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Exam 1: Managerial Accounting Concepts and Principles

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Question 31

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Using the information below for Singing Dolls, Inc., determine cost of goods manufactured for the year: $\begin{array} { | l | r | } \hline & \\\hline \text { Work in Process, January 1 } & 50,000 \\\hline \text { Work in Process, December } 31 & 37,000 \\\hline \text { Total Factory overhead } & 5,500 \\\hline \text { Direct materials used } & \$ 12,500 \\\hline \text { Direct labor used } & 26,500 \\\hline\end{array}$

A) $13,000.
B) $44,500.
C) $57,500.
D) $94,500.
E) $52,000.

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

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Question 32

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________ reveals how many times a company uses its raw materials inventory in production during a period.

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Raw Materi...

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Question 33

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A National Quality Award that encourages an emphasis on quality was established by:

Comet Company accumulated the following account information for the year: Beginning raw materials inventory $6,000 $\begin{array} { | l | r | } \hline \text { Indirect materials cost } & 2,000 \\\hline \text { Indirect labor cost } & 5,000 \\\hline \text { Maintenance of factory equipment } & 2,800 \\\hline \text { Direct labor cost } & 7,000 \\\hline\end{array}$ Using the above information, total factory overhead costs would be:

The main goal of the lean business model is the elimination of waste while satisfying the customer and providing a positive return to the company.

Use the following data to compute total factory overhead costs for the month:

The ________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1) financial, (2) customer, (3) internal business processes, and (4) learning and growth.

The Work in Process Inventory account is found only in the ledgers of merchandising companies.

The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows: $\begin{array} { | l | l | } \hline \text { Beginning raw materials inventory } & \$ 8,000 \\\hline \text { Ending raw materials inventory } & 11,000 \\\hline \text { Raw material purchases } & 85,000 \\\hline \text { Beginning work in process inventory } & 20,000 \\\hline \text { Ending work in process inventory } & 30,000 \\\hline \text { Direct labor } & 110,000 \\\hline \text { Total factory overhead } & 85,000 \\\hline \text { Beginning finished goods inventory } & 60,000 \\\hline \text { Ending finished goods inventory } & 40,000 \\\hline\end{array}$ The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is:

An employee overstates his reimbursable expenses in one period in order to receive needed additional cash. Since he intends to reduce his expenses the next period by the current overstatement, this act is not considered fraudulent.

List the four goals of an internal control system.

The schedule of cost of goods manufactured is also known as a manufacturing statement.

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser, but the manufacturer replaces that with ________.

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Using the information below, calculate the cost of goods manufactured for the period:

Direct costs are incurred for the benefit of more than one cost object.

Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory equals cost of goods sold.

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods sold.

A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's:

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.