 365 is the _________________________.

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days' sale...

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Question 83

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Expenditures incurred in the process of converting raw materials to finished goods, that include direct labor and factory overhead are known as _________________________.

Which of the following costs would not be classified as factory overhead?

Which of the following accounts would appear on a manufacturing statement?

Assume Back to the Roots used 1 million pounds of raw materials in their most recent accounting year.They started the year with 20,000 pounds of raw materials and ended with 40,000 pounds. (a)Compute Back to the Roots' raw materials inventory turnover. (b)Compute Back to the Roots' days' sales in raw materials inventory. (c)Interpret these results.What can the company do to improve these measures?

Managerial accounting information can be forwarded to the managers of a company quickly since external auditors do not have to review it, and estimates and projections are acceptable.

Product costs are expenditures necessary and integral to finished products.

A _________________ cost changes in proportion to changes in the volume of activity.

For each item shown below, indicate whether it is a product cost or a period cost, by placing an X in the appropriate column.For each item that is a product cost, also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product.

Managerial accounting information:

Costs that flow directly to the current income statement are called:

Use the following information to compute the cost of goods manufactured:

Expenditures that flow directly to the current income statement and are not reported as assets are ___________________ costs.

Products that have been completed and are ready to be sold by the manufacturer are called:

Use the following information for Acme, Inc., as of December 31 to answer the next questions: -What is the correct amount of cost of goods manufactured?

Horton Foods bakes and sells 1,000 dozen bagels each week to food service operations.Among the costs are bakers' salaries, $24,000; production management salaries, $16,000; production equipment operating costs, $32,000; and flour and ingredient costs, $15,000. Required: (a)Calculate prime costs (b)Calculate conversion costs.

Which of the following is not a characteristic of all fraud?

A sunk cost has already been incurred and cannot be avoided or changed, so it is irrelevant to decision making.

What are the components of the manufacturing statement? Describe each component.