Management

Question 1

1. A company sell pretzels for $1.50/bag. Their February ending inventory was $1600. Marketing prepares the following forecast: January 15,000 bags February 12,000 bags March 16,000 bags Total 43,000 bags Projected sales for April 13,000 bags. Try to maintain 10% of the next month’s forecasted sales in inventory. What is the projected for march? a) 14,800 b) 16,000 c)15,700 d)16,500 e)can’t be determined from the data provided Same info as no 1. What is the sales budget for January?

Answer 1

SECOND NUMBER TIMES BY % For example. First month=March Second month=April April * 0.10 (c ) 15,700 March= 16,000 April 13,000 (0.10) = 1300 March+April-Ending Inventory 16,000 + 1,300 = 17,300, 17,300 – 1600 = 15,700 Second answer SECOND NUMBER TIMES BY % For example. First month=January Second month=February February * 0.10 January+February(.10)= 16,200 (1.50 perbag) 15,000 + 12,000 (0.10) = 16,200 (1.50)=24,300

Question 2

Budgets are

Answer 2

Uses by individual, staffs, managers department.

Question 3

Management accounting places more emphasis on a. certified financial statement b. future activities c. historial cost information d. cash flow e. annual tax returns

Answer 3

B. Future activities

Question 4

A listing of line item that the organization will use to classify its accounting information is? a. balance sheet b. income statement c. chart of accounts d. schedule of cash flows e. production cost response

Answer 4

A

Question 5

RABBIT

Answer 5

11.00

Question 6

The brothers sell pretzels for $150 per back, marketing prepares the following sales forcast for the 1st quarter of the year. jan 15000 feb 12000 march 16000 What is the sales budget for the 1st quarter

Answer 6

64500 ??? ————————————————————————– 15000+12000+16000 = 43000 (budgeted sales for 1st quarter) 43000 x $150 = $6,450,000 total sales.

Question 7

Compute the fixed cost? DM 100000 DL 150000 Overhead 75000 sales 120000

Answer 7

• Fixed cost will be Overhead 75000. If answer is not 75000 then “None of above” Look at overhead its 7500 ??? ————————————————————————- Overhead can be both fixed or variable and usually have a percentage of fixed and variable costs. Variable for sure are DM and DL so you can eliminate 100000 and 150000. If anything it would be 75000

Question 8

Cost that are always relevent in making decisions are a) cost incurred each period, b)cost that can be avoided, c) cost that are sunk d) cost that are fixed e) none

Answer 8

(b) Cost that can be avoided, OR D OR C Probably C ————————————————————————– Sunk costs are NEVER relevant. Relevant costs are the ones that can be avoided! B.

Question 9

NPV and IRR not TRUE

Answer 9

(c) NPV alone can be used to compare investments of different sizes WAS ON TEST ————————————————————————- IRR: screen projects or to rank them; higher IRR is more desireable. NPV: Positive means acceptable, negative is unnacceptable, and 0 is acceptable. Generally considered more reliable than the IRR for screening and ranking projects.

Question 10

Company Z (long question) What are the fixed cost?

Answer 10

(d) 20% of the sales revenue

Question 11

which of the following is typically a starting point for the budget process? a. a summary cash budget b. a sales budget c. a budget balance sheet d. a production budget e. a materials purchase budget

Answer 11

B. A sales budget Starting> Sales Budget

Question 12

Selected sales and cost data for a special job are given below Direct material used 100,000 Direct labor 150,000 Factory overhead (100% direct, 40% variable) 75,000 Selling and administration ( 50% direct, 60% variable)120,000 Complete the Total Cost: a. 120,000 b. 225,000 c. 352,000 d. 135,000 e. 93,000

Answer 12

C. Complete the Total Cost: C. 352,000 100,000 + 150,000 + 30,000 (75000 X 0.40) + 72,000 (120000 X 0.60) MULTIPLY BY VARIABLE DM+DL+FOH(Variable)+Selling and admin(0.60) ————————————————————————- DM: 100,000 DL: 150,000 Variable Overhead: (75,000 x.40): 30,000 Admin costs: (120,000 x .60): 72,000 100k + 150k + 30k + 72k = 352,000 C. *only the variable costs are relevant.

