Question 1

A manufacturing company has a beginning finished goods inventory of $28,300, cost of goods manufactured of $58,500, and an ending finished goods inventory of $27,600. The cost of goods sold for this company is:

Accepted Answer

A)   $114,400.
B)   $86,100.
C)   $59,200.
D)   $2,600.
E)   $57,800.F) A) and E)
G) A) and D)

Question 2

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Accepted Answer

A) True 
 B)False

Question 3

Information for the Deuce Manufacturing Company follows. Compute the cost of goods manufactured for this company.
 $$\begin{array} { l | l } 
\text { Begining raw materials inventory } & \$ 53,200 \
\hline \text { Beginging work in process, inventory } & 78,400 \
\hline \text { Ending raw materials inventory } & 58,100 \
\hline \text { Ending work in process, inventory } & 98,000 \
\hline \text { Direct labor } & 149,800 \
\hline \text { Total factory overhead } & 105,000 \
\hline \text { Raw material purchases } & 210,000
\end{array}$$

Accepted Answer

The answer of Information for the Deuce Manufacturing Company follows....

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

The schedule of cost of goods manufactured is divided into four parts consisting of all of the following except:

Accepted Answer

A)   Direct labor.
B)   Overhead.
C)   Computation of cost of goods manufactured.
D)   Direct materials.
E)   Computation of cost of goods sold.F) C) and E)
G) B) and E)

Question 6

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.

Accepted Answer

While this particular incident resulted ...

Exam 18: Managerial Accounting Concepts and Principles

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

Correct Answer
verified

The schedule of cost of goods manufactured is divided into four parts consisting of all of the following except:

Correct Answer
verified

A manufacturing company has a beginning finished goods inventory of $28,300, cost of goods manufactured of $58,500, and an ending finished goods inventory of $27,600. The cost of goods sold for this company is:

Correct Answer
verified

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Correct Answer
verified

Correct Answer
verified

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.

Correct Answer
verified
While this particular incident resulted ...
View Answer

Exam 18: Managerial Accounting Concepts and Principles

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

Correct AnswerverifiedShow Answer

The schedule of cost of goods manufactured is divided into four parts consisting of all of the following except:

Correct AnswerverifiedShow Answer

A manufacturing company has a beginning finished goods inventory of $28,300, cost of goods manufactured of $58,500, and an ending finished goods inventory of $27,600. The cost of goods sold for this company is:

Correct AnswerverifiedShow Answer

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedWhile this particular incident resulted ...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
While this particular incident resulted ...
View Answer