Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?
In the income statement of a manufacturing company, what replaces purchases in the cost of goods section of a retail company?
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b. Work in process completed |
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c. Cost of goods manufactured |
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d. Cost of merchandise available |
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In order to be useful to managers, management accounting reports should possess all of the following characteristics EXCEPT:
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a. be provided at any time management needs information. |
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b. provide objective measures of past operations and subjective estimates about future decisions. |
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c. be prepared to report information for any unit of the business to support decision making. |
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d. be prepared in accordance with generally accepted accounting principles. |
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Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $186,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.
Reedy Company reports the following information for 2012:
Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31, 2012, is:
What term is used to refer to the cost of changing direct materials into a finished manufactured product?
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d. Period cost
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| Which of the following accounts will be found on the income statement?
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Cost of goods manufactured during 2011 is $240, work in process inventory on December 31, 2011, is $50. Work in process inventory during 2011 decreased by 60%. Total manufacturing costs incurred during 2011 amount to:
A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000 respectively, the cost of goods manufactured was:
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d. $190,000
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The Sharpe Company reports the following information for 2015:
Determine product costs for 2015.
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Which of the following items would not be classified as part of factory overhead?
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a. Production supervisors’ salaries |
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d. Amortization of manufacturing patents |
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Which of the following are basic phases of the management process?
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a. Planning and controlling |
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b. Organizing and directing |
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c. Supervising and directing |
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d. Decision making and supervising |
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Which of the following manufacturing costs is an indirect cost of producing a product?
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a. Commissions for sales personnel |
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b. Hourly wages of an assembly worker |
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c. Oil lubricants used for factory machinery |
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d. Memory chips for a microcomputer manufacturer |
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