chapter 19 pracctice Flashcards
planning is the process of keeping the company’s activities on track
false
Which of the following costs would a computer manufacturer include in manufacturing overhead?
depreciation on testing equipment
Barry’s BarBQue incurred the following costs: $1,400 for ribs, 45 hours of labor to cook the ribs at $10 per hour, $50 for seasoning and sauce, $300 for signs to advertise the ribs, $150 to clean the grill after cooking the ribs, and $100 of administrative costs. How much are total product costs?
2,050
Which of the following costs are classified as a period cost?
wages paid to a cost accountant department supervisor
Manders Corporation has $20,000 of ending finished goods inventory at December 31. If beginning finished goods inventory was $15,000 and cost of goods sold was $40,000, how much would Manders Corporation report as cost of goods manufactured?
45,000
Checker Clackers, Inc. manufactures clackers. Checker’s transactions and accounts included the following during June:
Raw materials inventory, beginning $1,200
Raw materials inventory, ending 1,400
Work in process inventory, beginning 7,100
Work in process inventory, ending 6,800
Raw materials acquired 27,800
Cost of direct materials used in production 27,600
Sales commissions to sell clackers 2,100
Direct labor cost 20,000
Total manufacturing overhead 28,900
How much is cost of goods manufactured for June?
76,800
Model Magic Manufacturing reported the following year-end balances: Beginning work in process inventory, $35,000; beginning raw materials inventory, $18,000; ending work in process inventory, $38,000; ending raw materials inventory, $15,000; raw materials purchased, $510,000; direct labor, $180,000; and manufacturing overhead, $75,000. What is the amount of total work in process for Model Magic for the current year?
803,000
A manufacturer may report three inventories in its balance sheet: (1) raw materials, (2) work in process, and (3) finished goods. Indicate in what sequence these inventories generally appear on a balance sheet.
3-2-1
Which one of the following is a trend in managerial accounting?
The focus on improving efficiency in the value chain has resulted in the adoption of automated manufacturing processes.
After passage of the Sarbanes-Oxley Act of 2002
CEOs and CFOs must certify that financial statements give a fair presentation of the company’s operating results.
