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Exam 18: Managerial Accounting Concepts and Principles

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Question 71

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Using the information below for Laurels Company;determine the cost of goods manufactured during the current year:

A) $12,000.
B) $16,100.
C) $17,100.
D) $18,100.
E) $13,600.

F) A) and B)
G) B) and E)

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Question 72

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Continuous improvement:

A) Encourages employees to maintain established business practices.
B) Strives to preserve acceptable levels of performance.
C) Rejects the notion of "good enough."
D) Is not applicable to most businesses.
E) Is possible only in service businesses.

F) B) and C)
G) A) and D)

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Question 73

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For each item shown below,classify it as a product cost or a period cost,by placing an X in the appropriate column.For each item that is a product cost,also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product.

Which of the following items appears only in a manufacturing company's financial statements?

The following information relates to the manufacturing operations of the Abbra Publishing Company for the year: The raw materials used in manufacturing during the year totaled $1,018,000.Raw materials purchased during the year amount to:

The main difference between the cost of goods sold of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of goods purchased.

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

The schedule of cost of goods manufactured is divided into four parts consisting of all of the following except:

Which of the following statements is true regarding product and period costs?

The following items for Neptune Company are used to compute the cost of goods manufactured and the cost of goods sold.Indicate how each item should be used in the calculations by filling in the blanks with "+" if the item is to be added,"-" if the item is to be subtracted,or "0" if the item is not used in the calculation.The first item is completed as an example.

An employee overstates his reimbursable expenses in one period in order to receive needed additional cash.Since he intends to reduce his expenses the next period by the current overstatement,this act is not considered fraudulent.

Using the information below,compute the raw materials inventory turnover:

Which of the following accounts would appear on a schedule of cost of goods manufactured?

_____________________ inventory consists of goods a company acquires to use in making products.

Just-in-time manufacturing techniques can be useful in _____________ days' sales in raw materials inventory.

Using the information below,calculate gross profit for the period.

Costs that flow directly to the income statement as expenses are called:

Information for Jersey Metalworks as of December 31 follows.Prepare (a)the company's schedule of cost of goods manufactured for the year ended December 31; (b)prepare the company's income statement that reports separate categories for selling and general and administrative expenses.

_______________ is the deliberate misuse of the employer's assets for the employee's personal gain.

Using the information below for Laurels Company;determine the manufacturing costs added during the current year: