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Exam 18: Introduction to Managerial Accounting

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Question 41

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Which of the following represents the combined sum of direct materials and direct labor?

A) conversion costs
B) period costs
C) prime costs
D) fixed costs

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Question 42

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Which of the following statements is true of the flow of product and period costs for a manufacturer?

A) When the manufacturing process is completed,the costs are transferred to the Work-in-Process Inventory account.
B) The cost of the finished goods that the manufacturer sells becomes its Cost of Goods Sold on the income statement.
C) Period costs remain in inventory accounts on the balance sheet until the product is sold.
D) All product costs that have been paid are expensed and reported on the income statement at the end of the accounting period.

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Question 43

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Excellent,Inc.sells accounting textbooks.The following information summarizes Excellent's operating activities for the year: Required: Prepare Excellent,Inc.'s income statement for the year ended December 31.

Which of the following is the primary focus of financial accounting?

Manufacturing companies produce their own products,but merchandising companies do not.

The following information relates to Washington,Inc.: How much were Washington's product costs?

List the three kinds of inventory accounts that are used by manufacturing companies.Briefly discuss what each account includes.

Which of the following is a period cost for a manufacturing company?

The cost of direct materials cannot easily be traced to the manufactured product,and therefore,it is a component of manufacturing overhead.

Jasper,Inc.reports the following cost information for March: What is the cost of goods sold for March?

Which of the following correctly describes the accounting for administrative expenses of a manufacturing company?

For external reporting purposes,GAAP requires companies to treat period costs as assets.

The cost of goods sold for Frye Manufacturing in the year was $373,000.The January 1 Finished Goods Inventory balance was $30,200,and the December 31 Finished Goods Inventory balance was $24,000.Calculate the cost of goods manufactured during the year.

Define indirect materials and give two examples of indirect materials for a manufacturing company.

How does a manufacturing company calculate unit product cost? Why do managers need to know the unit product cost?

Managerial accounting provides financial statements that report results of operations,financial position,and cash flows both to managers and to external stockholders.

Which of the following is true of product costs?

The following information was obtained from MCB Manufacturing,Inc.: Calculate MCB Manufacturing's total product costs.

Reed Productions has provided the following information for the year: During the year,Reed produced 72,960 units of product.Calculate the unit product cost.(Round your answer to the nearest cent. )

You did not understand what the term accrual meant and failed to accrue the interest due at the end of the year on the company's bonds.Which of the IMA standards appears to have been violated here?