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Exam 15: Introduction to Managerial Accounting

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Question 101

True/False

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

A) True
B) False

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Question 102

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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

A) Direct
B) Indirect

C) A) and B)
D) undefined

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Question 103

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Which of the following items would not be classified as part of factory overhead?

Which of the following is an example of a factory overhead cost?

What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?

Which of the following manufacturing costs is an indirect cost of producing a product?

In most business organizations,the chief management accountant is called the

Work in process inventory on December 31 of the current year is $44,000.Work in process inventory increased by 60% during the year.Cost of goods manufactured amounts to $275,000.What are the total manufacturing costs incurred in the current year?

Which of the following is the principle reason for preparing managerial accounting reports?

Indirect labor and indirect materials are classified as

A report analyzing the dollar savings of purchasing new equipment to speed up the production process is a managerial accounting report.

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

For each of the following,indicate whether the cost would typically be considered product or period cost for the cost object given. -Tires for the bicycles

The following data (in thousands of dollars)have been taken from the accounting records of Rayburn Corporation for the current year. ​ ​ Required: (Present all calculations in thousands of dollars.) (a)What was the cost of the direct materials used in production during the year? (b)What was the cost of goods manufactured for the year? (c)What was the cost of goods sold for the year? (d)What was the net income for the year? Present all calculations in thousands of dollars.

Eco-efficiency measures are a form of managerial accounting information that helps managers evaluate the savings generated by using fewer natural resources in a company's operations.