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Exam 2: Building Blocks of Managerial Accounting

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Question 121

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The total cost of a cost object can only include the direct costs that are directly traced to that cost object.

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Question 122

Multiple Choice

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Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . What was cost of goods manufactured?

A) $1,440
B) $1,040
C) $1,720
D) $1,160

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Question 123

Multiple Choice

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Selected financial information for Brookeville Manufacturing is presented in the following table (000s omitted) . What was operating income?

Country Furniture Company manufactures furniture at its Akron,Ohio,factory.Some of its costs from the past year include: Direct labor costs for Country Furniture Company totaled

Which of the following costs include all of the costs associated with production of a product?

Manufacturers consider selling and administrative costs to be

Company X sells widgets.The following information summarizes the company's operating activities for the year: What is operating income?

Which of the following items is not used when calculating the cost of goods manufactured?

A(n) ________ cost is one whose total amount changes in direct proportion to a change in volume.

All of the following are period costs except

Indirect costs cannot be traced to the cost objects,so they are allocated.

Porches,Inc.sells lawn furniture.Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,000. Ending merchandise inventory on December 31 was $35,000. Purchases during the year were $92,000. Selling and administrative expenses were $75,000. Sales for year were $262,000. What was cost of goods sold?

Name and briefly describe the activities that make up the value chain.

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was the cost of direct materials used for the quarter?

Youngstown Rubber reports the following data for its first year of operation. What is the cost of goods sold?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was cost of goods sold?

Describe a company that has some elements of all three types of companies.It is part service company,part manufacturer,and part merchandiser.

Rustic Living Furniture Company manufactures furniture at its central Kentucky factory.Some of its costs from the past year include: Period costs for Rustic Living Furniture Company totaled

In the United States,the fastest growing type of company is

Tuity Fruity Beverage Company's operating activities for the year are listed below. What is the gross profit for the year?