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Exam 18: Managerial Accounting Concepts and Principles

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Question 61

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The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:

A) Managerial accounting model.
B) Lean business model.
C) Just-in-time manufacturing model.
D) Corporate social responsibility model.
E) Continuous improvement model.

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

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Question 62

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Using the information below for Sundar Company; determine the cost of goods manufactured during the current year: $\begin{array} { l | c } \text { Direct materials used } & \$ 19,000 \\\hline \text { Direct labor used } & 24,500 \\\hline \text { Factory overhead } & 55,100 \\\hline \text { Beginning work in process } & 10,700 \\\hline \text { Ending work in process } & 11,300\end{array}$

A) $79,000.
B) $98,600.
C) $43,500.
D) $98,000.
E) $42,900.

F) A) and E)
G) A) and D)

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Question 63

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Craigmont Company's direct materials costs are $3,000,000, its direct labor costs total $7,000,000, and its factory overhead costs total $5,000,000. -Its prime costs total:

Feedback provided by the control function allows managers to revise their plans.

Goods a company acquires to use in making products are called:

Prime costs consist of direct labor and factory overhead.

Comet Company accumulated the following account information for the year: Beginning raw materials inventory$6,000 $\begin{array} {| l | l |} \hline\text { Indirect materials cost } & 2,000 \\\hline \text { Indirect labor cost } & 5,000 \\\hline \text { Maintenance \& factory equipment } & 2,800 \\\hline \text { Direct labor cost } & 7,000\\\hline\end{array}$ Using the above information, total factory overhead costs would be:

A fixed cost:

Which of the following costs is not included in factory overhead?

Continuous improvement:

Although direct labor and raw materials costs are treated as manufacturing costs and therefore make up part of the finished goods inventory cost, factory overhead is charged to expense as it is incurred because it is a period cost.

Match the following terms to the appropriate definitions.

What are the components of the schedule of cost of goods manufactured? Describe each component.

Which one of the following items is normally not a manufacturing cost?

What is managerial accounting and how is it used to aid decision makers?

Materials that are used in manufacturing but are not clearly identified with specific product units are called:

________ is the process of setting goals and making plans to achieve them.

Using the information below, compute the raw materials inventory turnover: $\begin{array}{lr}\text { Raw Materials Used } & \$ 121,600 \\\\\text { Beginning Raw Materials Inventory } & 18,000 \\\text { Ending Raw Materials Inventory } & 20,200\end{array}$

Manufacturing costs other than direct materials and direct labor, and are not readily traceable to specific units or batches of production are called:

Brotherton Company is a manufacturer of Blu-ray discs. Place each of the following costs in the appropriate column.