Question 13

Tax accounting is generally most used by: a. Share holder b. Manager c. Creditors d. Internal revenue service e. Decision makers

Answer 13

B or E Most likely E ??? ————————————————————————– I’m guessing that they’re comparing tax accounting to financial accounting. If Tax Accounting is the same as Managerial Accounting, then the answer is the Manager. B.

Question 14

The term “product cost” as used in cost and managerial accounting context means. a. an expenses b. a variable cost c. all manufacturing or production cost of the product d. all fixed cost associated with a product e. none

Answer 14

C

Question 15

The discount rate for use in capital budgeting decision is also referred to as a. a cost o capital b. the cost of capital c. the hurdle rate d. the minimum required rate of return e. all none

Answer 15

D

Question 16

What is break even point in units? Sale price $7.50 per unit Variable cost $2.25 per unit Fixed cost $10,000 Units sold 20,000 a. 1333 b. 1905 c. 10000 d. 20000 e. some number other than these 4

Answer 16

b. 1905 (7.50-2.25=5.25) & (1000/5.25) Sales price - Variable cost=5.25 Fixed Cost/Answer=1905 ————————————————————————– Contribution Margin: 7.5 (sale price) - 2.25 (variable) = $5.25 Break even = fixed cost / Contribution Margin = 10,000/ 5.25 =1905

Question 17

1. Which of the following is referring Management Accounting? A. Is required by law B. Is not subject to GAAP C. Primarily stands by it self D. Is and end itself E. Emphasis on the part

Answer 17

B

Question 18

2. The main purpose of management accounting is to provide information to? A. Shareholders B. Managers C. Creditors D. Government Agencies E. All of the above

Answer 18

B

Question 19

3. The term product cost as used in cost and managerial acct context means? A. All cost of producing, selling and support a product B. An expense C. A variable cost D. All manufacturing of production cost of the product E. All fixed cost associated with a product

Answer 19

D

Question 20

4. The sum of direct materials plus Direct Labor is classified as? A. Product cost B. Conversion Cost C. Period Cost D. Prime Cost E. Manufacturing Cost

Answer 20

D

Question 21

5. Which of the following organization would be most likely to adopt a process cost system? A. Custom home builder B. Law office C. Paper Manufacturing D. Dental Office E. TV Sales and service organization

Answer 21

C

Question 22

6. Zero based budget? A. Start the budget process from last years number B. Require mangers to build budget from the ground up C. Are used primarily to invest short term cash D. Involve planning for long same inventory E. None of the above

Answer 22

B

Question 23

Which of the following pairs most accurately represents the ease of traceability cost? A. Direct costs and Indirect costs B. Variable costs and Fixed costs C. Product costs and Period costs D. Standard costs and Operation costs E. Sunk costs and Incremental costs

Answer 23

B NOT THIS ————————————————————————– A. Since direct costs are the most easily traced.

Question 24

The primarily purpose for carrying on cost Accounting activities are? A. To set asset values B. To measure in cost or core C. To plan operation D. To control operation E. None

Answer 24

A

Question 25

Over and Under Applied Over Head occurs when? a. when either the overhead cost driver are estimated incorrectly b. when actual cost are equal to estimate cost c. when the amount of the estimated cost driver equals the amount of the cost driver d. not often e. when estimated overhead and the estimated cost driver are forecasted perfectly.

