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Alex Company spent $2,500 cash to build 10
desks: $940 for materials, $1,270 for a carpenter's labor, and $290 for tools
used to make the desks. None of the desks have been sold. What amount should
Alex Company expense for the desks?
0
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In what account are the costs of building a
chair accumulated until the chair is sold
Finished Goods Inventory
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Which of the following is are product costs
- Direct Materials
- Direct Labor
- Manufacturing Overhead
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Overhead is
those costs required to run a business, but which cannot be directly attributed to any specific business activity, product, or service.
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All of the following are features of managerial accounting except:
Information is historically based and usually reported annually
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managerial accounting information is
aimed at helping managers within the organization make decisions.
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financial accounting is aimed at
providing information to parties outside the organization.
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All of the following are features of managerial accounting
- -Information includes economic and non-financial data as well as financial data.
- -Information is provided primarily to insiders such as managers.
- -Information is reported continuously with a present or future orientation.
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Product costs include all of the following
- A) direct material costs.
- B) direct labor costs.
- D) overhead costs.
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Product costs include all of the following except
research and development costs.
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Which of the following costs is not considered to be a product cost?
Depreciation of delivery vehicles
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Which of the following should be recorded as an asset?
Paid for raw materials to be used in production
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Which of the following should not be recorded as an expense?
Paid factory maintenance costs
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Select the correct equation for product costs.
Product Costs = Cost of finished goods inventory + Cost of goods sold
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Which of the following transactions would cause net income for the period to be lower?
Paid administrative salaries of $2,500
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Manufacturing costs that cannot be traced to specific units of product in a cost-effective manner are
- manufacturing overhead costs
- indirect costs.
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Which of the following types of labor costs will not initially flow through the balance sheet?
Salaries for sales staff
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Which of the following is not classified as manufacturing overhead?
Product delivery costs
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The managerial accounting system includes
economic and non-financial data as well as financial statement data.
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Operating workers (lower-level employees) need more
nonfinancial data than financial data to do their jobs.
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Senior executives focus on -------------- when comparing the performance of their companies to that of competitors.
financial data
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Financial accounting focuses primarily on
the performance of the company as a whole
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Incurring product costs is
an asset exchange transaction.
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The primary challenge in computing the total cost per unit of product is
determining the amount of overhead cost that should be assigned to each unit
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Product costs are initially recorded in ------------ and are later -------------------------------
- -asset accounts
- -expensed in the period when the related units are sold
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A company that incurred $1,000 in production costs reported cost of goods sold of $800 and selling costs of $100. Based on this information only, its ending finished goods inventory was
$200
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Costs that are not classified as product costs are normally
expensed in the period incurred
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Depreciation on manufacturing equipment is an
indirect product cost, while depreciation on office equipment is a period cost.
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Product costs flow from the --- to ------
balance sheet to the income statement
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Unlike direct material and direct labor costs, overhead costs must be
allocated to products
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Larry's Lawn Care incurs significant gasoline costs. This cost would be classified as a variable cost if the total gasoline cost:
varies inversely with the number of hours the lawn equipment is operated
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