Exam 19: Managerial Accounting

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

The wages of a timekeeper in the factory would be classified as

Determine whether each of the following is classified as: DM: Direct materials DL: Direct labor MO: Manufacturing overhead _____ 1. Assembly line workers' wages. _____ 2. Factory supervisors' salaries. _____ 3. Steel used in manufacturing product. _____ 4. Insurance on factory building. _____ 5. Rivets and screws used in production. _____ 6. Tires used in manufacturing vehicles.

Presented below are incomplete 2010 manufacturing cost data for Tardy Corporation. Instructions Determine the missing amounts.

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 100,000 Ending work in process 10,000 Manufacturing overhead 150,000 Beginning finished goods 25,000 Operating expenses 175,000 Ending finished goods 15,000

The ______________ function is concerned with setting goals and objectives for the entity.

In determining whether planned goals are being met, a manager is performing the function of

Presented below are Cricket Company's monthly manufacturing cost data related to its personal computer products. Instructions Enter each cost item in the following table, placing an 'X' under the appropriate headings.

Samson Company reported total manufacturing costs of $150,000, manufacturing overhead totaling $26,000, and direct materials totaling $32,000. How much is direct labor cost?

The balanced scorecard approach attempts to maintain as little inventory on hand as possible.

Indicate whether each of the following would appear on the: A-Cost of goods manufactured schedule B-Income statement C-Balance sheet Note: If it would appear in more than just one, indicate which ones. ______ 1. Cost of goods sold ______ 2. Finished goods inventory, 12/31 ______ 3. Direct materials used ______ 4. Raw materials inventory, 1/1 ______ 5. Insurance on factory equipment ______ 6. Work in process, 12/31 ______ 7. Indirect labor ______ 8. Property taxes on office building

Managerial accounting applies to each of the following types of businesses except

Determining the unit cost of manufacturing a product is an output of financial accounting.

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

Product costs are also called inventoriable costs.

Which one of the following is not a cost element in manufacturing a product?

Managerial accounting does not encompass

Direct materials and direct labor are the only product costs.

Which of the following is not a separate management function?

Criba Manufacturing Company has the following data: direct labor $530,000, direct materials used $421,000, total manufacturing overhead $206,000, and beginning work in process $47,000. Instructions Compute (a) total manufacturing costs and (b) total cost of work in process.