Answer 25

A

Question 26

Chief Accounting officer in an organization is : a) Vice President of Finance b) Treasurer c) Controller d) General Accounting manager e) tax manager

Answer 26

C

Question 27

financial accounting information is most generally most useful to : a) external parties b) internal parties c) environmentalist d) government agencies e) management decision maker

Answer 27

A

Question 28

All the following are period cost except: a) order getting costs b) order delivery cost c) factory rent d) advertising cost e) administrative cost

Answer 28

C

Question 29

Which of the following would most likely classified as direct material cost? a) factory supplies b)an engine in a custom automobile c)depreciation in the assembly group d)Advertising expenses e)none

Answer 29

B

Question 30

Pairs that most accurate for the cost volume analysis a) direct cost and indirect cost b) fixed cost and variable cost c) product cost and period cost d) standard cost and operation cost e) sunk cost and incremental cost

Answer 30

B

Question 31

15. the cost of rent for manufacturing plant is generally considered to be Prime Cost Product Cost a) no yes b) no no c) yes no d) yes no e) manufacturing plant rent is not normally either of the 4 answers

Answer 31

A

Question 32

23. Target pricing : A target cost + target profit B target cost – target profit C target cost – target profit D Target cost= target price-target profit E none are correct

Answer 32

E

Question 33

Initial cash cost of investment $75,000 Estimated annual cash savings $18,000 Predicted residual value at the end of life $3,000 Estimated useful life 2 years Cost of capital 12% If Present Value factor of an annuity of $1 at 12% and 7 years is 4.564 and the present value factor of a payment of $1 at 12% and 7 years is 0.452. what is the total present value of the estimated cash inflow? A 4,167 years B $82,152 C $1,356 D $83,508 E $8,508

Answer 33

D ????? ———————————————————————- PV of annuity: 4.564 18,000 x 4.564 = 82152 Present value of cost savings/ cash inflow. B. Wow so easy.

Question 34

Huts sells hot dog $2/each. The variable cost is $1 and $0.35 is fixed overhead cost. A summer camp wishes to buy 100 hotdogs for $1.25/each. Whats the profit for hut? A increase by $65 B increase by $10 C decrease by $10 D decrease by $65 E none

Answer 34

C Wishes to buy 100. Look at 100 and think 10

Question 35

Lamar’s disc rate 12 %. If the discount rate the present value of an annuity of $1 at 12% for 8 years is 4.968 what is the present value of the salvage value ? A $99,360 B 10 C $248,400 D $596,160 E the answer can’t be compute

Answer 35

E NOT E ????? ————————————————————————- I know this is a part of capital budgeting, but in the equations i’ve been looking through, they have something to do with the cash flow yearly, which this problem doesn’t give. I think it’s E. If the problem gives you a beginning salvage value, multiply it with 4.968.

Question 36

kamp corporation has the following info Unit sales price $10 Total fixed cost $50,000 Variable cost per input $6 Compute contribution margin? A $10 B $6 C $5 D $4 E $3 Also find the _____? A.83,xxx B. 50,000

Answer 36

Contribution margin = Sales revenue – Variable expense D. $4 (10 – 6) NOT 83,00

Question 37

Which phrase best describes the current role of a management accountant in an organization? A. managerial accountants prepare the financial statements for publication B. managerial accountants are primarily information collectors. C. managerial accountants make key decisions for an organization. D. managerial accountants facilitate the decisions for an organization E. managerial accountants file the organization tax returns.

Answer 37

D

Question 38

What is the variable cost ratio? Total $ % $37,500 $15,000 $22,500 60% $15,000 $ 7,500 _____________________________ A 100% B 40% C 60% D 75% E none

Answer 38

C. 60% (6/10 X 100)= 60 Total $ % $37,500 $15,000 $22,500 60% $15,000 $ 7,500

Question 39

Hilton Corporation had sales revenue of $1,105 for the month. Marketing expenses for the month were $60 and administrative expenses were $50 Inventory classification 1st day of the month end of month Direct material $60 $70 Work in process 120 115 Finished goods 150 165 During the month, Hilton purchased $250 of raw materials and spent $400 of direct labor. Other manufacturing costs such supervisory salaries and utilities were $90 and plant equipment depreciation was $100. Direct materials used for the month are? A. 240 B. 285 C. 590 D. 640 E. 830 One question will be What are the Direct labor used for the month? DL=?

