Exam 13: Managerial Accounting

On the costs of goods manufactured schedule, the item raw materials inventory (ending) appears as a(n)

Using $3,000,000 as the total manufacturing costs, compute the cost of goods manufactured using the following information. Raw materials inventory, January 1 20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18,000 Work in process, December 31 12,000 Finished goods, January 1 40,000 Finished goods, December 31 32,000 Raw materials purchases 1,700,000 Direct labor 760,000 Factory utilities 150,000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000

In calculating gross profit for a manufacturing company, the cost of goods manufactured is deducted from net sales.

Which one of the following is an example of a period cost?

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

Sales commissions are classified as

The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule of a manufacturing company.

Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.

If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, then

Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.

Management accountants would not

A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)

Internal reports must be communicated

Which of the following are period costs?

Many companies have significantly lowered inventory levels and costs using just-in-time inventory methods.

Indirect materials and indirect labor are both inventoriable costs.

Benson Inc.'s accounting records reflect the following inventories: Dec. 31,2016 Dec. 31,2017 Raw materials inventory \ 80,000 \ 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson?

Given the following data for Harder Company, compute cost of goods manufactured: Direct materials used \ 120,000 Beginning work in process \ 20,000 Direct labor 200,000 Ending work in process 10,000 Manufacturing overhead 180,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000

Product costs consist of

Walker Company reported the following year-end information: Beginning work in process inventory 46,000 Beginning raw materials inventory 24,000 Ending work in process inventory 50,000 Ending raw materials inventory 20,000 Raw materials purchased 830,000 Direct labor 440,000 Manufacturing overhead 10,000 How much is Walker's cost of goods manufactured for the year?