acct final

Which of the following costs are NOT included in finished goods inventory?

Company president's salary

Which of the following is the correct flow of manufacturing costs?

Raw materials, work-in-process, finished goods, cost of goods sold.

Which of the following is false in regards to direct materials for an auto manufacturer?

Small plastic clips to hold on door panels because they become part of the auto must be accounted for as dircet materials

wages of assembly line workers

direct labor

leather used to make baseball glove

direct material

Coolants for machines that sew baseball gloves

factory overhead

ink used to print players autograph on baseball glove

factory overhead

True or false: managerial accounting is governed by GAAP

false

if production increases

fixed cost decreases

Which of the following is most associated with managerial accounting?

may rely on estimates and forecasts

Cost of endorsement from a professional baseball player

period cost

office supplies used at headquarters

period cost

ink used to print professional baseball players signature on glove

product cost

leather to make baseball glove

product cost

if total variable cost increases

production increases

The following are all product costs except

sales and administrative expenses

if production increases

variable cost stays the same