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accounting

STUDY
PLAY
The plans of management are expressed formally in
budgets
Which of the following IS a characteristic of financial accounting
must follow GAAP
The corporate controller's salary would be considered a(n
administrative cost
Manufacturing overhead
can be either a variable cost or a fixed cost
The three basic elements of manufacturing cost are direct materials, direct labor, and
manufacturing overhead
Prime cost consists of direct materials combined with
direct labor
Transportation costs incurred by a manufacturing company to ship its product to its customers would be classified as which of the following
period cost
Micro Computer Company has set up a toll-free telephone line for customer inquiries regarding computer hardware produced by the company. The cost of this toll-free line would be classified as which of the following?
period cost
Cost of goods manufactured will usually include
some costs incurred during the prior period as well as cost incurred during the current period
Which two terms below describe the wages paid to security guards that monitor a factory 24 hours a day
fixed cost and indirect cost
Each of the following would be classified as variable in terms of cost behavior except
plant managers salary
A lawnmower manufacturer computed a cost per unit of $53 by adding together last month's direct labor, direct materials, and manufacturing overhead and dividing that total by the 10,000 units produced last month. (There were no beginning or ending inventories.) If 9,000 units are going to be manufactured this month, we would expect that the:
cost per unit will increase
. Which one of the following costs should NOT be considered an indirect cost of serving a particular customer at a Dairy Queen fast food outlet
the cost of the hamburger patty in the burger they ordered
An opportunity cost is
the benefit forgone by selecting one alternative instead of another
what are conversion costs
direct labor and manufacturing overhead
Prime costs during the month totaled:
38000
what is the cost of goods manufactured formula
beginning wip add total manufact subtract end wip
what is the total manufacturing cost formula
direct material +direct labor+overhead
what is the raw materials used fromula
beginning+purchased- ending materials
what is the cost of goods sold formula
beginning finished goods+cost of goods manufact-finished goods
Which of the following companies would be most likely to use a job-order costing system rather than a process costing system
shipbuilding
is Computing unit product costs involves averaged in job-order costing and process costing
yes its in both
Which of the following documents is used to specify the type and quantity of materials drawn from the storeroom, and identifies the job to which the costs of the materials are to be charged
material requisition form
Choice of allocation base should be made based on
whether the base actually drives the cost being allocated
Which of the following accounts is debited when indirect labor is recorded
manufacturing overhead
In a job-order costing system, the entry to record depreciation on manufacturing equipment would include
a debit to the Manufacturing Overhead account.
. If a company applies overhead to jobs on the basis of a predetermined overhead rate, a credit balance in the Manufacturing Overhead account at the end of any period means that
more overhead cost has been charged to jobs than has been incurred during the period
Which of the following situations always results in underapplied overhead
actual overhead is greater than applied overhead
When closing overapplied manufacturing overhead to cost of goods sold, which of the following would be true
gross margin will increase
The balance in White Company's Work in Process inventory account was $15,000 on August 1 and $18,000 on August 31. The company incurred $30,000 in direct labor cost during August and requisitioned $25,000 in raw materials (all direct material). If the sum of the debits to the Manufacturing Overhead account total $28,000 for the month, and if the sum of the credits totaled $30,000, then:
Finished Goods was debited for $82,000 during the month
. Melillo Corporation has provided data concerning the company's Manufacturing Overhead account for the month of October. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $67,000 and the total of the credits to the account was $57,000. Which of the following statements is true?
Actual manufacturing overhead for the month was $67,000
Waldvogel Corporation has provided data concerning the company's Manufacturing Overhead account for the month of April. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $55,000 and the total of the credits to the account was $56,000. Which of the following statements is true
Manufacturing overhead applied to Work in Process for the month was $56,000
. On December 1, Catherman Corporation had $21,000 of raw materials on hand. During the month, the company purchased an additional $61,000 of raw materials. During December, $70,000 of raw materials were requisitioned from the storeroom for use in production. The debits to the Raw Materials account for the month of December total
$61,000
. At the beginning of October, Cozier Corporation had $34,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During October, $92,000 of raw materials were requisitioned from the storeroom for use in production. The credits to the Raw Materials account for the month of October total
$92,000
Mcmackin Corporation had $35,000 of raw materials on hand on August 1. During the month, the company purchased an additional $66,000 of raw materials. During August, $81,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $7,000. The debits to the Work in Process account as a consequence of the raw materials transactions in August total
74,000
Inks Corporation incurred $69,000 of actual Manufacturing Overhead costs during June. During the same period, the Manufacturing Overhead applied to Work in Process was $70,000. The journal entry to record the incurrence of the actual Manufacturing Overhead costs would include a
debit to Manufacturing Overhead of $69,000
Mincks Corporation incurred $64,000 of actual Manufacturing Overhead costs during November. During the same period, the Manufacturing Overhead applied to Work in Process was $61,000. The journal entry to record the application of Manufacturing Overhead to Work in Process would include a
credit to Manufacturing Overhead of $61,000
An operation costing system is
same as a process costing system except that direct materials costs are accounted for in the same way as in job order costing.
Assume there is no beginning work in process inventory and the ending work in process inventory is 100% complete with respect to materials costs. The number of equivalent units with respect to materials costs under the weighted-average method is
the same as the number of units put into production
what is the cost per equivilent terms formula
beginning wip cost+added cost/ total units finished