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Exam 15: Introduction to Managerial Accounting

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Question 31

Multiple Choice

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Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?

A) investors
B) managers
C) shareholders
D) customers

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

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Question 32

Multiple Choice

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The following information is taken from the financial records of Gunner Manufacturing: ​ ​ Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process,beginning 18,000 Work in process,ending 28,000 ​ ​ What is the cost of goods manufactured?

A) $178,000
B) $132,000
C) $122,000
D) $142,000

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

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Question 33

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Manufacturers use machinery and labor to convert direct materials into finished products.

Which of the following is an example of direct materials cost for an automobile manufacturer?

Insurance expense incurred on a factory building would be treated as a

Product costs are not expensed until the product is sold.

All of the following employees hold line positions in Facebook except

Laramie Technologies had the following data: ​ Cost of materials used $50,000 Direct labor costs 56,000 Factory overhead 28,000 Work in process,beg. 45,000 Work in process,end. 32,000 ​ Calculate the cost of goods manufactured.

A company used $35,000 of direct materials,incurred $73,000 in direct labor cost,and had $114,000 in factory overhead costs during the period.If beginning and ending work in process inventories were $28,000 and $32,000,respectively,the cost of goods manufactured was

Keeton Company had the following data: Cost of materials used $ 60,000 Direct labor costs 58,000 Factory overhead 33,000 Work in process,beg. 29,000 Work in process,end. 18,000 Finished goods,beg. 32,000 Finished goods,end. 18,000 Calculate the cost of goods sold.

The payment of dividends is an example of a cost.

Which of the following is an example of direct labor cost for a cell phone manufacturer?

Prime costs are the combination of direct labor costs and factory overhead costs.

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

Bartel Corporation produces bar stools for restaurants.For each of the following,indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -The production labor wages for the bar stool assemblers

Classify the following costs as either a product cost or a period cost:

A report analyzing how many products need to be sold to cover operating costs is not typically a managerial accounting report.

Labor costs that are directly traceable to the product are part of factory overhead.

Period costs include direct materials and direct labor.

The Darwin Company reports the following information: ​ Product costs are