Answer 39

A. 240 [(60+250)-70=240] DIRECT MATERIAL SO LOOK AT ONLY DM 60+250=310 - 70=240 Hilton purchased 250$ of raw material Beginning DM=60

Question 40

A thing of value that is owned by an organization and is expected to provide future benefit is classified as which of the following? A. asset B. liability C. equity D. revenue E. expense

Answer 40

A

Question 41

A quantified plan of action for management is A. certified balance sheet B. certified income statement C. statement of cash flows D. budget E. cost of production report

Answer 41

D

Question 42

Which equation best represents the basic production budget? A. Sales forecast in units - projected ending inventory - beginning inventory B. Total projected production needs - beginning inventory + projected ending inventory C. Sales budget in units + projected ending inventory – beginning inventory D. Projected production volume – projected ending inventory – beginning inventory E. Sales budget in units + projected ending inventory – projected ending inventory

Answer 42

C

Question 43

52. Scuffy has the following product information Sales price $7.50 per unit Variable cost $2.25 per unit Fixed cost $10,000 Units sold 20,000 What is breakeven point in sales?

Answer 43

1905 7.50-2.25=5.25 10000/5.25=1905 Sales price - Variable cost=5.25 Fixed Cost/Answer=1905 LOOK AT THIS BREAKEVEN POINT

Question 44

Scuffy has the following product information. Sales price $7.50 per unit Variable cost $2.25 per unit Fixed cost $10,000 Units sold 20,000 What is total contribution margin?

Answer 44

Contribution margin = Sales revenue – Variable expense. 105000 (7.5 X 20,000) – (2.25 X 20,000) = 105000 (Sales Price x Unit Sold) - (Variable x Units Sold) LOOK AT THIS TOTAL CONTRIB MARGIN ———————————————————————— lol wtf. correct.

Question 45

Selected sales and cost data for a special job are below Direct materials used $100,000 Direct labor 150,000 F overhead 75,000 (100% indirect, 40%variable) Selling and administration 120,000(50% direct, 60% variable) Compute the period costs?

Answer 45

60000 (120,000 X 0.50) Period think of #6 and 000000 Selling and admin x Direct ————————————————————————– Period Costs: distribution, selling and administrative, marketing.

Question 46

Selected sales and cost data for a special job are below: Direct materials used $100,000 Direct labor 150,000 F overhead 75,000 (100% indirect, 40%variable) Selling and administration 120,000(50% direct, 60% variable) Compute the prime costs? a. 250,000 b. 225,000 c. 310,000 d. 135,000 e. 325,000

Answer 46

Prime costs = Direct material + Direct Labor 100,000+150,000 250000 A

Question 47

Which one of the following regarding ethics is true.

Answer 47

(b) Ethical issues frequently arise in the course of a management accountant’s work.

Question 48

In theory, what is a sacrifice made when we give up a resource to obtain a resource that will benefit the firm

Answer 48

(b) A cost

Question 49

Cost information-

Answer 49

(c ) Is used by managers across an organization.

Question 50

A predetermined overhead rate is equal to a. Divide estimate overhead by estimated units of the cost driver. b. Multiply estimate overhead by estimate units of the cost driver. c. Divide the predetermined overhead rate by the actual units of the cost driver. d. Multiply the predetermined overhead rate by the actual units of the cost driver.

Answer 50

(a) Estimated overhead Divided by estimated units of the cost driver. They’re both estimated

Question 51

D.M – $7000 D.L – $2000 M. Overhead - $10,000 Work-in-process(bb) $ ? End work in process$4000 Cost of Goods Manufactured $18,000 Revenue $25,000 F.Goods(bb)$6000 Cost of Gods Sold $ ? F. Goods(eb)$9000 Operating expense$6000 Net income $ ? Gross margin (profits)$ ? What is the cost of good sold?

