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Exam 1: Managerial Accounting Concepts and Principles

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Question 31

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Using the information below for Singing Dolls, Inc., determine cost of goods manufactured for the year: $\begin{array} { | l | r | } \hline & \\\hline \text { Work in Process, January 1 } & 50,000 \\\hline \text { Work in Process, December } 31 & 37,000 \\\hline \text { Total Factory overhead } & 5,500 \\\hline \text { Direct materials used } & \$ 12,500 \\\hline \text { Direct labor used } & 26,500 \\\hline\end{array}$

A) $13,000.
B) $44,500.
C) $57,500.
D) $94,500.
E) $52,000.

F) A) and D)
G) None of the above

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Question 32

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An employee overstates his reimbursable expenses in one period in order to receive needed additional cash. Since he intends to reduce his expenses the next period by the current overstatement, this act is not considered fraudulent.

A) True
B) False

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Question 33

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Beginning finished goods inventory plus cost of goods manufactured equals cost of goods sold.

Use the following data to compute total factory overhead costs for the month:

The main goal of the lean business model is the elimination of waste while satisfying the customer and providing a positive return to the company.

Using the information below, calculate the cost of goods manufactured for the period:

________ reveals how many times a company uses its raw materials inventory in production during a period.

Direct costs are incurred for the benefit of more than one cost object.

The schedule of cost of goods manufactured is also known as a manufacturing statement.

A National Quality Award that encourages an emphasis on quality was established by:

The ________ aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along four dimensions: (1) financial, (2) customer, (3) internal business processes, and (4) learning and growth.

A manufacturing firm's cost of goods manufactured is equivalent to a merchandising firm's:

The Work in Process Inventory account is found only in the ledgers of merchandising companies.

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

The balanced scorecard aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance.

One of the main differences between the calculation of cost of goods sold for a merchandiser and that of a manufacturer is that the calculation includes cost of goods purchased for the merchandiser, but the manufacturer replaces that with ________.

Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory equals cost of goods sold.

Comet Company accumulated the following account information for the year: Beginning raw materials inventory $6,000 $\begin{array} { | l | r | } \hline \text { Indirect materials cost } & 2,000 \\\hline \text { Indirect labor cost } & 5,000 \\\hline \text { Maintenance of factory equipment } & 2,800 \\\hline \text { Direct labor cost } & 7,000 \\\hline\end{array}$ Using the above information, total factory overhead costs would be:

The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows: $\begin{array} { | l | l | } \hline \text { Beginning raw materials inventory } & \$ 8,000 \\\hline \text { Ending raw materials inventory } & 11,000 \\\hline \text { Raw material purchases } & 85,000 \\\hline \text { Beginning work in process inventory } & 20,000 \\\hline \text { Ending work in process inventory } & 30,000 \\\hline \text { Direct labor } & 110,000 \\\hline \text { Total factory overhead } & 85,000 \\\hline \text { Beginning finished goods inventory } & 60,000 \\\hline \text { Ending finished goods inventory } & 40,000 \\\hline\end{array}$ The company's cost of raw materials used, cost of goods manufactured and cost of goods sold is:

List the four goals of an internal control system.