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Exam 1: Managerial Accounting Concepts and Principles

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Question 91

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One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser, but the manufacturer replaces that with ________.

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Question 92

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The triple bottom line focuses on three measures: financial, social, and environmental.

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Question 93

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Current information for the Healey Company follows: All raw materials used were traceable to specific units of product. Healey Company's direct materials used for the year is:

The salary paid to the assembly line supervisor would normally be classified as:

Calculate the cost of goods sold using the following information: $\begin{array}{lr}\text { Direct materials used } & \$ 298,500 \\\text { Direct labor used } & 132,000 \\\text { Factory overhead costs } & 264,000 \\\text { General and administrative expenses } & 85,500 \\\text { Selling expenses } & 48,800 \\\text { Work in Process inventory, January 1 } & 118,500 \\\text { Work in Process inventory, December 31 } & 125,900 \\\text { Finished goods inventory, January 1 } & 232,100 \\\text { Finished goods inventory, December 31 } & 238,700\end{array}$

Comet Company accumulated the following account information for the year: $\begin{array}{lr}\text { Beginning raw materials inventory } & \$ 6,000 \\\text { Indirect materials cost } & 2,000 \\\text { Indirect labor cost } & 5,000 \\\text { Maintenance of factory equipment } & 2,800 \\\text { Direct labor cost } & 7,000\end{array}$ Using the above information, total factory overhead costs equal:

Which of the following costs would not be classified as factory overhead?

Direct labor refers to employees who physically convert materials to finished product.

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods available for sale.

Calculate the cost of goods manufactured using the following information: $\begin{array}{lr}\text { Direct materials used } & \$ 298,500 \\\text { Direct labor used } & 132,000 \\\text { Factory overhead costs } & 264,000 \\\text { General and administrative expenses } & 85,500 \\\text { Selling expenses } & 48,800 \\\text { Work in Process inventory, January 1 } & 118,500 \\\text { Work in Process inventory, December 31 } & 125,900 \\\text { Finished goods inventory, January 1 } & 232,100 \\\text { Finished goods inventory, December 31 } & 238,700\end{array}$

If beginning and ending work in process inventories are $5,000 and $15,000, respectively, and cost of goods manufactured is $170,000, what is the total manufacturing cost for the period?

The concept of total quality management focuses on quality improvement.

Castillo Co. manufactures staples. Costs for October were direct labor, $84,000; indirect labor, $36,700; direct materials, $55,900; factory maintenance, $4,800; factory utilities, $3,200; and insurance on plant and equipment, $700. What is the company's total factory overhead cost for October?

A National Quality Award that encourages an emphasis on quality was established by:

Managerial accounting information:

Which of the following items does not represent a difference between financial and managerial accounting?

Xia Co. manufactures a single product. All raw materials used are traceable to specific units of product. Current information for company follows: The company's cost of direct materials used, cost of goods manufactured and cost of goods sold is:

The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.

Which of the following is the correct formula for calculating days' sales in raw materials inventory for a manufacturer?

The sales commission incurred based on units of product sold during the month is an example of a product cost.