Answer 51

(c) 15,000 F.Good (bb) + CGM – F.Good (eb) = CGS 18,000+6,000=24,000-9000=15,000 Cost of Goods Manufactured $18,000 Fixed Goods$6000 Cost of Gods Sold $ ? Fixed Goods)$9000

Question 52

Which of the following is true?

Answer 52

(a) factories already running at full capacity should have increased fixed costs if new special orders are accepted.

Question 53

Comparing actual outcomes with budget outcomes, then following up, is a example of a . a. planning activities b. operating activities c. controlling activities d. accounting activities e. staffing activities

Answer 53

D or B. Most likely D or C

Question 54

The following information is provided for company Z. Per unit Total % Sales revenue (1500 units) $37,500 Variable costs $15,000 40 Contribution Margin $22,500 Fixed cost $15,000 Net income$7,500 What are the Fixed costs per unit? What is the price per unit?

Answer 54

Fixed cost per unit:(a) $10.00 15,000/1500 Fixed cost/Units Price per unit: 37,500/1500)= 25 LOOK AT UNITS. That line. And then divide

Question 55

Classified as a “Period cost”— Period cost =

Answer 55

Period cost = Variable cost + Manufacturing overhead. Period cost: Operating costs that are expensed in the period in which they are incurred.

Question 56

Total Contribution margin =

Answer 56

Sales revenue – Variable expense

Question 57

Budget

Answer 57

The budget is a financial plan. The budgeted sales and cost data help managers plan the hotel’s target profit (revenues – expenses

Question 58

Break-even sales in units

Answer 58

The number of units you need to sales in break-even.

Question 59

Break-even Point

Answer 59

The sales level at which operating income is zero. Total revenues = total expenses

Question 60

The going concern assumption assures that the loss

Answer 60

Will remain in operation for the foreseeable future

Question 61

An increase in the discount rate: The question might be Which of the following is true about an increase in the discount rate? A. It reduces the cost of reserves borrowed from the Federal Reserve. B. It signals the Federal Reserve’s desire to restrain money growth. C. It signals the Federal Reserve’s desire to support credit creation. D. It signals the Federal Reserve’s eagerness to lend additional reserves.

Answer 61

Will decrease the future value of the cash flow (if this ans not given) Then None of the above ____________________ B

Question 62

The amount of overhead applied to a product or service is normally calculated by. a. Divide estimate overhead by estimated units of the cost driver. b. Multiply estimate overhead by estimate units of the cost driver. c. Divide the predetermined overhead rate by the actual units of the cost driver. d. Multiply the predetermined overhead rate by the actual units of the cost driver. e. Multiply the actual overhead rate by the predetermined overhead rate

Answer 62

A

Question 63

Which of the following does not appear in financial statement service

Answer 63

Capital Accounts

Question 64

Cost information

Answer 64

a. Is important for manufacture companies.

Question 65

Which of the following is not a capital budgeting method.

Answer 65

e. Excess present value index.

Question 66

Period Cost

Answer 66

Depreciation on assembly equipment.

Question 67

Hilton Corporation had sales revenue of $1,105 for the month. Marketing expenses for the month were $60 and administrative expenses were $50 Inventory classification 1st day of the month end of month Direct material $60 $70 Work in process $120 $115 Finished goods $150 $165 During the month, Hilton produced and transferred into finished Goods units with a Cost of $915. The cost of good sold for the month was

Answer 67

D. $900 Finished goods start+ Cost=1065 - End How? The cost of good sold for the month

Question 68

A cost that is not a “Product Cost”?

Answer 68

d. Computer depreciation

Question 69

David has the following product information. Sales price 7.50 a unit Variable cost 2.25 a unit Fixed cost $10,000 Units sold 20,000 What is the contribution margin per unit? a) 7.50 b) 5.25 c) 9.75 d) 4.75 e) None

Answer 69

B CONTRIBUTION MARGIN PER UNIT 7.50-2.25 = 5.25

Question 70

David has the following product information. Sales price 7.50 a unit Variable cost 2.25 a unit Fixed cost $10,000 Units sold 20,000 What is the contribution margin ratio?

