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Exam 16: Management Accounting: a Business Partner

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Question 21

Multiple Choice

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Costs that are traceable to a particular unit and are inventoriable are called:

A) Period costs.
B) Product costs.
C) Overhead costs.
D) Job costs.

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Question 22

Multiple Choice

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The balance in the Materials Inventory account at the beginning of 2011: was:

A) $65,000.
B) $85,000.
C) $45,000.
D) Some other amount. $_____________

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Question 23

Multiple Choice

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In a manufacturing company, the cost of goods sold is equal to:

When direct materials are used:

The accounting records of Newport Mfg. Co. include the following information for the most recent year ended Dec. 31: Indicate which of the following are correct. (More than one answer may be correct.)

Manufacturing costs do not include:

The total amount of inventory that should appear in the company's balance sheet at April 30 is:

Product costs become part of inventory and are placed on the balance sheet until the products are sold.

In comparison with a financial statement prepared in conformity with generally accepted accounting principles, a managerial accounting report is more likely to:

The purpose of an overhead application rate is to:

The cost of the employee who installs the leather on the seats of a new automobile would be considered:

Management accounting reports may provide sufficient means of monitoring, evaluating and rewarding performance.

The following information pertains to the Galaxy Company: Work in Process, balance as of January 1 $54,500 Work in Process, balance as of December 31 $56,275 During the year, the company used $575,500 in raw materials, incurred $420,500 in direct labor costs, and $500,000 in manufacturing overhead costs were applied to work in process. Determine the Costs of Goods Manufactured for the Galaxy Company.

The wages paid to employees working directly on a company's products would be shown as a:

The James Company has incurred the following costs of production: Direct Materials $350,000 Direct Labor $475,000 Manufacturing Overhead $722,000 Selling and Administrative Costs $256,000 The James Company prime costs are $606,000. Prime costs = Direct Materials $350,000 + Direct Labor $475,000 = $825,000

Flow of manufacturing costs The "flow" of manufacturing costs through the ledger of MF Enterprise. Co. during the month of August is summarized in the following T accounts. Certain amounts have been omitted and are represented by question marks. From the data supplied above, determine each of the following amounts. Some of the required amounts already appear in the T accounts; others require a short computation. (a) The amount of direct materials purchased during the month: $_________ (b) The amount of direct labor cost assigned to production: $____________ (c) The amount of accrued wages payable to direct labor workers at August 31: $____________ (d) The cost of finished goods manufactured during the month: $____________ (e) The cost of goods sold during the month: $____________

Costs related to the disposal of hazardous materials are classified as manufacturing overhead costs.

Total manufacturing costs charged (debited) to Work in Process during September amount to:

The Work in Process Inventory account had a beginning balance of $4,200 on February 1. During February, the cost of direct materials used was $29,000 and direct labor cost applied to production was $3,000. Overhead is applied at the rate of $20 per direct labor hour. During February, 180 direct labor hours were used in the production process. If the cost of finished goods manufactured was $34,100, compute the balance in the Work in Process Inventory account at the end of February.

Managerial accounting refers to the preparation and use of accounting information designed to meet the needs of decision makers inside and outside the business organization.