acct ch18 exercise, hw and quiz

Determine the missing amount for each separate situation involving inventory cash flows:

(1) $108,000 + Purchases - $207,000 = $84,000 -> Purchases = $183,000. (2) Beginning inventory + $142,000 - $130,000 = $35,000 -> Beginning Inventory = $23,000. (3) $30,000 + $291,000 - $269,000 = Ending inventory -> Ending Inventory = $52,000.

A company manufactures tennis balls. Classify each of the following costs as either direct materials, direct labor, or factory overhead.

1. Factory electricity costs. | Factory overhead. 2. Glue used in binding rubber cores to felt covers. | Factory overhead. 3. Felt covering of tennis ball. | Direct materials. 4. Cans to package the balls. | Direct materials. 5. Factory rent. | Factory overhead. 6. Factory manager's salary. | Factory overhead. 7. Depreciation on factory equipment. | Factory overhead. 8. Rubber used to form the cores. | Direct materials. 9. Factory electricity costs. | Factory overhead.

Use the cost information below for Ruiz, Incorporated to determine cost of goods manufactured for the year:

Cost of Goods Manufactured = Beginning Work in Process + Direct Materials + Direct Labor + Total Factory Overhead - Ending Work in Process.

Calculate the cost of goods manufactured using the following information: ...

Cost of Goods Manufactured = Beginning Work in Process Inventory + Direct Materials + Direct Labor + Allocated (or Total) Factory Overhead - Ending Work in Process Inventory.

Using the following data to calculate the cost of goods sold for the period:

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory.

Using the information below, calculate net income for the period:

Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory. Net Income = Sales - Cost of Goods Sold - Selling Expenses.

Using the information below, compute the days' sales in raw materials inventory:

Day's sales in raw materials inventory = (Ending raw materials/Raw materials used) x 365.

Labor costs that are clearly associated with employees who directly convert materials to finished product are called:

Direct Labor.

Current information for the Healey Company follows: ... All raw materials used were direct materials. Healey Company's direct materials used for the year is:

Direct Materials Used = Beginning Raw Materials + Raw Materials Purchased - Ending Raw Materials.

Xia Company manufactures a single product. All raw materials used were direct materials. Current information for company follows ... The company's cost of direct materials used, cost of goods manufactured and costs of goods sold are:

Direct materials used = Beginning Raw Materials Inventory + Raw Material Purchases - Ending Raw Materials Inventory. Cost of Goods Manufactured = Beginning Work in Process Inventory + Direct Materials + Direct Labor + Allocated (or Total) Factory Overhead - Ending Work in Process Inventory. Cost of Goods Sold = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory.

Using the information below, calculate gross profit for the period: ...

Gross Profit = Sales - Cost of Goods Sold.

Managerial accounting is different from financial accounting in that: ...

Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.

Use the cost information below for Sundar Company to determine the total manufacturing costs added during the current year:

Manufacturing Costs Added = Direct Materials + Direct Labor + Factory Overhead.

Using the information below, compute the raw materials inventory turnover: ...

Raw Materials Inventory Turnover = Raw Materials Used / Average Raw Materials Inventory.

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

Rubber for the soles of shoes produced.

Use the following data to compute total manufacturing costs for the month:

Total manufacturing costs = Direct labor + Indirect materials + Factory manager salaries + Factory supplies + Indirect labor + Direct materials + Depreciation on factory equipment.

Hawk Company manufactures skateboards. Which of the following costs would be classified as both a prime cost and a conversion cost?

Wages paid to assembly workers.