Exam 16: Management Accounting

Flow of manufacturing costs The "flow" of manufacturing costs through the ledger of Wolpe Mfg.Co.during the month of October is summarized in the following T accounts.Certain amounts have been omitted and are represented by question marks. From the data supplied above,determine each of the following amounts.Some of the required amounts already appear in the T accounts;others require a short computation. (a)The amount of direct materials used during the month: $________ (b)The amount paid to direct labor workers during the month: $________ (c)The amount of accrued wages payable to direct labor workers at October 31: $________ (d)Total manufacturing costs charged (debited)to the Work in Process Inventory account during the month: $________ (e)The cost of finished goods manufactured during the month: $________

During the current year,Jules Company incurred the following product costs: Direct materials used in production $250,000; Direct labor $185,000;and Manufacturing overhead $245,500. Jules Company's beginning Work in Process Inventory was $20,000 and its ending Work in Process Inventory amounted to $30,000.What is the company's cost of finished goods manufactured for the year?

The following information is for the Harding Company for 2018: Required: (1)What is the cost of materials purchased? (2)What is the cost of goods sold? (3)What is gross profit? (4)What is net profit?

The placing of direct materials into the production process is recorded by an entry debiting:

Which of the following is a period cost?

[The following information applies to the questions displayed below.] The following information has been taken from the perpetual inventory system of Elite Mfg.Co.for the month ended August 31: -The cost of finished goods manufactured in August is:

Accounting terminology Listed below are nine technical accounting terms introduced or emphasized in this chapter: Each of the following statements may (or may not)describe one of these technical terms.In the space provided,indicate the accounting term described,or answer "None" if the statement does not correctly describe any of the terms. ________ (a)The account that is debited when the Work in Process Inventory account is credited. ________ (b)A term describing any manufacturing cost that can be traced conveniently and directly to the various types of products being manufactured. ________ (c)Costs that are charged directly to expense accounts at the time that the costs are incurred. ________ (d)The category of manufacturing cost that would include the cost of tires used in the manufacture of automobiles. ________ (e)An account that has a balance that is increased by manufacturing costs incurred during the period and decreased by the cost of finished goods manufactured. ________ (f)The category of manufacturing cost that includes the salaries of plant guards,supervisors,and maintenance personnel. ________ (g)A term describing all three categories of manufacturing costs.

Flow of manufacturing costs The following data are taken from the accounting records of Gregory Mfg.Co.: Compute the following for the current year: (a)Direct materials purchased: $________ (b)Total manufacturing costs charged to production (the Work in Process Inventory account): $________ (c)The cost of finished goods manufactured: $________ (d)The cost of goods sold: $________

Amounts debited to the Work in Process Inventory account may best be described as:

In an aircraft factory,the inventory of direct materials would not include:

Flow of manufacturing costs The "flow" of manufacturing costs through the ledger of MF Enterprise.Co.during the month of August is summarized in the following T accounts.Certain amounts have been omitted and are represented by question marks. From the data supplied above,determine each of the following amounts.Some of the required amounts already appear in the T accounts;others require a short computation. (a)The amount of direct materials purchased during the month: $________ (b)The amount of direct labor cost assigned to production: $________ (c)The amount of accrued wages payable to direct labor workers at August 31: $________ (d)The cost of finished goods manufactured during the month: $________ (e)The cost of goods sold during the month: $________

Classification of costs Using the code letters below,indicate in the space provided how each of the following costs should be classified for a pen manufacturing company: Costs ________ (a)Property tax on the factory building ________ (b)The chief financial officer's salary ________ (c)Plastic used to manufacture pens ________ (d)Janitors at the factory ________ (e)Manufactured pens waiting to be sold to customers ________ (f)Advertising logos ________ (g)Partially completed pens