Question 1

Differentiate between period and product costs, including examples of each type of cost.​

Accepted Answer

The answer of Differentiate between period and product costs, including...

Question 2

Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.

Accepted Answer

A)  $543,800
B)  $187,900
C)  $731,700
D)  $384,200E) A) and D)
F) B) and C)

Question 3

Smith Company reports the following information:  Factory overhead is 75% of the cost of direct labor.Work in process inventory on December 31, is

Accepted Answer

A)  $16,250
B)  $8,500
C)  $18,750
D)  $13,500E) A) and B)
F) A) and C)

Question 4

Match the items below for a bakery to the type of cost a-d.
-Frosting

Accepted Answer

A)  Direct materials
B)  Direct labor
C)  Factory overhead
D)  Non-manufacturing costE) A) and C)
F) A) and D)

Question 5

The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

Accepted Answer

A) True 
 B)False

Question 6

Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

Accepted Answer

A) True 
 B)False

Question 7

Conversion costs consist of product costs and period costs.

Accepted Answer

A) True 
 B)False

Question 8

Match the items below for a bakery to the type of cost a-d.
-Cupcake mix

Accepted Answer

A)  Direct materials
B)  Direct labor
C)  Factory overhead
D)  Non-manufacturing costE) A) and B)
F) A) and D)

Question 9

Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

Accepted Answer

A)  $198,000
B)  $160,000
C)  $189,000
D)  $200,000E) A) and B)
F) None of the above

Question 10

Identify the following costs as a a product cost or b period cost for a cake factory.
1.Frosting
2._____ Baker's wages
3.Advertising fees
4.Transportation out

Accepted Answer

The answer of Identify the following costs as a a...

Question 11

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given.
-The factory supervisor's salary for the bar stool factory

Accepted Answer

A)  Direct
B)  IndirectC) A) and B)
D) undefined

Question 12

The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is most associated with financial accounting?

Accepted Answer

A)  can have both objective and subjective information
B)  can be prepared periodically, or as needed
C)  prepared in accordance with GAAP
D)  can be prepared for the entity or segmentE) B) and D)
F) None of the above

Question 14

Prime costs consists of direct materials, indirect materials, and direct labor.

Accepted Answer

A) True 
 B)False

Question 15

The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

Accepted Answer

A) True 
 B)False

Question 16

Classify the following costs as either a product cost or a period cost:

Accepted Answer

a product
b product
c period
d...

Question 17

Direct labor costs are included in the conversion costs of a product.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is an example of direct labor cost for a cell phone manufacturer?

Accepted Answer

A)  cost of oil lubricants for factory machinery
B)  cost of wages of assembly worker
C)  salary of plant supervisor
D)  cost of phone componentsE) C) and D)
F) A) and C)

Question 19

The following are some of the costs incurred by Cupcake Company.Identify them as either:
-Baker's wages

Accepted Answer

A)  Prime costs
B)  Conversion costs
C)  Both prime and conversion costs
D)  Neither prime or conversion costsE) C) and D)
F) A) and B)

Question 20

Product costs

Accepted Answer

A)  appear only on the balance sheet
B)  appear only on the income statement
C)  are expensed as costs are incurred for direct labor, direct material, and factory overhead
D)  appear on both the income statement and balance sheetE) A) and C)
F) A) and B)

Exam 1: Managerial Accounting Concepts and Principles

Match the items below for a bakery to the type of cost a-d. -Cupcake mix

Correct AnswerverifiedShow Answer

Bartel Corporation produces bar stools for restaurants.For each of the following, indicate whether the cost would typically be considered direct or indirect cost for the cost object given. -The factory supervisor's salary for the bar stool factory

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The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company.

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Which of the following is an example of direct labor cost for a cell phone manufacturer?

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Conversion costs consist of product costs and period costs.

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Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.

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Differentiate between period and product costs, including examples of each type of cost.​

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Which of the following is most associated with financial accounting?

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Match the items below for a bakery to the type of cost a-d. -Frosting

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Prime costs consists of direct materials, indirect materials, and direct labor.

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The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

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Direct labor costs are included in the conversion costs of a product.

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Work in process inventory increased by $20,000 during the current year.Cost of goods manufactured was $180,000.Total manufacturing costs incurred are

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Cost of oil used to lubricate factory machinery and equipment is an example of a direct materials cost.

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Product costs

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Classify the following costs as either a product cost or a period cost:

Correct Answerverifieda productb productc periodd...View AnswerShow Answer

Identify the following costs as a a product cost or b period cost for a cake factory. 1.Frosting 2._____ Baker's wages 3.Advertising fees 4.Transportation out

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Smith Company reports the following information: Factory overhead is 75% of the cost of direct labor.Work in process inventory on December 31, is

Correct AnswerverifiedShow Answer

The following are some of the costs incurred by Cupcake Company.Identify them as either: -Baker's wages

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The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold.

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Differentiate between period and product costs, including examples of each type of cost.

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a product
b product
c period
d...
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