Posted: November 21st, 2022
Lots of Stuff Company reports the following data for its first year of operation.
Work in process inventory, beginning
Work in process inventory, ending
Direct materials used
Finished goods inventory, beginning
Finished goods inventory, ending
What are the total manufacturing costs?
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 the value of goods available for sale?
D. $ 90,000
Which of the following costs could be found in work in process inventory for a candy bar manufacturer?
A. Assembly worker wages
B. Utilities for administrative offices
C. Depreciation on sales office
D. Customer order forms
__________ gathers, summarizes, and reports on the financial impact of changes to business operations.
A. Managerial accounting
Evaluating results against the plan is an example of which of the following management functions?
Which of the following is NOT an example of an indirect cost incurred in manufacturing automobiles?
A. Plant supervisor salary
B. Machinery depreciation in the factory
C. Plant utilities
D. Cost of the automobile engines
Which of the following people is most likely to use only financial accounting information?
A. Vice president of plant operations
B. Product manager
C. Plant manager
D. Bank loan officer
Winner’s Sporting Equipment manufactures sporting goods. Selected costs from the past year include the following.
Plastics used to make products
Heating and lighting costs for factory
Factory janitor wages
Costs of shipping to customers
Lubricants used in factory equipment
Lighting costs for sales office
Depreciation on factory equipment
Office supplies for sales office
Insurance costs for factory
Maintenance worker wages
Freight-in (on plastics)
Aluminum used to make products
Assembly-line worker wages
Salaries of salespeople
Period costs for Winner’s Sporting Equipment totaled:
The IMA issues which of the following certifications?
Indirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing cost?
A. Direct labor
B. Direct materials
C. Manufacturing overhead
D. Prime costs
A wave of accounting scandals around the turn of the 21st century prompted which of the following?
Internal parties receive information about past performance from:
A. audit reports.
B. budget reports.
C. planning reports.
D. managerial accounting reports.
Which of the following types of companies has raw materials, work in process, and finished goods inventory?
D. Service companies
Refusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?
The costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain?
A. Customer service
C. Research and development
Costs that remain the same among alternatives are:
A. sunk costs.
B. irrelevant costs.
C. controllable costs.
D. uncontrollable costs.
The person who is directly responsible for all financial functions is the:
________ is the business philosophy and a strategy of manufacturing without waste.
A. ISO 9001
B. Lean thinking
D. Thin manufacturing
Communicating information fairly and objectively is an example of which ethical standard?
Which of the following describes the way in which total fixed costs behave?
A. They will decrease as production increases.
B. They will decrease as production decreases.
C. They will remain the same throughout production levels within the relevant range.
D. They will increase as production decreases.
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