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Exam 14: Managerial Accounting Concepts and Principles

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Question 121

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Mustang Corporation reports the following for the month of April: The cost of goods sold for April is:

A) $169,300.
B) $108,900.
C) $59,700.
D) $120,100.
E) $144,700.

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

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Question 122

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A company's prime costs total $4,500,000 and its conversion costs total $5,500,000.If direct materials costs are $2,000,000,calculate the overhead costs:

A) $2,500,000.
B) $3,500,000.
C) $2,000,000.
D) $1,000,000.
E) $3,000,000.

F) A) and E)
G) All of the above

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Question 123

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The sales commission incurred based on units of product sold during the month is an example of a product cost.

The following items for Neptune Company are used to compute the cost of goods manufactured and the cost of goods sold.Indicate how each item should be used in the calculations by filling in the blanks with "+" if the item is to be added,"-" if the item is to be subtracted,or "0" if the item is not used in the calculation.The first item is completed as an example.

Xia Co.manufactures a single product.All raw materials used are traceable to specific units of product.Current information for company follows: The company's cost of direct materials used,cost of goods manufactured and cost of goods sold is:

Which of the following is not part of the production activity in the flow of manufacturing activities?

Which of the following accounts would not appear on a schedule of cost of goods manufactured?

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

________ are beliefs that distinguish right from wrong.

The following cost items relate to the Henning Company.Classify each cost as a variable cost or a fixed cost by placing an X in the appropriate column.Each cost should be evaluated by how it changes in total with changes in the volume of activity.Also indicate with an X for each item if it is a product cost or a period cost.

Policies and procedures used by management to monitor and control business activities are known as ________.

Just-in-time manufacturing (JIT)focuses on quality improvement and applies this standard to all aspects of business activities.

Product costs are capitalized as inventory on the balance sheet and period costs are expensed on the income statement.

Walter Co.and Sandburg Industries report the following information at December 31: Required: (a)Which company is a manufacturer? Explain. (b)Prepare the current assets section of the balance sheet for the manufacturer.

A ________ cost does not change in total in proportion to changes in the volume of activity within the relevant range.

Using the information below,compute the days' sales in raw materials inventory:

Both financial and managerial accounting report monetary information; managerial accounting also reports considerable nonmonetary information.

List the four goals of an internal control system.

Both financial and managerial accounting rely on accepted principles that are enforced through an extensive set of rules and guidelines.

Current information for the Healey Company follows: All raw materials used were traceable to specific units of product. -Healey Company's direct materials used for the year is: