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Exam 18: Managerial Accounting Concepts and Principles

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Question 31

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Using the information below,calculate the cost of goods manufactured for the period.

A) $553,000.
B) $536,000.
C) $549,000.
D) $527,000.
E) $525,000.

F) All of the above
G) B) and D)

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Question 32

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Match the following terms to the appropriate definitions. -A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.

A) Managerial accounting
B) Continuous improvement
C) Raw materials inventory
D) Customer orientation
E) Just-in-time manufacturing
F) Goods in process inventory
G) Lean business model
H) Balanced scorecard
I) Prime costs
J) Raw materials inventory turnover

K) G) and I)
L) D) and E)

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Question 33

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_____________________ rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continuously experiment with new and improved business practices.

An internal control system consists of the policies and procedures managers use to do all of the following except:

Total manufacturing costs incurred during the year do not include:

Calculate the cost of goods manufactured using the following information:

Just-in-time manufacturing techniques can be useful in _____________ days' sales in raw materials inventory.

___________________ is the process of setting goals and making plans to achieve them.

Ringle Company is a manufacturer of compact disks (CDs).Place each of the following costs in the appropriate column.

Which of the following accounts would all appear on a manufacturing statement?

Expenditures that flow directly to the current income statement and are not reported as assets are ___________________ costs.

Goods a company acquires to use in making products are called:

An employee devises a payroll scheme that costs the employer $150.The employer discovers the fraud but decides not to confront the employee since the amount of the fraud is small.Discuss why this course of action is not advisable.

Using the information below for Hardy Company; determine the manufacturing costs added during the current year:

If the cost of the beginning goods in process inventory is $60,000,costs of goods manufactured is $890,000,direct materials cost is $330,000,direct labor cost is $210,000,and overhead cost is $315,000,calculate the ending goods in process inventory:

Using the information below for Hardy Company; determine the cost of goods manufactured during the current year:

The main difference between the income statement of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of goods purchased.

Manufacturers usually have three inventories: raw materials,goods in process,and finished goods.

Four factors come together in the manufacturing process: beginning goods in process inventory,direct materials,direct labor,and factory overhead.

Identify the three categories of manufacturing costs.