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Exam 14: Managerial Accounting Concepts and Principles

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Question 1

Multiple Choice

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Use the following data to compute total manufacturing costs for the month:

A) $141,100.
B) $125,300.
C) $45,200.
D) $84,800.
E) $58,300.

F) A) and B)
G) A) and C)

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Question 2

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Waters,Inc.reported the following data regarding costs and inventories for the current year: beginning finished goods inventory,$5,000; cost of goods manufactured,$21,500; ending finished goods inventory,$4,000.Cost of goods sold for Waters,Inc.equals ________.

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$22,500 Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory; $5,000 + $21,500 - $4,000

Question 3

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A manufacturing company has a beginning finished goods inventory of $14,600,raw material purchases of $18,000,cost of goods manufactured of $32,500,and an ending finished goods inventory of $17,800.The cost of goods sold for this company is:

Product costs are expenditures necessary to manufacture finished products.

An internal control system consists of the policies and procedures managers use to do all of the following except:

Compute the ending work in process inventory for a manufacturer with the following information.

Calculate Cost of Goods Sold for the following two companies:

Information for Underwood Industries is presented below.Compute the cost of goods manufactured.

Marshall Corporation incurred costs for materials and labor needed to manufacture its products.These costs are examples of:

Which one of the following items is not a manufacturing cost?

A manufacturer's cost of goods manufactured is the sum of direct materials,direct labor,and factory overhead costs incurred in producing products.

Wesson Company sold 10,000 units of its only product in the first half of the year.If sales increase by 12% in the second half of the year,which cost will increase?

Product costs can refer to expenditures necessary to manufacture products and to administrative support during the time period.

Managerial accounting reports and information are used by external users and financial accounting by internal users.

Shemekia Co.produces seats for movie theaters.Listed below are selected cost items for the seat production.Classify each cost as either fixed or variable,and either a product or a period cost by placing an x in the appropriate boxes.

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods available for sale.

Planning is the process of setting goals and making plans to achieve them.

If the cost of the beginning work in process inventory is $60,000,costs of goods manufactured is $890,000,direct materials cost is $330,000,direct labor cost is $210,000,and overhead cost is $315,000,calculate the ending work in process inventory.

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

The management concept of customer orientation encourages a company to set up its production system to produce large quantities of the same product for all customers.