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Exam 15: Introduction to Managerial Accounting

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Question 111

Multiple Choice

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The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished products is classified as

A) factory overhead cost
B) direct labor cost
C) miscellaneous costs
D) direct materials cost

E) None of the above
F) C) and D)

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verified

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Question 112

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Verticals prepare their own income statements.

A) True
B) False

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Question 113

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In the hotel industry, the occupancy rate is a measure of

An example of a period cost is

Period costs include direct materials and direct labor.

The following information is taken from the financial records of Gunner Manufacturing: What is the cost of goods manufactured?

All of the following would be reported on the balance sheet as current assets except

Which of the following is an example of a factory overhead cost?

In smaller companies, the term controller may be used to refer to the chief financial officer.

Managerial information is for external as well as internal stakeholders.

Which of the following terms is used to describe the process of developing the organization's objectives and translating those into courses of action?

A company manufactured 50,000 units of a product at a cost of $450,000. It sold 45,000 units at $15 each. The gross profit is

Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290.

The following are some of the costs incurred by Cupcake Company. Identify them as either: -Depreciation expense-factory A)Prime costs B)Conversion costs C)Both prime and conversion costs D)Neither prime nor conversion costs

Conversion cost is the combination of direct materials cost and factory overhead cost.

Match the items below to the type of cost (a or b). -Direct labor incurred A)Product cost B)Period cost

Match the items below to the type of cost (a-c). -Administrative office salaries A)Direct B)Indirect C)Neither direct nor indirect

Match the items below to the type of cost (a or b). -Factory utilities A)Product cost B)Period cost

Prime costs consist of direct materials, indirect materials, and direct labor.

Match the items below for a bakery to the type of cost (a-d). -Depreciation expense-office A)Direct materials B)Direct labor C)Factory overhead D)Nonmanufacturing cost