Deck 1: Introduction to Management Accounting

Question 1

merchandiser's purchases are equivalent to what for a manufacturer?

A) Materials inventory
B) Cost of goods manufactured
C) Work in process inventory
D) Cost of goods sold

Answer 1

Cost of goods manufactured

Question 2

Wright Company reports production costs for 2009 as follows:


- How much are Wright Company's period costs for 2009?

A) $250,000
B) $575,000
C) $145,000
D) $375,000

Answer 2

$145,000

Question 3

Wright Company reports production costs for 2009 as follows:


-How much are Wright Company's inventoriable product costs for 2009?

A) $925,000
B) $605,000
C) $975,000
D) $1,025,000

Answer 3

$1,025,000

Question 4

Fitness Company reports the following data for 2009, its first year of operations:


-What are the total manufacturing costs to be accounted for?

A) $300,000
B) $190,000
C) $160,000
D) $570,000

Question 5

Fitness Company reports the following data for 2009, its first year of operations:


-EWhat is cost of goods sold for 2009?

A) $365,000
B) $480,000
C) $340,000
D) $240,000

Question 6

Redbird Company reports the following data for 2009:
Manufacturing overhead is 75% of the cost of direct labor. What is work in process inventory on Dec. 31, 2009?

A) $13,500
B) $10,200
C) $12,250
D) $22,500

Question 7

Selected data for Young Company for 2009 is presented below:
What is the manufacturing overhead for 2009?

A) $47,000
B) $50,000
C) $38,000
D) $46,000

Question 8

Village Company's selected cost data for 2009 are shown below:
What are total manufacturing costs incurred by Village Company in 2009?

A) $149,200
B) $158,300
C) $139,800
D) $117,100

Question 9

Given the following information, determine the cost of goods manufactured and the cost of goods sold for 2009.

A) $781,000 and $837,000
B) $461,000 and $414,000
C) $731,000 and $684,000
D) $765,000 and $709,000

Question 10

Given the following information, calculate the direct materials purchased in 2009.

A) $67,000
B) $85,000
C) $61,000
D) $80,000

Question 11

Robinson Company has provided the following information:
.Raw materials inventory increased $15,000.
.Work in process inventory decreased $29,000.
.Finished goods inventory decreased $47,000.
.Sales were $500,000.
.The gross profit ratio was 52.2%.

-
How much was Robinson's cost of goods manufactured?

A) $268,000
B) $192,000
C) $286,000
D) $239,000

Question 12

Robinson Company has provided the following information:
.Raw materials inventory increased $15,000.
.Work in process inventory decreased $29,000.
.Finished goods inventory decreased $47,000.
.Sales were $500,000.
.The gross profit ratio was 52.2%.

-
The manufacturing costs incurred by Robinson during the period were how much?

A) $221,000
B) $192,000
C) $163,000
D) $239,000

Question 13

Savard Corporation reported the following:
.Raw material purchases totaling $100,000.
.Raw material inventory increased $5,000.
.Direct labor costs incurred totaled $150,000.
.Total factory overhead was $225,000.
.Work in process increased $20,000.
.Indirect labor was $7,000.
.Finished goods increased $40,000.
.Sales salaries were $75,000.

-
How much was Savard's cost of goods manufactured?

A) $450,000
B) $490,000
C) $457,000
D) $497,000

Question 14

Savard Corporation reported the following:
.Raw material purchases totaling $100,000.
.Raw material inventory increased $5,000.
.Direct labor costs incurred totaled $150,000.
.Total factory overhead was $225,000.
.Work in process increased $20,000.
.Indirect labor was $7,000.
.Finished goods increased $40,000.
.Sales salaries were $75,000.

- How much was Savard's cost of goods sold?

A) $410,000
B) $450,000
C) $407,000
D) $457,000

Question 15

The following information has been provided by LeMaire Company:
.Direct labor: $50,000
.Direct materials used: $20,000
.Direct materials purchased: $27,000
.Cost of goods manufactured: $100,000
.Ending work in process: $16,000
.Corporate headquarters' property taxes: $6,000
.Manufacturing overhead: $39,000
The beginning work in process was:

A) $23,000.
B) $7,000.
C) $9,000.
D) $1,000.

Question 16

The following information was obtained from Sizzler Company:
.Advertising costs: $7,900
.Indirect labor: $9,000
.Direct Labor: $31,000
.Indirect materials: $7,200
.Direct materials: $47,000
.Factory utilities: $3,000
.Factory supplies: $700
.Factory janitorial costs: $1,900
.Manufacturing equipment depreciation: $1,600
.Delivery vehicle depreciation: $790
.Administrative wages and salaries: $19,000

-How much were Sizzler's period costs?

A) $27,690
B) $7,900
C) $19,790
D) $19,000

Question 17

The following information was obtained from Sizzler Company:
.Advertising costs: $7,900
.Indirect labor: $9,000
.Direct Labor: $31,000
.Indirect materials: $7,200
.Direct materials: $47,000
.Factory utilities: $3,000
.Factory supplies: $700
.Factory janitorial costs: $1,900
.Manufacturing equipment depreciation: $1,600
.Delivery vehicle depreciation: $790
.Administrative wages and salaries: $19,000

-How much were Sizzler's product costs?

A) $102,190
B) $99,500
C) $129,090
D) $101,400

Question 18

The following information was obtained from Sizzler Company:
.Advertising costs: $7,900
.Indirect labor: $9,000
.Direct Labor: $31,000
.Indirect materials: $7,200
.Direct materials: $47,000
.Factory utilities: $3,000
.Factory supplies: $700
.Factory janitorial costs: $1,900
.Manufacturing equipment depreciation: $1,600
.Delivery vehicle depreciation: $790
.Administrative wages and salaries: $19,000

-How much was Sizzler's factory overhead?

A) $24,190
B) $1,600
C) $23,400
D) $3,600