Answer 70

CM ratio = CM / Sales. 70% 5.25 X 20000 / 7.50 X 20000 (Sale price-Variable) x Units sold= Y Y/Sales price x Units Sold ————————————————————————- $7.50 - $2.25 = $5.25 (CM) $5.25/ $7.5 = .7 or 70%

Question 71

92. In setting the price of a particular product / service for the congress, which of the following should represent the best cost basis? a. Product / service cost b. Marketing cost c. Administrative cost d. Production market cost e. Production market and administrative cost

Answer 71

E

Question 72

An alternate name for the “Time Adjusted rate of return is: a. Cost of capital b. The hurdle rate c. The minimum rate of return d. The investment burden rate e. The internal rate of return

Answer 72

E

Question 73

What type of their special short run decision is most likely to be needed to make: a. Accept reject a special order b. Bring standard product c. Make it your self or buy it from out side d. Sell now or process future e. All

Answer 73

C ————————————————————————– This one you can probably figure out by looking at the problem they’ll give you (:

Question 74

Which of the following is most representative of what is a summary cash budget? a. cash flow from activities b. cash flow from O/P c. cash flow from Investing activities d. cash flow from Borrowing activities e. All

Answer 74

E

Question 75

Unplanned uses of organization recourses, usually measured by the resources given up are defined as? a. An expense b. A cost c. A loss d. A production cost e. A period cost

Answer 75

A

Question 76

Which of the following accounting is in the Calculation of working capital: a. Retained Earning b. Sales c. Merchandise Inventory d. Common stock e. Long-term debt

Answer 76

C ————————————————————————- Working Capital = Current Assets - Current Liabilities merchandise inventory is a current asset

Question 77

Used by individual, staffs, managers department are…?

Answer 77

Budgets

Question 78

What is important for manufacture companies.

Answer 78

The cost information

Question 79

Managers should use budget for a. planning activities b. operating activities c. controlling activities d. accounting activities e. staffing activities

Answer 79

A

Question 80

Cost volume profit analysis attempt to answer which of the following: a. which sales volume is needed to break even. b. which sales volume is needed to make a desire profit. c. Given the sales volume, what is expected profit. d. How would change in price, variable cost, and out put affect profit e. All

Answer 80

E or D or C? ??? The cost-volume-profit analysis helps managers predict the outcomes of their decisions. For a given level of expected sales volume, it helps managers plan costs and predict operating income or loss. ————————————————————————– E. Again!

Question 81

I NET present profit value of an investment is less than 0 and the cost capital is 16% the internal rate of return would be: a. up 16 b. = 16 c. down 16 d. cannot determine e. none

Answer 81

C Down 16 because less than 0

Question 82

Cost volume profit (CVP) analysis to answer which of the following a) what sales volume is needed to break even b) what sales volume is needed to make a desired profit c) given a sales volume, what is the expected profit? d) how could changes in price, VC, TF and output affect profit? e) all

Answer 82

D or E? ??? These graphs provide cost-volume-profit relationships for decision makers. The cost-volume-profit analysis helps managers predict the outcomes of their decisions. For a given level of expected sales volume, it helps managers plan costs and predict operating income or loss. I’m guessing its C or maybe E? ————————————————————————- All of the above! E.

Question 83

Paid parking for employees of law firm=

Answer 83

Indirect activity

Question 84

Corn

Answer 84

Not -10 and not +400

Question 85

115. The principle that requires every business to be accounted for separately and distinctly from it’s owner or owners is known as the A. Objective B. Business entity C. Growing – concern D. Revenue recognition E Cost

Answer 85

A ————————————————————————- Economic/Business Entity B.

