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Exam 19: Managerial Accounting

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Question 61

True/False

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When the physical association of raw materials with the finished product is too small to trace in terms of cost, they are usually classified as indirect materials.

A) True
B) False

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Question 62

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What is "balanced" in the balanced scorecard approach?

A) The number of products produced
B) The emphasis on financial and non-financial performance measurements
C) The amount of costs allocated to products
D) The number of defects found on each product

E) A) and D)
F) C) and D)

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Question 63

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The Sarbanes-Oxley Act replaces generally accepted accounting principles in a manufacturing company.

The sum of the direct materials costs, direct labor costs, and beginning work in process is the total manufacturing costs for the year.

In a manufacturing company balance sheet, manufacturing inventories are reported in the current assets section in the order of their expected use in production.

If the cost of goods manufactured is less than the cost of goods sold, which of the following is correct?

Wood Company has beginning work in process inventory of $108,000 and total manufacturing costs of $477,000. If cost of goods manufactured is $480,000, what is the cost of the ending work in process inventory?

Worth Manufacturing Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $716,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Manufacturing Company's cost of goods sold for the year is

A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)

Managerial accounting internal reports are prepared more frequently than are classified financial statements.

The major reporting standard for presenting managerial accounting information is

Determine whether each of the following costs should be classified as direct materials (DM), direct labor (DL), or manufacturing overhead (MO). a. ____ Depreciation on factory equipment b. ____ Table legs used in manufacturing tables c. ____ Wages paid to assembly line workers d. ____ Factory rent

Internal reports must be communicated

Wasson Manufacturing Company reported the following year-end information: How much is Wasson Manufacturing's total cost of work in process for the year?

Manufacturing cost data for Morton Company are presented below. Instructions Indicate the missing amount for each letter (a) through (i).

Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead.

Ogleby Manufacturing Inc.'s accounting records reflect the following inventories: During 2010, Ogleby purchased $940,000 of raw materials, incurred direct labor costs of $150,000, and incurred manufacturing overhead totaling $192,000. How much is total manufacturing costs incurred during 2010 for Ogleby?

Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $620,000, what is the total cost of goods manufactured?

Listed below are current asset items for Lester Company at December 31, 2010. Instructions Prepare the current assets section of the balance sheet. (Include a complete heading.)

The equivalent of finished goods inventory for a merchandising firm is referred to as