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Exam 1: Managerial Accounting Concepts and Principles

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Question 81

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The following information relates to the manufacturing operations of the JNR Printing Company for the year: Beginning Ending Raw materials inventory $ 57,000 $60,000 Finished goods 68,000 60,000 The raw materials used in manufacturing during the year totaled $118,000. Raw materials purchased during the year amount to:

A) $107,000.
B) $115,000.
C) $118,000.
D) $121,000.
E) $126,000.

F) B) and D)
G) D) and E)

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Question 82

Multiple Choice

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Using the information below for Laurels Company; determine the cost of goods manufactured during the current year: $\begin{array} { | l | r | } \hline \text { Direct materials used } & \$ 5,000 \\\hline \text { Direct Labor } & 7,000 \\\hline \text { Total Factory overhead } & 5,100 \\\hline \text { Beginning work in process } & 3,000 \\\hline \text { Ending work in process } & 4,000 \\\hline\end{array}$

A) $12,000.
B) $16,100.
C) $17,100.
D) $18,100.
E) $13,600.

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

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Question 83

Multiple Choice

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If the cost of the beginning work in process inventory is $60,000, direct materials cost is $350,000, direct labor cost is $216,000, and overhead cost is $319,000, and the ending work in process inventory is $55,000, calculate the cost of goods manufactured:

Period costs for a manufacturing company would flow directly to:

Using the information below for Singing Dolls, Inc., determine the total manufacturing costs incurred during the year: $\begin{array} { | l | r | } \hline \text { Work in Process, January 1 } & 50,000 \\\hline \text { Work in Process, December 31 } & 37,000 \\\hline \text { Direct materials used } & \$ 12,500 \\\hline \text { Total Factory overhead } & 5,500 \\\hline \text { Direct labor used } & 26,500 \\\hline\end{array}$

Period costs can refer to expenditures necessary to finish products during the time period.

The following costs are incurred by Gonzalez Manufacturing Co. Classify each cost item as either a period cost or a product cost. If the cost is a product cost, identify it as a prime and/or conversion cost.

Identify and describe the three categories of manufacturing costs.

Thornton Foods bakes and sells 2,000 dozen muffins each week to food service operations. Among the costs are bakers' salaries, $24,000; production management salaries, $16,000; production equipment operating costs, $32,000; and flour and ingredient costs, $15,000. Using this information, compute: (a) prime costs and (b) conversion costs.

Information for Jersey Metalworks as of December 31 follows. Prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses.

What does the days' sales in raw materials inventory ratio reveal?

Which of the following costs would not be classified as factory overhead?

Beginning finished goods inventory plus cost of goods manufactured equals cost of goods available for sale.

If the cost of the beginning work in process inventory is $60,000, costs of goods manufactured is $890,000, direct materials cost is $330,000, direct labor cost is $210,000, and overhead cost is $315,000, calculate the ending work in process inventory:

Expenditures directly associated with the manufacture of finished goods that include direct materials and direct labor, are ________ costs.

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

What are the three types of inventories that are carried by manufacturers? Describe each type of inventory.

The following information pertains to the Packer Corporation. Calculate the cost of goods sold for the period:

Romeo Corporation has accumulated the following accounting data for the year: The cost of goods manufactured for the year is:

Managerial accounting information: