84 Free Test Bank for Managerial Accounting 12th Edition by Warren

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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:

•  $222,000
•  $218,000
•  $226,000
•  $190,000

All of the following would be reported on the balance sheet as a current asset except:

•  factory overhead
•  finished goods inventory
•  work in process inventory
•  materials inventory

An example of a period cost is:

•  advertising expense
•  property taxes on plant facilities
•  depreciation on factory equipment
•  indirect materials

Costs on the income statement for both a merchandiser and a manufacturer would include:

•  direct materials
•  cost of goods manufactured
•  direct labor incurred
•  operating expenses

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:

•  $190
•  $315
•  $165
•  $290

A plant manager’s salary may be referred to as:

•  a period cost
•  an indirect cost
•  either a direct cost or an indirect cost since managerial accounting is not restricted by GAAP
•  a direct cost

Cost of goods sold for a manufacturer equals cost of goods manufactured plus:

•  beginning finished goods inventory less ending finished goods inventory
•  beginning work in process inventory less ending work in process inventory
•  ending finished goods inventory less beginning finished goods inventory
•  ending work in process inventory less beginning work in process inventory

A company manufactured 50,000 units of a product at a cost of $450,000. They sold 40,000 units for $15 each. What is the gross margin?

•  $450,000
•  $750,000
•  $600,000
•  $240,000

Another term often used to refer to factory overhead is:

•  period cost
•  surplus
•  supervisory cost
•  factory burden

All of the following are examples of indirect labor except:

•  machine operators
•  janitorial personnel
•  maintenance personnel
•  plant managers

All of the following are ways that managers use managerial information except

•  to evaluate the company’s stock performance
•  to determine the cost of manufacturing a product
•  to evaluate the performance of a company’s operations
•  to support long-term planning decisions

Cost of Materials Used:$45,000; Direct Labor costs: $48,000; Factory Overhead: $39,000; Work in Process, beg: $28,000;Work in Process, end: $18,000; Finished Goods,beg.: $28,000; Finished Goods, end.:$18,000. What is Cost of Goods Sold?

•  $142,000
•  $152,000
•  $10,000
•  $128,000

Conversion costs are

•  direct materials and factory overhead
•  direct materials and direct labor
•  factory overhead and direct labor
•  direct materials and indirect labor

At the beginning of 2011, the Gilbert Company’s work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead in 2011 amounted to $90,000. Cost of goods manufactured is $230,000 in 2011. The balance in work in process inventory on December 31, 2011, is:

•  $24,000
•  $44,000
•  $36,000
•  $66,000

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as:

•  product costs
•  factory overhead cost
•  miscellaneous expense
•  period cost

All of the following would probably be considered a direct material except:

•  lumber
•  fabric
•  steel
•  glue

Cost of goods manufactured is equal to:

•  total manufacturing costs plus beginning work in process inventory less ending work in process inventory
•  total manufacturing costs plus ending work in process inventory less beginning work in process inventory
•  cost of goods sold plus beginning work in process inventory less ending work in process inventory
•  total manufacturing costs plus ending materials inventory less beginning materials inventory

Beginning work in process is equal to:

•  cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period
•  manufacturing costs incurred during the current period minus ending work in process
•  cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period
•  ending work in process plus manufacturing costs incurred during the current period

Accounting designed to meet the needs of decision-makers inside the business is referred to as:

•  external accounting
•  financial accounting
•  managerial accounting
•  general accounting

All of the following employees hold line positions in Anthea Electric EXCEPT:

•  vice president of production
•  manager of the Valhalla Plant
•  vice president of finance
•  vice president of sales

A product cost is:

•  shown on the income statement with the operating expenses
•  expensed in the period in which it is incurred
•  expensed in the period the product is sold
•  shown with current liabilities on the balance sheet

Cost of Materials Used: $45,000; Direct Labor costs: $48,000; Factory Overhead: $39,000; Work in Process, beg.: $28,000; Work in Process, end.: $18,000. What is Cost of Goods Manufactured?

•  $178,000
•  $132,000
•  $122,000
•  $142,000

Beginning Raw Materials Inventory:$40,000; Materials purchased:$65,000; Ending Raw Materials Inventory:$30,000. What is the amount of Raw Materials Used?

•  $75,000
•  $5,000
•  $65,000
•  $30,000