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Exam 19: Managerial Accounting

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Question 51

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Kennedy Company reports the following costs and expenses in May. Instructions From the information, determine the total amount of: (a) Manufacturing overhead. (b) Product costs. (c) Period costs.

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Question 52

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Financial accounting information and managerial accounting information have a number of distinguishing characteristics. For each of the characteristics listed below, indicate which characteristics are more closely related to financial accounting by placing the letter "F" in the space to the left of the item and indicate those characteristics which are more closely associated with managerial accounting by placing the letter "M" to the left of the item. ____ 1. General-purpose reports ____ 2. Reports are used internally ____ 3. Prepared in accordance with generally accepted accounting principles ____ 4. Special purpose reports ____ 5. Limited to historical cost data ____ 6. Reporting standard is relevance to the decision to be made ____ 7. Financial statements ____ 8. Reports generally pertain to the business as a whole ____ 9. Reports generally pertain to subunits ____ 10. Reports issued quarterly or annually

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1. F 6. M
2. M 7. F
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Question 53

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Cotter pins and lubricants used irregularly in a production process are classified as

Which one of the following would not be classified as manufacturing overhead?

Both direct materials and indirect materials are

Edmiston Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $880,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Edmiston's cost of goods sold for the year?

Managerial accounting is applicable to

Decision-making is an integral part of the planning, directing, and controlling functions.

The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is

Indirect materials and indirect labor are both inventoriable costs.

The supply chain is all the activities associated with providing a product or service.

A manufacturing company computes cost of goods sold by adding cost of goods manufactured to the ___________________ and subtracting the __________________.

Financial accounting information is prepared mainly for ______________ users, while managerial accounting information is prepared primarily for ______________ users.

Given the following data for Mehring Company, compute (A) total manufacturing costs and (B) cost of goods manufactured:

Indirect materials and indirect labor are classified as ______________.

Costas Company has beginning and ending raw materials inventories of $64,000 and $80,000, respectively. If direct materials used were $260,000, what was the cost of raw materials purchased?

Sales commissions are classified as

Managerial accounting is primarily concerned with managers and external users.

Directing includes

Reports prepared in financial accounting are general-purpose reports, whereas reports prepared in managerial accounting are usually special-purpose reports.