Ogleby Inc.'s accounting records reflect the following inventories: $\begin{array}{lrr}&\text { Dec. } 31,2016&\text { Dec. } 31,2017\\ \text { Raw materials inventory } & \$ 120,000 & \$ 96,000 \\ \text { Work in process inventory } & 156,000 & 174,000 \\ \text { Finished qoods inventory } & 150,000 & 138,000 \end{array}$ During 2017, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2017?

A) $1,229,000 B) $1,397,000 C) $1,391,000 D) $1,385,000 A) $1,229,000 B) $1,397,000 C) $1,391,000 D) $1,385,000

Benson Inc.'s accounting records reflect the following inventories: $\begin{array}{lrr}& \text { Dec. 31,2016}& \text { Dec. 31,2017}\\ \text { Raw materials inventory } & \$ 80,000 & \$ 64,000 \\ \text { Work in process inventory } & 104,000 & 116,000 \\ \text { Finished goods inventory } & 100,000 & 92,000 \end{array}$ 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 is total manufacturing costs incurred during 2017 for Benson?

A) $1,864,000 B) $1,876,000 C) $1,860,000 D) $1,872,000 A) $1,864,000 B) $1,876,000 C) $1,860,000 D) $1,872,000

Wasson Company reported the following year-end information: \[\begin{array} { l r } \text { Beginning work in process inventory } & \$ 35,000 \\ \text { Beginning raw materials inventory } & 18,000 \\ \text { Ending work in process inventory } & 38,000 \\ \text { Ending raw materials inventory } & 15,000 \\ \text { Raw materials purchased } & 560,000 \\ \text { Direct labor } & 210,000 \\ \text { Manufacturing overhead } & 120,000 \end{array}\] How much is Wasson's total cost of work in process for the year?

A) $925,000 B) $893,000 C) $890,000 D) $928,000 A) $925,000 B) $893,000 C) $890,000 D) $928,000

Exam 13: Managerial Accounting

Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31,2016 Dec. 31,2017 Raw materials inventory \ 120,000 \ 96,000 Work in process inventory 156,000 174,000 Finished qoods inventory 150,000 138,000 During 2017, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2017?

(Multiple Choice)

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Question 61

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 is total manufacturing costs incurred during 2017 for Benson?

(Multiple Choice)

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Question 62

Which of the following is not classified as direct labor?

(Multiple Choice)

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Question 63

What is "balanced" in the balanced scorecard approach?

(Multiple Choice)

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Question 64

Raw materials inventory shows the cost of completed goods available for sale to customers.

(True/False)

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Question 65

For inventoriable costs to become expenses under the matching principle,

(Multiple Choice)

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Question 66

The controller of a company is responsible for all of the accounting and finance issues a company faces..

(True/False)

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Question 67

The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.

(True/False)

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Question 68

Which one of the following costs would not be inventoriable?

(Multiple Choice)

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Question 69

Financial statements for external users can be described as

(Multiple Choice)

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Question 70

The subtotal, "Cost of goods manufactured" appears on

(Multiple Choice)

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Question 71

Product costs are also called

(Multiple Choice)

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Question 72

Wasson Company reported the following year-end information: Beginning work in process inventory \ 35,000 Beginning raw materials inventory 18,000 Ending work in process inventory 38,000 Ending raw materials inventory 15,000 Raw materials purchased 560,000 Direct labor 210,000 Manufacturing overhead 120,000 How much is Wasson's total cost of work in process for the year?

(Multiple Choice)

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Question 73

For a manufacturing company, which of the following is an example of a period cost rather than a product cost?

(Multiple Choice)

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Question 74

Managerial accounting is also called

(Multiple Choice)

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Question 75

Raw materials are equal to direct materials minus indirect materials.

(True/False)

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Question 76

What term describes all business processes associated with providing a product or service?

(Multiple Choice)

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Question 77

Direct materials costs and indirect materials costs are manufacturing overhead.

(True/False)

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Question 78

Cost of goods manufactured is calculated as follows:

(Multiple Choice)

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Question 79

For the work of factory employees to be considered as direct labor, the work must be conveniently and

(Multiple Choice)

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Question 80

Which of the following is not classified as direct labor?

What is "balanced" in the balanced scorecard approach?

Raw materials inventory shows the cost of completed goods available for sale to customers.

For inventoriable costs to become expenses under the matching principle,

The controller of a company is responsible for all of the accounting and finance issues a company faces..

The management function of organizing and directing is mainly concerned with setting goals and objectives for the entity.

Which one of the following costs would not be inventoriable?

Financial statements for external users can be described as

The subtotal, "Cost of goods manufactured" appears on

Product costs are also called

For a manufacturing company, which of the following is an example of a period cost rather than a product cost?

Managerial accounting is also called

Raw materials are equal to direct materials minus indirect materials.

What term describes all business processes associated with providing a product or service?

Direct materials costs and indirect materials costs are manufacturing overhead.

Cost of goods manufactured is calculated as follows:

For the work of factory employees to be considered as direct labor, the work must be conveniently and

Introduction to Financial Statements

A Further Look at Financial Statements

The Accounting Information System

Merchandising Operations and the Multiple-Step Income Statement

Reporting and Analyzing Inventory

Fraud, Internal Control, and Cash

Reporting and Analyzing Receivables

Reporting and Analyzing Long-Lived Assets

Reporting and Analyzing Liabilities

Reporting and Analyzing Stockholders Equity

Statement of Cash Flows

Financial Analysis: The Big Picture

Job Order Costing

Process Costing

Activity-Based Costing

Cost-Volume-Profit

Cost-Volume-Profit Analysis: Additional Issues

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Planning for Capital Investments

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