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Exam 16: Managerial Accounting Concepts and Principles

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Question 61

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Which of the following accounts will be found on the income statement?

A) Inventory
B) Work in Process
C) Finished Goods
D) Cost of Goods Sold

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Question 62

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The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead.

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Question 63

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For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. -Accountant salaries

Conversion costs consist of product costs and period costs.

Which of the following is an example of direct labor cost for a cell phone manufacturer?

The following are some of the costs incurred by Cupcake Company. Identify them as either: -Salesman commissions

Match the items below for a bakery to the type of cost a-d) . -Depreciation expense-office

Which of the following is part of factory overhead cost?

Period nonmanufacturing) costs are classified into two categories: selling and administrative.

Beginning work in process is equal to

If the cost of employee wages is not a significant portion of the total product cost, the wages are classified as direct materials cost.

For a construction contractor, the wages of carpenters would be classified as factory overhead cost.

A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and had $114,000 in factory overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $32,000, respectively, the cost of goods manufactured was

Period costs include direct materials and direct labor.

Sienna Company has the following information for January: Calculate the cost of goods manufactured.

Identify the following costs as a a) product cost or b) period cost for a cake factory. 1. Frosting 2. _____ Baker's wages 3. Advertising fees 4. Transportation out

The vice presidents of production and sales and the controller hold line positions in most large organizations.

The following are some of the costs incurred by Cupcake Company. Identify them as either: -Factory rent

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as

Depreciation on factory plant and equipment is an example of factory overhead cost.