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Exam 2: Managerial Accounting Concepts and Cost Flows

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Question 41

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A service firm recorded the beginning and ending balances of Work in Process Inventory as $40,000 and $42,680 respectively. Direct Labor was $64,000, and Overhead allocated was $40,000. What amount should be recognized as Cost of Services?

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Cost of Services = Beginning W...

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Question 42

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Work in Process Inventory was $11,500 at the beginning of the period, and $9,500 at the end of the period. Total Manufacturing costs for the period were $37,000. Cost of Goods Sold for the period was $47,500. If the beginning balance of Finished Goods Inventory was $32,500, what is the ending balance in Finished Goods Inventory?

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Ending Finished Goods Inventory = Beginn...

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Question 43

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Harris Manufacturing, Inc. makes refrigerator replacement parts. In May, Harris produced 2,000 units. Costs incurred were as follows: Given this data, calculate the total Prime Costs for the units produced in the month of May.

Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period: Assuming that all manufacturing overhead was applied to Work in Process inventory, Cost of Goods Manufactured for the period was:

How is Cost of Goods Manufactured for a period calculated?

The Schedule of Cost of Goods Manufactured includes all of the following except:

Harris Manufacturing, Inc. makes refrigerator replacement parts. In May, Harris produced 2,000 units. Costs incurred were as follows: Given this data, what was the Conversion Cost per unit?

Prescott Manufacturing reported the following information at year-end: What was Prescott's Cost of Goods Manufactured for the period?

Companies are required to disclose a Schedule of Cost of Goods Manufactured as part of their financial statements.

Which of the following would be considered a direct cost for a unit of production?

Which of the following entries would a manufacturing firm record at the completion of a product for sale?

Period costs are assumed to provide benefit to the company in the period in which the product is sold.

High Adventure, Inc. produces gear for climbing, hiking, and camping. Last month, High Adventure reported the following: What was the Cost of Goods Manufactured for the period?

Beginning Materials Inventory was $600. Ending Materials Inventory was $465. Materials used in production was $15,900, which included $1,200 of Indirect Materials. All purchases of inventory are on Account. In the entry to record the purchase of Materials Inventory, how much was the credit to Accounts Payable?