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Exam 2: Managerial Cost Concepts and Cost Behaviour Analysis

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Question 1

Multiple Choice

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Manufacturing overhead is a

A) direct, variable, product cost.
B) direct, variable period costs.
C) indirect, variable, product cost.
D) indirect, fixed or variable, product cost.

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D

Question 2

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Use the following information for questions Caltreck Manufacturing Inc.'s accounting records reflect the following inventories: $\begin{array} { l c c c } & \underline{ \text { Dec. 31,2019 } }& \underline{\text { Dec. 31, 2020} } \\\text { Raw materials inventory } & \$ 100,000 & \$ 80,000 \\\text { Wark in process irventory } & 130,000 & 145,000 \\\text { Finished goods irventory } & 125,000 & 115,000\end{array}$ During 2020, Caltreck purchased $950,000 of raw materials, incurred direct labour costs of $125,000, and incurred manufacturing overhead totalling $160,000. -How much raw materials is transferred to production during 2020 for Caltreck Manufacturing?

A) $1,240,000
B) $970,000
C) $950,000
D) $930,000

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Question 3

Multiple Choice

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The high-low method

Which of the following would most likely be considered direct labour?

Where there is a linear relationship between two variables,

Which one of the following is not another name for the term manufacturing overhead?

Hardigan Manufacturing Company reported the following year-end information: beginning work in process inventory, $80,000; cost of goods manufactured, $980,000; beginning finished goods inventory, $50,000; ending work in process inventory, $70,000; and ending finished goods inventory, $40,000.How much is Haridgan's cost of goods sold for the year?

Which of the following are period costs?

As plant controller, you are trying to determine the costs over which you have the most control on a day-to-day basis.Your goal is to achieve better profitability.The plant operations manager suggests that overhead is the easiest area to directly reduce costs.Which of the following items would be classified as manufacturing overhead?

What amount is given by the sum of direct materials, direct labour, and manufacturing overhead incurred?

Which one of the following does not appear on the balance sheet of a manufacturing company?

Into which one of the following accounts would the work of factory employees, that can be physically and directly associated with converting raw materials into finished goods, be categorized?

Which of the following statements is true?

What amount would you find on financial statements of merchandising companies that is referred to as finished goods inventory for a manufacturing company?

Which of the following is a manufacturing activity?

Mixed costs

Which of the following is not true?

At May 31, 2020, Smythe Inc.has $4,500 in beginning raw materials, $6,000 of direct labour.If manufacturing overhead was $10,500, total manufacturing costs was $50,500, and total raw material purchases were $36,000, how much is ending amount of raw materials?

Which of the following would most likely be viewed as indirect materials?

Zirk, Inc.incurred cost of goods manufactured totalling $700,000, manufacturing overhead of $320,000, and direct materials totalling $40,000.How much is the amount of direct labour?