Question 86

113. Nik’s beginning equity 4,350 million, Net income 490 million dividends withdraw 100 million. Increase in equity due to the times 50 million. It’s ending equity is? A. 3,810 million B. 4,690 million C. 470 million D. 4,990 million E. 371 million

Answer 86

A 4350-540=3,810 490+50=540

Question 87

108. Which of the following isn’t accounting assumption A. Integrity B. Going concern C. Time period D. Economic entity E. None

Answer 87

A

Question 88

5000 units of product $10/ unit. The normal domestic price is 12/unit VC = $9.00 FC = $1.00 What is the gain or loss A. Gain 5000 B. Loss 5000 C. Gain 10,000 D. Loss 10,000 ————————————————————————– Special Order: Fixed costs are covered so: $10 per unit - $9 variable cost = $1 CM 5000 gain…

Answer 88

5000 gain ??? ————————————————————————– Maybe this is a relevant cost problem, make or buy? The Fixed Cost would be allocated to the “bought” product, but idk how 5000 gain can be found from the info given. On test WAS ON TEST

Question 89

Know conversion cost formula

Answer 89

Which is… Direct Labor Cost + Manufacturing Overhead Cost

Question 90

Something something starting point.

Answer 90

Not regression line ————————————————————————– LOL. might be about starting with sales in a budget?

Question 91

How to calculate NPV? (Was on test)

Answer 91

??? CH 9 ————————————————————————– NPV compares the value of a dollar today to the value of that same dollar in the future, taking inflation and returns into account. If the NPV of a prospective project is positive, it should be accepted. However, if NPV is negative, the project should probably be rejected because cash flows will also be negative. http://puu.sh/5pv5G.png Present value of cost savings - Present value of required investment = NPV. e.g. Initial Cost : 50000 Life of project: 5 years Annual cost savings = 18000 Salvage: $0 Required rate of return = 20% Present Value of Annuity: 2.991(found by checking an appendix) 18000 x 2.991 = 53838 (Present value of cost savings) 53838 - 50000 = 3838 NPV.

Question 92

Selected sales and cost data for a special job are given below Direct material used 100,000 Direct labor 150,000 Factory overhead (100% direct, 40% variable) 75,000 Selling and administration ( 50% direct, 60% variable)120,000 What is the product cost? a. 120,000 b. 225,000 c. 352,000 d. 135,000 e. 93,000

Answer 92

What is the product cost? In the case of manufactured goods, product costs would include direct material, direct labor, and manufacturing overhead. CH 7

Question 93

What is not in Fin accounting?

Answer 93

Ch 1

Question 94

What does no appear in financial statement?

Answer 94

Ch 2

Question 95

What is costing system?

Answer 95

??? CH 3

Question 96

What is the direct material in production? Similar to this D.M – $7000 D.L – $2000 M. Overhead - $10,000 Work-in-process(bb) $ ? End work in process$4000 Cost of Goods Manufactured $18,000 Revenue $25,000 F.Goods(bb)$6000 Cost of Gods Sold $ ? F. Goods(eb)$9000 Operating expense$6000 Net income $ ? Gross margin (profits)$ ? What is the cost of good sold?

Answer 96

??? CH 5 ————————————————————————– COGM: WIP (beginning) = ? DM= 7000 DL = 2000 Overhead 10,000 WIP (ending) = 4000 COGM = 18,000 COGM = WIP (beg) + DL + DM + MO - WIP (end) 18,000 = ? + 2000 + 7000 + 10000 - 4000 ? = Part Two: COGS: COGM = 18,000 Finished Goods (beginning) = 6000 Finished Goods (ending) = 9000 COGS = COGM + Finished Goods (beginning) - Finished Goods (ending) = 18000 + 6000 - 9000

Question 97

Actual+Budget=

Answer 97

CH 5 In each quarter, in addition to that quarter’s budgeted sales , an ending inventory buffer is added. This buffer is so that ther e are sufficient finished goods availa ble to begin the following quarter and also to accommodate budget inaccuracies should actual sales be larger than budgeted sales.