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Exam 2: Basic Managerial Accounting Concepts

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Question 71

Multiple Choice

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Figure 2-3.Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the selling expense percent?

A) 17%
B) 19%
C) 16%
D) no correct answer

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

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Question 72

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Select the appropriate classification for each of the items listed below. -Fees paid to an advertising firm

A) Product cost
B) Period cost

C) A) and B)
D) undefined

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Question 73

Multiple Choice

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Figure 2-3.Bartlow, Inc. had the following income statement for the month of May. -Refer to Figure 2-3. What was the administrative expense percent?

Period costs

Select the appropriate classification of the output generated by each of the following industries. -Video rental

All product costs other than direct materials and direct labor are put into a category called _________________________.

Select the appropriate definition of each of the items listed below. -Gross margin - selling and administrative expenses

Figure 2-6.Seaview Company took the following data from their income statement at the end of the current year. -Refer to Figure 2-6. How many units were sold during the year?

Which of the following would be found on the balance sheet of a manufacturer?

Assigning costs tells the accountant who spent the money.

Figure 2-2.Lonborg Co. had the following beginning and ending inventory balances for the year ended December 31, 2011: In addition, direct labor costs of $30,000 were incurred, overhead equaled $42,000, materials purchased were $27,000 and selling and administrative costs were $22,000. Lonborg Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit. -Refer to Figure 2-2. What were the total manufacturing costs for the year?

An opportunity cost is:

Figure 2-4.Junko Company makes financial calculators. During the year Junko manufactured 97,000 financial calculators. Finished goods inventory had the following units on hand: -Refer to Figure 2-4. If each financial calculator had a per-unit product cost of $112, what was the cost of Finished goods inventory on December 31?

Figure 2-7.Gateway Company produces a product with the following per-unit costs: $\begin{array}{lr}\text { Direct materials } & \$ 11 \\\text { Direct labor } & 8 \\\text { Overhead } & 15\end{array}$ Last year, Gateway produced and sold 750 units at a sales price of $68 each. Total selling and administrative expense was $22,000. -Refer to Figure 2-7. Prime cost per-unit was?

Select the appropriate definition for each of the items listed below. -A benefit given up when one alternative is chosen over another

Direct materials can be directly traced to the goods or services being produced.

Select the appropriate item for each of the definitions listed below. -Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory

Prime cost is the sum of direct materials cost and direct labor cost.

Select the appropriate item for each of the definitions listed below. -marketing and distributing costs

On a manufacturer's income statement expenses are separated into the following three categories: