Acct 1200

A manufacturing company reports the following items: Finished goods inventory, beginning balance: $1,000 Finish goods inventory, ending balance: $1,200 Cost of goods manufactured, $5,000 The cost of goods sold is $

$4800

Sparks Fireworks manufactures and sells fireworks. Their raw materials used is $71,500. Their beginning raw materials inventory was $5,000 and their ending raw materials inventory was $6,000. Sparks' raw materials inventory turnover is

13.00

List the items below in the correct order in which they would appear in the calculation of cost of goods sold for a manufacturing company.

Beginning finished goods inventory Plus Cost of goods Manufactured Minus Ending finished goods inventory

A schedule of cost of goods manufactured has the following main sections:

Cost of goods manufactured Direct materials Overhead Direct labor

Which of the following are product costs for a manufacturer?

Depreciation on the factory equipment Direct materials

Consider a service company that provides carpet cleaning. Classify the cost of the hourly workers who clean carpets for customers.

Direct

Costs which are crucial parts of the finished product are called ___,____

Direct Materials

Which of the following are included in Raw materials inventory?

Direct matierials

The following items would be included in the overhead section of the schedule of cost of goods manufactured: (Check all that apply.)

Factory utilities Factory insurance Factory supplies used

What types of information does managerial accounting provide? (Check all that apply.)

Information for managers Financial Non-financial

Which of the following characteristics describe managerial accounting? (Check all that apply.)

Many future projections Used to make planning and control decisions

Activities such as purchasing raw materials are considered ____ activity

Materials

An emphasis on the changing needs of customers is called customer

Orientation

The characteristics of the fraud triangle include: (Check all that apply.)

Pressure Opportunity Rationalization

The cost of materials a company purchases to use in making products are

Raw materials

Which of the following are period costs for a manufacturer? (Check all that apply.)

Rent on the office building Salary for administrative staff Sales commissions

Consider a company that manufactures picture frames. Which of the following costs would be considered direct costs?

Wages of assembly line worker Oak wood used for frame Glass used in the frame

Financial accounting provides information for (internal/external)____ users, while managerial accounting provides information for (internal/external)____decision makers.

external, internal

Managerial accounting has the following characteristics? (Check all that apply.)

focus is on internal users Emphasis is on projects, processes, and divisions Includes mostly monetary and some nonmonetary information

Lean principles include all of the following except:

global economy

Digital manufacturing combines _____ to manufacture products. (Check all that apply.)

human control computers machines

Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciation on the carpet cleaning machines.

indirect

Managerial accounting primarily provides information to

internal users

The main purpose of managerial accounting is

providing financial and nonfinancial information to an organization's managers

Consider a company that manufactures automobiles. Which of the following costs would be considered a direct cost?

wages of line worker