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Exam 1: Managerial Accounting Concepts and Principles

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Question 121

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________ reveals how much raw materials inventory is available in terms of the number of days' sales.

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Days' sale...

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Question 122

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________ inventory consists of products in the process of being manufactured but not yet complete.

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Work in pr...

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Question 123

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Materials that are used in manufacturing but are not clearly identified with specific product units are called:

Last year, Wesson Company sold 10,000 units of its only product. If sales decrease by 15% in the current year, how will unit variable cost and unit fixed cost be affected?

Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company?

Raw materials that are tangible components of the finished product and can be separately and readily traced through the manufacturing process are called:

Calculate the cost of goods sold using the following information:

A manufacturing company's beginning finished goods inventory was $29,000; cost of goods manufactured was $316,000; and the ending finished goods inventory was $31,000. What is the cost of goods sold for that year?

Compute the ending work in process inventory for a manufacturer with the following information. $\begin{array} { | l | r | } \hline \text { Raw materials purchased } & 131,700 \\\hline \text { Raw materials used in production } & 65,400 \\\hline \text { Direct labor used } & 44,000 \\\hline \text { Total factory overhead used } & 101,600 \\\hline \text { Work in process inventory, beginning of year } & 32,500 \\\hline \text { Cost of goods manufactured } & 212,900 \\\hline\end{array}$

Continuous improvement:

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

Manufacturers usually have three inventories: raw materials, work in process, and finished goods.

Control is the process of setting goals and determining ways to achieve them.

Goals of a Total Quality Management process include all of the following except:

Using the information below for Laurels Company; determine the manufacturing costs added during the current year: $\begin{array} { | l | r | } \hline \text { Direct materials used } & \$ 5,000 \\\hline \text { Direct Labor } & 7,000 \\\hline \text { Total Factory overhead } & 5,100 \\\hline \text { Beginning work in process } & 3,000 \\\hline \text { Ending work in process } & 4,000\\\hline\end{array}$

Managerial accounting information can be forwarded to the managers of a company quickly since external auditors do not have to review it, and estimates and projections are acceptable.

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

The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:

Craigmont Company's direct materials costs are $3,000,000, its direct labor costs total $7,000,000, and its factory overhead costs total $5,000,000. Its conversion costs total:

Variable costs per unit change in proportion to changes in the volume of activity.