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Exam 1: Managerial Accounting Concepts and Principles

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Question 71

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At the beginning of the current year, the Grant Company's work in process inventory account had a balance of $30,000.During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred.Factory overhead for the year amounted to $90,000.Cost of goods manufactured is $230,000.The balance in work in process inventory on December 31 is

A) $24,000
B) $44,000
C) $66,000
D) $36,000

E) A) and D)
F) B) and C)

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Question 72

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The cost of wages paid to employees directly involved in converting materials to finished product is classified as direct labor cost.

A) True
B) False

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Question 73

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Indirect labor would be included in factory overhead.

Managers use managerial information to evaluate performance of a company's operation.

Prime costs consist of factory overhead and direct labor.

Conversion cost is the combination of direct labor cost and factory overhead cost.

The following are all product costs except

Match the items below for a bakery to the type of cost a-d. -Sprinkles for decoration indirect material

Indirect labor and indirect materials would be part of factory overhead.

The phases of the management process are listed below.Match each phase to the appropriate description. Planning Directing Controlling Improving Decision making a Used by managers for continuous improvement b Managers must decide how to respond to unfavorable performances c Used by management to develop the organization's objectives and goals d Monitoring the operating results of implemented plans and comparing actual results to expected results e Process by which managers run day-to-day operations

Given the following data: What is cost of goods sold?

Sienna Company has the following information for January: Calculate the cost of goods manufactured.

Product costs include direct labor and advertising expense.

On the income statement of a manufacturing company, what replaces purchases in the cost of goods sold section of a retail company?

Cost of goods sold for a manufacturer equals cost of goods manufactured plus

Given the following data: Direct materials used is

Managerial accounting reports must be useful to the user of the information.

The Zoe Corporation has the following information for the month March.Determine the a cost of goods manufactured, and b cost of goods sold.

The Putney Company reports the following information: Compute: a product costs b period costs

The following information is available for Carter Corporation: 1 Materials inventory decreased $4,000. 2 Materials inventory on December 31 was 50% of materials inventory on January 1. 3 Beginning work in process inventory was $145,000. 4 Ending finished goods inventory was $65,000. 5 Purchases of direct materials were $154,700. 6 Direct materials used were 2.5 times the cost of direct labor. 7 Total manufacturing costs incurred were $246,400, 80% of cost of goods manufactured and $156,000 less than cost of goods sold. Compute: a Finished goods inventory on January 1 b Work in process inventory on December 31 c Direct labor incurred d Factory overhead incurred e Materials inventory on January 1 f Materials inventory on December 31 g Direct materials used