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ACC 202 Ch. 1

Managerial accounting information is generally prepared for
managers.
Management accountants would not
prepare reports primarily for external users.
Which one of the following would not be classified as manufacturing overhead?
Direct materials
Manufacturing costs include
direct materials, direct labor, and manufacturing overhead.
A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)
indirect material.
Which of the following is not classified as direct labor?
Wages of supervisors
Manufacturing costs that cannot be classified as either direct materials or direct labor are known as
manufacturing overhead.
Which one of the following costs would not be inventoriable?
Period costs
Which of the following are period costs?
Selling expenses
For inventoriable costs to become expenses under the matching principle,
the product to which they attach must be sold.
Kushman Combines, Inc. has $20,000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $10,000 and cost of goods sold was $50,000, how much would Kushman report for cost of goods manufactured?
$60,000
Dolan Company’s accounting records reflect the following inventories:

Dec. 31, 2017 Dec. 31, 2016
Raw materials inventory $310,000 $260,000
Work in process inventory 300,000 160,000
Finished goods inventory 190,000 150,000

During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.
Dolan Company’s total manufacturing costs incurred in 2017 amounted to

$2,060,000.
Dolan Company’s accounting records reflect the following inventories:

Dec. 31, 2017 Dec. 31, 2016
Raw materials inventory $310,000 $260,000
Work in process inventory 300,000 160,000
Finished goods inventory 190,000 150,000

During 2017, $800,000 of raw materials were purchased, direct labor costs amounted to $670,000, and manufacturing overhead incurred was $640,000.
If Dolan Company’s cost of goods manufactured for 2017 amounted to $1,890,000, its cost of goods sold for the year is

$1,850,000.
Laflin Company reported the following year-end information:

Beginning work in process inventory $1,080,000
Beginning raw materials inventory 300,000
Ending work in process inventory 900,000
Ending raw materials inventory 480,000
Raw materials purchased 960,000
Direct labor 900,000
Manufacturing overhead 720,000

Laflin Company’s cost of goods manufactured for the year is

$2,580,000.
Benson Inc.’s accounting records reflect the following inventories:

Dec. 31, 2016 Dec. 31, 2017
Raw materials inventory $ 80,000 $ 64,000
Work in process inventory 104,000 116,000
Finished goods inventory 100,000 92,000

During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.
How much raw materials were transferred to production during 2017 for Benson?

$1,466,000
Samson Company reported total manufacturing costs of $320,000, manufacturing overhead totaling $52,000, and direct materials totaling $64,000. How much is direct labor cost?
$204,000
Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:

Direct materials used $270,000 Beginning work in process $40,000
Direct labor 200,000 Ending work in process 20,000
Manufacturing overhead 250,000 Beginning finished goods 50,000
Operating expenses 350,000 Ending finished goods 30,000

(A) (B)

(A) (B)

$720,000 $740,000

Given the following data for Harder Company, compute cost of goods manufactured:

Direct materials used $120,000 Beginning work in process $20,000
Direct labor 200,000 Ending work in process 10,000
Manufacturing overhead 180,000 Beginning finished goods 25,000
Operating expenses 175,000 Ending finished goods 15,000

$510,000
Which one of the following does not appear on the balance sheet of a manufacturing company?
Cost of goods manufactured
If the cost of goods manufactured is less than the cost of goods sold, which of the following is correct?
Finished Goods Inventory has decreased.
Direct materials are a

Product
Cost

Manufacturing
Overhead

Period
Cost

Yes

No

No

Which of the following costs would a computer manufacturer include in manufacturing overhead?
Depreciation on testing equipment.
Which of the following costs are classified as a period cost?
Wages paid to a cost accountant department supervisor.

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