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Exam 1: Introduction to Managerial Accounting

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Question 91

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Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290.

A) $543,800
B) $187,900
C) $731,700
D) $384,200

E) A) and B)
F) A) and C)

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Question 92

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Controlling deals with choosing goals and deciding how to achieve them.

A) True
B) False

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Question 93

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Managerial accounting reports must be prepared according to generally accepted accounting principles.

In order to be useful to managers, managerial accounting reports should possess all of the following characteristics except

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

A staff department or unit is one that provides services, assistance, and advice to the departments with line or other staff responsibilities.

SASB's standards are required and provide sustainability information in financial statements.

Which of the following is part of factory overhead cost?

Prime costs are the combination of direct labor costs and factory overhead costs.

A company manufactured 50,000 units of a product at a cost of $450,000.  It sold 45,000 units at $15 each.  The gross profit is

Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year.  Indirect labor amounted to $2,700 while indirect materials used totaled $1,600.  Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600.  There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with a $7,500 balance. Prepare a statement of cost of goods manufactured.

Sustainability information can provide important feedback to guide a company's strategic and operational decision making.

Which of the following is most associated with financial accounting?

A performance report that identifies the amount of employee downtime is a financial accounting report.

Smith Company reports the following information: Factory overhead is 75% of the cost of direct labor.  Work in process inventory on December 31 is

Indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are treated as

Conversion costs consist of product costs and period costs.

If the cost of materials is not a significant portion of the total product cost, the materials may be classified as part of factory overhead cost.

All of the following employees hold line positions in Facebook except

The following are all product costs except