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Exam 2: Building Blocks of Managerial Accounting

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Question 151

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How are average cost and marginal cost computed?

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The average cost is the total ...

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Question 152

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Zoolander Inc. manufacturers high end fashion accessories and has provided the following data for the latest quarter ended March 31st: Calculate cost of goods manufactured for Zoolander Inc.'s first quarter.

A) $199,900
B) $202,900
C) $187,500
D) $197,000

E) A) and C)
F) B) and C)

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Question 153

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A company's distribution system is an important part of the value chain.

Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows. Beginning merchandise inventory on January 1 was $33,200. Ending merchandise inventory on December 31 was $36,000. Purchases during the year were $92,800. Selling and administrative expenses were $75,400. Sales for year were $262,800. What was gross profit?

Use the correct number to designate each item below. Assume each item is for a manufacturer. 1. direct materials 2. period costs 3. manufacturing overhead 4. direct labor A)________ rent expense on factory building B)________ sales supplies used C)________ factory supplies used D)________ indirect materials used E)________ wages of assembly line personnel

Sally wants to purchase a new sofa because she purchased a new home at the beach. Sally visited two stores and she narrowed down her choices to a red sofa and a blue sofa. Sally owns pets so she considers the cost of insurance to insure each sofa. Sally compiled the following data and she realizes that the sales tax to purchase the sofa is 10% in her state. Which sofa should Sally purchase? What costs are relevant in her decision? Why?

Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year: What are total operating expenses?

Differentiate between: A. direct materials versus indirect materials B. direct labor versus indirect labor

Lucky Cow Dairy provided the following expense information for May: What is the total cost for the distribution category of the value chain?

Subtracting the costs of one alternative from the costs of the other alternative would be called the ________ cost.

A company has monthly fixed costs of $115,500. The variable costs are $5.00 per unit. If the sales price of a unit is $15.00 and we sell 7700 units, the company's average fixed costs per unit will be

Macy's (the department store chain) classifies its clothing held for sale as

All of the components of manufacturing - from research and development through customer service after the sale - are part of a firm's value chain.

The income statements of manufacturing companies are more complex than those of service or merchandising companies.

Which statement describes direct materials in a manufacturing setting?

American Eagle Outfitters classifies the denim jeans on the shelves at its retail locations as

Wooden Shed Company manufactures custom wooden sheds. Some of its costs from the past year include: Period costs for Rustic Living Furniture Company totaled

Country Furniture Company manufactures furniture at its Akron, Ohio, factory. Some of its costs from the past year include: Conversion costs for Country Furniture Company totaled

Service companies have the most complex accounting with regard to the income statement.

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was cost of goods sold?