M04 Quiz - Managerial Accounting

Direct materials and direct labor of a company total $7900000. If manufacturing overhead is $3950000, what is direct labor cost? $7900000. $3950000. Can not be determined from the information provided. $0.

Can not be determined from the information provided.

Managerial accounting is applicable to: service entities. manufacturing entities. not-for-profit entities. all of these.

all of these.

The work of factory employees that can be physically and directly associated with converting raw materials into finished goods is: indirect labor. indirect materials. direct labor. manufacturing overhead.

direct labor.

Given the following data for Sheffield Corp., compute cost of goods manufactured: Direct materials used $100000 Beginning work in process $20000 Direct labor $180000 Ending work in process $10000 Manufacturing overhead $160000 Beginning finished goods $25000 Operating expenses $155000 Ending finished goods $15000

$450000

Swifty Corporation has $29000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was $24000 and cost of goods sold was $58000, how much would Swifty report for cost of goods manufactured? $87000 $24000 $53000 $63000

$63000

A manufacturing company calculates cost of goods sold as follows: Ending FG inventory - cost of goods manufactured + beginning FG inventory. Beginning FG inventory - cost of goods manufactured - ending FG inventory. Beginning FG inventory + cost of goods manufactured - ending FG inventory. Beginning FG inventory + cost of goods purchased - ending FG inventory.

Beginning FG inventory + cost of goods manufactured - ending FG inventory.

Cost of goods manufactured is calculated as follows: Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. Direct materials used + direct labor + manufacturing overhead - ending WIP - beginning WIP. Beginning WIP + direct materials used + direct labor + manufacturing overhead - ending WIP. Direct materials used + direct labor + manufacturing overhead - beginning WIP + ending WIP.

Beginning WIP + direct materials used + direct labor + manufacturing overhead - ending WIP.

What is work in process inventory generally described as? Costs applicable to units that have been started in production but are only partially completed. Costs associated with the end stage of manufacturing that are almost always complete and ready for customers. Beginning stage production costs associated with labor costs dealing with bringing in raw materials from the shipping docks. Costs strictly associated with direct labor.

Costs applicable to units that have been started in production but are only partially completed.

If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, then: ending work in process is greater than the amount of the beginning work in process inventory. ending work in process is equal to the cost of goods manufactured. ending work in process is less than the amount of the beginning work in process inventory. ending work in process inventory is greater than or equal to the amount of the beginning work in process inventory.

ending work in process is less than the amount of the beginning work in process inventory.

Managerial accounting applies to each of the following types of businesses except: manufacturing firms. service firms. merchandising firms. managerial accounting applies to all types of firms.

managerial accounting applies to all types of firms.