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Exam 14: Managerial Accounting

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Question 61

Multiple Choice

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For the work of factory employees to be considered as direct labor, the work must be conveniently and

A) materially associated with raw materials conversion.
B) periodically associated with raw materials conversion.
C) physically associated with raw materials conversion.
D) promptly associated with raw materials conversion.

E) A) and B)
F) All of the above

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Question 62

Multiple Choice

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

A) miscellaneous expense.
B) direct materials.
C) indirect materials.
D) nonmaterial materials.

E) B) and D)
F) All of the above

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Question 63

Multiple Choice

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Which one of the following costs would not be inventoriable?

Match the items in the two columns below by entering the appropriate code letter in the space provided. A. Managerial accounting B. Financial accounting C. Planning D. Directing E. Controlling F. Work in process inventory G. Direct materials H. Manufacturing overhead I. Period costs J. Value chain _____ 1. The cost of products that are partially complete. _____ 2. The function of keeping activities in accordance with plans. _____ 3. Primarily concerned with internal users and reports pertain to subunits of the entity. _____ 4. Materials that can be physically and directly associated with manufacturing a product. _____ 5. The function of setting goals and objectives. _____ 6. Indirect costs of manufacturing a product. _____ 7. Primarily concerned with external users and reports pertain to the entity as a whole. _____ 8. Costs that are noninventoriable. _____ 9. All business processes associated with providing a product or service. _____ 10. The function of coordinating diverse activities to produce a smooth-running operation.

The sum of the direct materials costs, direct labor costs, and manufacturing overhead incurred is the

A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)

Property taxes on a manufacturing plant are an element of a

Which one of the following is not a cost element in manufacturing a product?

Manufacturing cost data for Morton Company are presented below. Instructions Indicate the missing amount for each letter (a) through (i).

Which of the following statements about internal reports is not true?

Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month of May. 1. Assembly line wages 2. Raw materials used directly in product 3. Depreciation on office equipment 4. Property taxes on factory building 5. Rent on factory building 6. Sales commissions 7. Depreciation on factory equipment 8. Factory utilities 9. Wages for factory maintenance workers 10. Advertising 11. Indirect materials used in production 12. Factory manager's salary Instructions Complete the following matrix by placing an X mark under the appropriate headings.

Determine whether each of the following is classified as:

For a manufacturing firm, cost of goods available for sale is computed by adding the beginning finished goods inventory to

Fill in the missing information on the cost of goods manufactured schedule of Noland Manufacturing Company:

Kevin Scott is confused about the differences between a product cost and a period cost. Explain the differences to Kevin.

Financial and managerial accounting are similar in that both

The types of reports prepared in managerial accounting are often ______________-purpose reports prepared for a specific decision.

For each item, identify all applicable cost labels.

Raw materials that can be conveniently and directly associated with a finished product are called materials overhead.

Benson Inc.'s accounting records reflect the following inventories: During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2017 for Benson?