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Exam 1: Managerial Accounting Concepts and Principles

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Question 1

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Newly completed units are combined with beginning finished goods inventory to make up total ending goods in process inventory.

A) True
B) False

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Question 2

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M-Bot, Incorporated produces automatic car starters.The company used $700,000 of raw materials in their most recent accounting year.They started the year with $25,000 of raw materials and ended with $40,000. (a)Compute the company's raw materials inventory turnover. (b)Compute the company's days' sales in raw materials inventory.

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Question 3

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A fixed cost:

What are raw materials inventory turnover and days' sales in raw materials inventory? What is the purpose of these measures?

Juliet Corporation has accumulated the following accounting data for the year: The cost of goods manufactured for the year is:

There are many differences between financial and managerial accounting.Identify and explain at least three of these.

The following list indicates costs as they flow through the business as a product is manufactured.Some items are missing.Compute the missing amounts. Materials Inventory: Beginning materials inventory $ 295,000 Raw materials purchased 1,065,400 Ending materials inventory 315,750 Direct materials used in production ____A____ Goods in process: Beginning GIP balance ____B____ Direct labor 700,000 Factory overhead 1,475,000 Cost of goods manufactured 3,150,700 Ending GIP balance 265,000 Finished goods inventory: Beginning FG balance 284,000 Ending FG balance 268,500 Cost of goods sold ____C____

Ringle Company is a manufacturer of compact disks (CDs).Place each of the following costs in the appropriate column.

The manufacturing statement must be prepared monthly as it is a required general-purpose financial statement.

________________________ is an activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Product costs:

Classifying costs by behavior involves:

A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured was $147,000; and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for that year?

A _________________ cost does not change in proportion to changes in the volume of activity within the relevant range.

Which one of the following items is normally not a manufacturing cost?

A direct cost is a cost that is:

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

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

Fraud involves the deliberate or accidental misuse of the employer's assets.

Expenditures necessary and integral to the manufacture of finished products are ________________ costs.