Question 1

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

Accepted Answer

A)  current asset on the balance sheet. 
B)  administrative expense on the income statement. 
C)  component in the calculation of cost of goods sold on the income statement. 
D)  component of the raw materials inventory on the balance sheet. 
A)  current asset on the balance sheet. 
B)  administrative expense on the income statement. 
C)  component in the calculation of cost of goods sold on the income statement. 
D)  component of the raw materials inventory on the balance sheet. C

Question 2

Dolan Manufacturing Company's accounting records reflect the following inventories:   During 2010, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000.
The total raw materials available for use during 2010 for Dolan Manufacturing Company is

Accepted Answer

A)  $710,000. 
B)  $260,000. 
C)  $350,000. 
D)  $660,000. 
A)  $710,000. 
B)  $260,000. 
C)  $350,000. 
D)  $660,000. D

Question 3

Ogleby Manufacturing Inc.'s accounting records reflect the following inventories:   During 2010, Ogleby purchased $940,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000.
How much would Ogleby Manufacturing report as cost of goods manufactured for 2010?

Accepted Answer

A)  $1,264,000 
B)  $1,324,000 
C)  $1,318,000 
D)  $1,288,000 
A)  $1,264,000 
B)  $1,324,000 
C)  $1,318,000 
D)  $1,288,000 D

Question 4

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

Accepted Answer

A) True 
 B)False

Question 5

Direct materials costs and indirect materials costs are manufacturing overhead.

Accepted Answer

A) True 
 B)False

Question 6

From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2010.

Accepted Answer

The answer of From the account balances listed below, prepare...

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

Which one of the following does not appear on the balance sheet of a manufacturing company?

Accepted Answer

A)  Finished goods inventory 
B)  Work in process inventory 
C)  Cost of goods manufactured 
D)  Raw materials inventory 
A)  Finished goods inventory 
B)  Work in process inventory 
C)  Cost of goods manufactured 
D)  Raw materials inventory

Question 9

Glavine Corporation incurred the following costs while manufacturing its product.   
Work-in-process inventory was $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $55,600 at December 31.
Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.

Accepted Answer

The answer of Glavine Corporation incurred the following costs while...

Question 10

Managerial accounting information

Accepted Answer

A)  pertains to the entity as a whole and is highly aggregated. 
B)  pertains to subunits of the entity and may be very detailed. 
C)  is prepared only once a year. 
D)  is constrained by the requirements of generally accepted accounting principles. 
A)  pertains to the entity as a whole and is highly aggregated. 
B)  pertains to subunits of the entity and may be very detailed. 
C)  is prepared only once a year. 
D)  is constrained by the requirements of generally accepted accounting principles.

Question 11

Three broad managerial functions are: (1)______________, (2)______________, and (3)______________.

Accepted Answer

planning,

Question 12

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

Accepted Answer

A)  materially associated with raw materials conversion. 
B)  periodically associated with raw materials conversion. 
C)  physically associated with raw materials conversion. 
D)  promptly associated with raw materials conversion. 
A)  materially associated with raw materials conversion. 
B)  periodically associated with raw materials conversion. 
C)  physically associated with raw materials conversion. 
D)  promptly associated with raw materials conversion.

Question 13

Benson Manufacturing Inc.'s accounting records reflect the following inventories:   During 2010, Benson purchased $860,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000.
How much is total manufacturing costs incurred during 2010 for Benson?

Accepted Answer

A)  $1,192,000 
B)  $1,204,000 
C)  $1,188,000 
D)  $1,200,000 
A)  $1,192,000 
B)  $1,204,000 
C)  $1,188,000 
D)  $1,200,000

Question 14

Dolan Manufacturing Company's accounting records reflect the following inventories:   During 2010, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000.
Dolan Manufacturing Company's total manufacturing costs incurred in 2010 amounted to

Accepted Answer

A)  $1,330,000. 
B)  $1,290,000. 
C)  $1,190,000. 
D)  $1,380,000. 
A)  $1,330,000. 
B)  $1,290,000. 
C)  $1,190,000. 
D)  $1,380,000.

Question 15

Benson Manufacturing Inc.'s accounting records reflect the following inventories:   During 2010, Benson purchased $960,000 of raw materials, incurred direct labor costs of $200,000, and incurred manufacturing overhead totaling $128,000.
Assume Benson Manufacturing's cost of goods manufactured for 2010 amounted to $1,160,000. How much would it report as cost of goods sold for the year?

Accepted Answer

A)  $1,168,000 
B)  $1,200,000 
C)  $1,260,000 
D)  $1,152,000 
A)  $1,168,000 
B)  $1,200,000 
C)  $1,260,000 
D)  $1,152,000

Question 16

The principle difference between a merchandising and a manufacturing income statement is the

Accepted Answer

A)  cost of goods sold section. 
B)  extraordinary item section. 
C)  operating expense section. 
D)  revenue section. 
A)  cost of goods sold section. 
B)  extraordinary item section. 
C)  operating expense section. 
D)  revenue section.

Question 17

Manufacturing costs for Carson Company for selected months are as follows:   
Instructions
Indicate the missing amounts. (Show computations.)

Accepted Answer

(a) $395,000 ($870,000 - $280,000 - $195

Question 18

Product costs are also called

Accepted Answer

A)  direct costs. 
B)  overhead costs. 
C)  inventoriable costs. 
D)  capitalizable costs. 
A)  direct costs. 
B)  overhead costs. 
C)  inventoriable costs. 
D)  capitalizable costs.

Question 19

Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:

Accepted Answer

The answer of Given the following data for Glennon Company,...

Question 20

Using the following information, compute the cost of direct materials used.

Accepted Answer

A)  $1,390,000. 
B)  $1,330,000. 
C)  $1,300,000. 
D)  $1,270,000. 
A)  $1,390,000. 
B)  $1,330,000. 
C)  $1,300,000. 
D)  $1,270,000.

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

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

Direct materials costs and indirect materials costs are manufacturing overhead.

From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2010.

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

Which one of the following does not appear on the balance sheet of a manufacturing company?

Managerial accounting information

Three broad managerial functions are: (1), (2), and (3)__.

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

The principle difference between a merchandising and a manufacturing income statement is the

Manufacturing costs for Carson Company for selected months are as follows: Instructions Indicate the missing amounts. (Show computations.)

Product costs are also called

Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:

Using the following information, compute the cost of direct materials used.

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 Analysis: the Big Picture

Job Order Costing

Process Costing

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Filters

Exam 19: Managerial Accounting

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

Ending finished goods inventory appears on both the balance sheet and the income statement of a manufacturing company.

Direct materials costs and indirect materials costs are manufacturing overhead.

From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2010.

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

Which one of the following does not appear on the balance sheet of a manufacturing company?

Managerial accounting information

Three broad managerial functions are: (1)______________, (2)______________, and (3)______________.

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

The principle difference between a merchandising and a manufacturing income statement is the

Manufacturing costs for Carson Company for selected months are as follows: Instructions Indicate the missing amounts. (Show computations.)

Product costs are also called

Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:

Using the following information, compute the cost of direct materials used.

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 Analysis: the Big Picture

Job Order Costing

Process Costing

Cost-Volume-Profit

Incremental Analysis

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Filters

Three broad managerial functions are: (1), (2), and (3)__.