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Exam 18: Introduction to Managerial Accounting

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Question 111

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Replacing light fixtures with energy-efficient lighting is an example of which eco-efficiency measure?

A) material use efficiency
B) energy efficiency
C) waste efficiency
D) fuel efficiency

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

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Question 112

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Taylor Industries had a fire and some of its accounting records were destroyed. Available information is presented below for the year ended December 31.? $\begin{array}{lr}\text { Materials inventory, December } 31 & 15,000 \\\text { Direct materials purchased } & 28,000 \\\text { Direct materials used } & 22,900 \\\text { Cost of goods manufactured } & 135,000\end{array}$ Additional information: Factory overhead is 150% of direct labor cost. Finished goods inventory decreased by $18,000 during the year. Work in process inventory increased by $12,000 during the year. Calculate: (a)Materials inventory, January 1 (b)Direct labor cost (c)Factory overhead incurred (d)Cost of goods sold

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(a)Materials Inventory, January 1 = $15,...

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Question 113

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The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished products is classified as a

Managerial accounting reports are

What term refers to the cost of changing direct materials into a finished manufactured product?

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Only the value of the inventory that is sold will appear on the income statement.

Differentiate between period and product costs, including examples of each type of cost.

For each of the following costs, classify them as either: -Insurance expired on administrative facilities

Prime costs are

Keeton Company has the following data:?? $\begin{array} { l r } \text { Cost of materials used } & \$ 60,000 \\\text { Direct labor costs } & 58,000 \\\text { Factory overhead } & 33,000 \\\text { Work in process inventory, beginning } & 29,000 \\\text { Work in process inventory, ending } & 18,000 \\\text { Finished goods inventory, beginning } & 32,000 \\\text { Finished goods inventory, ending } & 18,000\end{array}$ Calculate the cost of goods sold.

The following are costs incurred by a lawn mower manufacturer. Identify them as either: -Depreciation on worker's tools

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Indirect labor incurred

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given. -Nails and screws used in the production of the bar stools

Match the items below for a bakery to the type of cost (a-d) . Answers may be used more than once. -Baker's wages

For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given. -Indirect materials used

For each of the following costs, classify them as either: -Product assembly labor incurred

Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

Match each description to the appropriate term (a-d) . Answers may be used more than once. -Depreciation on office equipment

The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year.​​ $\begin{array}{lr}\text { Sales } & \$ 1,980 \\\text { Selling expenses } & 280 \\\text { Factory overhead } & 460 \\\text { Direct labor } & 400 \\\text { Administrative expenses } & 300 \\\text { Purchases of direct materials } & 240 \\\text { Finished goods inventory, beginning } & 240 \\\text { Finished goods inventory, ending } & 320 \\\text { Materials inventory, beginning } & 80 \\\text { Materials inventory, ending } & 140 \\\text { Work in process inventory, beginning } & 140 \\\text { Work in process inventory, ending } & 100\end{array}$ Required (a)What was the cost of the direct materials used in production during the year? (b)What was the cost of goods manufactured for the year? (c)What was the cost of goods sold for the year? (d)What was the net income for the year?​Present all calculations in thousands of dollars.