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Exam 19: Managerial Accounting

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Question 21

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Both direct materials and indirect materials are

A) raw materials.
B) manufacturing overhead.
C) merchandise inventory.
D) sold directly to customers by a manufacturing company.

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Question 22

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Managerial accounting reports generally pertain to ______________ of a business and may be very detailed.

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Question 23

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A manufacturing company usually has three inventory accounts which are (1)___________________ (2)___________________ and (3)___________________.

Indirect materials and indirect labor are both inventoriable costs.

Using the following information compute the direct materials used. $\begin{array}{lll}\text { Raw materials inventory, January 1 } & \$ 20,000 \\\text { Raw materials inventory, December 31 } & 40,000 \\\text { Work in process, January 1 } & 18,000 \\\text { Work in process, December 31 } & 12,000 \\\text { Finished goods, January 1 } & 40,000 \\\text { Finished goods, December 31 } & 32,000\\\text { Raw materials purchases } & 1,700,000 \\\text { Direct labor } & 760,000 \\\text { Factory utilities } & 150,000 \\\text { Indirect labor } & 50,000 \\\text { Factory depreciation } & 400,000 \\\text { Operating expenses } & 420,000\end{array}$

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

Which of the following is not classified as direct labor?

Which one of the following represents a period cost?

Managerial accounting is also called

Because of automation which component of product cost is declining?

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

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

Direct materials become a cost of the finished goods manufactured when they are acquired not when they are used.

Julie Mills is studying for her accounting mid-term examination. Summarize for Julie what she should know about management functions.

Three broad managerial functions are: (1)______________ (2)______________ and (3)______________.

Worth Company reported the following year-end information: beginning work in process inventory $180000; cost of goods manufactured $866000; beginning finished goods inventory $252000; ending work in process inventory $220000; and ending finished goods inventory $264000. Worth Company's cost of goods sold for the year is

Raw materials inventory shows the cost of completed goods available for sale to customers.

Manufacturing costs that cannot be classified as either direct materials or direct labor are known as

Cost of goods manufactured is calculated as follows: a. Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. b. Direct materials used + direct labor + manufacturing overhead - beginning WIP + ending WIP. c. Beginning WIP + direct materials used + direct labor + manufacturing overhead - ending WIP. d. Direct materials used + direct labor + manufacturing overhead - ending WIP - beginning WIP.

Controlling is the process of determining whether planned goals are being met.