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Managerial Accounting, Ch. 1




Question;True False Question 2Managerial accounting information generally pertains to an entity as a whole and is highly aggregated.AFalseBTrueMultiple Choice Question 39Managerial accounting information is generally prepared forAmanagers.Bregulatory agencies.Ccreditors.Dstockholders.Multiple Choice Question 66Which one of the following would not be classified as manufacturing overhead?ADirect materialsBIndirect laborCInsurance on factory buildingDIndirect materialsMultiple Choice Question 69Which one of the following is not a cost element in manufacturing a product?ADirect materialsBOffice salariesCDirect laborDManufacturing overheadMultiple Choice Question 71The wages of a timekeeper in the factory would be classified asAdirect labor.Bindirect labor.Ca period cost.Dcompliance costs.Multiple Choice Question 97Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $10,000 and cost of goods sold was $50,000, how much would Kushman report for cost of goods manufactured?A$10,000B$60,000C$40,000D$70,000Multiple Choice Question 103Dolan Company's accounting records reflect the following inventories:Dec.31, 2013Dec.31, 2012Raw materials inventory$310,000$260,000Work in process inventory300,000160,000Finished goods inventory190,000150,000During 2013, $600,000 of raw materials were purchased, direct labor costs amounted to $500,000, and manufacturing overhead incurred was $480,000.Dolan Company's total manufacturing costs incurred in 2013 amounted toA$1,490,000.B$1,390,000.C$1,580,000.D$1,530,000.Multiple Choice Question 107Laflin Company reported the following year-end information:Beginning work in process inventory$1,080,000Beginning raw materials inventory300,000Ending work in process inventory900,000Ending raw materials inventory480,000Raw materials purchased960,000Direct labor800,000Manufacturing overhead720,000Laflin Company's cost of goods manufactured for the year isA$2,660,000.B$2,480,000.C$2,300,000.D$2,120,000.Multiple Choice Question 116Using the following information, compute the direct materials used.Raw materials inventory, January 1$ 20,000Raw materials inventory, December 3140,000Work in process, January 118,000Work in process, December 3112,000Finished goods, January 140,000Finished goods, December 3132,000Raw materials purchases1,400,000Direct labor560,000Factory utilities150,000Indirect labor50,000Factory depreciation400,000Operating expenses420,000A$1,460,000.B$1,420,000.C$1,400,000.D$1,380,000.Multiple Choice Question 121Assuming the cost of direct materials used is $1,500,000, compute the total manufacturing costs using the information below.Raw materials inventory, January 1$ 30,000Raw materials inventory, December 3160,000Work in process, January 127,000Work in process, December 3118,000Finished goods, January 160,000Finished goods, December 3148,000Raw materials purchases1,500,000Direct labor690,000Factory utilities225,000Indirect labor75,000Factory depreciation500,000Operating expenses630,000A$3,620,000.B$2,981,000.C$2,990,000.D$2,690,000.Multiple Choice Question 128Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of $686,000. If cost of goods manufactured is $640,000, what is the cost of the ending work in process inventory?A$198,000.B$210,000.C$190,000.D$170,000.


Paper#37606 | Written in 18-Jul-2015

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