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Exam 14: Managerial Accounting Concepts and Principles

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Question 41

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Use the following data to determine the cost of goods manufactured:

A) $102,000.
B) $110,100.
C) $96,600.
D) $113,700.
E) $100,200.

F) A) and B)
G) C) and E)

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Question 42

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An attitude of constantly seeking ways to improve company operations,including customer service,product quality,product features,the production process,and employee interactions,is called:

A) Continuous improvement.
B) Customer orientation.
C) Just-in-time.
D) Theory of constraints.
E) Total quality measurement.

F) A) and C)
G) None of the above

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Question 43

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What are the components of the schedule of cost of goods manufactured? Describe each component.

Using the information below,compute the raw materials inventory turnover:

Indirect materials are accounted for as factory overhead because they are not clearly identified with specific product units.

________ means that managers and employees understand the changing needs and wants of customers and align management and operating practices accordingly.

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods sold.

Match each of the following terms to the appropriate definitions.

Product costs:

Martinez Company makes leather cowboy hats.Each hat requires 1/2 yard of leather to produce.At the beginning of the year,the company had (a)75 hats in Finished Goods Inventory and (b)60 yards of leather at a cost of $12 per yard in Raw Materials Inventory.During the year,the company purchased 850 more yards of leather at $12 per yard and manufactured 1,600 hats.Determine the unit and dollar amounts of leather Raw Materials Inventory at the end of the year.

Use the cost information below for Ruiz Inc.to determine the total manufacturing costs incurred during the year:

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.

Use the following data to calculate the cost of goods sold for the period:

For product costs associated with a particular product to be reported on the income statement:

Flash Company produces lamps.All of the following are direct costs except:

Continuous improvement:

A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured for the year was $147,000; and the December 31 finished goods inventory was $77,000.What is the cost of goods sold for the year?

Information for Stanton,Inc.,as of December 31 follows.Prepare a schedule of cost of goods manufactured for the year ended December 31.

________ is the process of monitoring planning decisions and evaluating an organization's activities and employees.

A lean business model aims to eliminate waste while satisfying the customer and providing a positive return to the company.