Presented below are incomplete 2016 manufacturing cost data for Supreme Corporation. \[\begin{array} { | c | c | c | c | c | } \hline & \text { Direct Materials Used } & \text { Direct Labor } & \begin{array} { c } \text { Manufacturing } \\ \text { Overhead } \end{array} & \text { Total Manufacturing Costs } \\ \hline \text { (a) } & \$ 48,000 & \$ 72,000 & ? & \$ 194,000 \\ \hline \text { (b) } & \$ 95,000 & ? & \$ 80,000 & \$ 305,000 \\ \hline \text { (c) } & ? & \$ 80,000 & \$ 120,000 & \$ 260,000 \\ \hline \end{array}\] Instructions Determine the missing amounts.

\[\begin{array} { | c | c | c | c | c |

Dolan Company's accounting records reflect the following inventories: \[\begin{array} { l c c } & \text { Dec. 31, 2017 } & \text { Dec. 31, 2016 } \\ \text { Raw materials inventory } & \$ 310,000 & \$ 260,000 \\ \text { Work in process inventory } & 300,000 & 160,000 \\ \text { Finished goods inventory } & 190,000 & 150,000 \end{array}\] During 2017 $800000 of raw materials were purchased direct labor costs amounted to $670000 and manufacturing overhead incurred was $640000. If Dolan Company's cost of goods manufactured for 2017 amounted to $1890000 its cost of goods sold for the year is

A) $2000000. B) $1750000. C) $1850000. D) $1930000. A) $2000000. B) $1750000. C) $1850000. D) $1930000.

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

A) $925000 B) $893000 C) $890000 D) $928000 A) $925000 B) $893000 C) $890000 D) $928000

Exam 19: Managerial Accounting

Edmiston Company reported the following year-end information: beginning work in process inventory $80000; cost of goods manufactured $750000; beginning finished goods inventory $50000; ending work in process inventory $70000; and ending finished goods inventory $40000. How much is Edmiston's cost of goods sold for the year?

(Multiple Choice)

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Question 61

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 62

Presented below are incomplete 2016 manufacturing cost data for Supreme Corporation. Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs (a) \ 48,000 \ 72,000 ? \ 194,000 (b) \ 95,000 ? \ 80,000 \ 305,000 (c) ? \ 80,000 \ 120,000 \ 260,000 Instructions Determine the missing amounts.

(Essay)

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Question 63

Direct materials and direct labor of a company total $8000000. If manufacturing overhead is $4000000 what is direct labor cost?

(Multiple Choice)

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Question 64

Indicate whether each of the following would appear on the:

(Essay)

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Question 65

Product costs consist of

(Multiple Choice)

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Question 66

Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead.

(True/False)

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Question 67

A manufacturing company reports cost of goods manufactured as a(n)

(Multiple Choice)

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Question 68

Manufacturing costs include

(Multiple Choice)

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Question 69

The sum of the direct materials costs direct labor costs and beginning work in process is the total manufacturing costs for the year.

(True/False)

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Question 70

Penner Company reported total manufacturing costs of $450000 manufacturing overhead totaling $78000 and direct materials totaling $96000. How much is direct labor cost?

(Multiple Choice)

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Question 71

The function that pertains to keeping the activities of the enterprise on track is

(Multiple Choice)

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Question 72

If the cost of goods manufactured is less than the cost of goods sold which of the following is correct?

(Multiple Choice)

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Question 73

Financial statements for external users can be described as

(Multiple Choice)

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Question 74

As current technology changes manufacturing processes it is likely that direct

(Multiple Choice)

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Question 75

How have many companies significantly lowered inventory levels and costs?

(Multiple Choice)

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Question 76

Managerial accounting is primarily concerned with managers and external users.

(True/False)

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Question 77

Dolan Company's accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory \ 310,000 \ 260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2017 $800000 of raw materials were purchased direct labor costs amounted to $670000 and manufacturing overhead incurred was $640000. If Dolan Company's cost of goods manufactured for 2017 amounted to $1890000 its cost of goods sold for the year is

(Multiple Choice)

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Question 78

Which one of the following costs would not be inventoriable?

(Multiple Choice)

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Question 79

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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(71)

Question 80

Exam 19: Managerial Accounting

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

Direct materials and direct labor of a company total $8000000. If manufacturing overhead is $4000000 what is direct labor cost?

Indicate whether each of the following would appear on the:

Product costs consist of

Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead.

A manufacturing company reports cost of goods manufactured as a(n)

Manufacturing costs include

The sum of the direct materials costs direct labor costs and beginning work in process is the total manufacturing costs for the year.

Penner Company reported total manufacturing costs of $450000 manufacturing overhead totaling $78000 and direct materials totaling $96000. How much is direct labor cost?

The function that pertains to keeping the activities of the enterprise on track is

If the cost of goods manufactured is less than the cost of goods sold which of the following is correct?

Financial statements for external users can be described as

As current technology changes manufacturing processes it is likely that direct

How have many companies significantly lowered inventory levels and costs?

Managerial accounting is primarily concerned with managers and external users.

Which one of the following costs would not be inventoriable?

Accounting in Action

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Job Order Costing

Process Costing

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Incremental Analysis and Capital Budgeting

Time Value of Money

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