21.
Accounting designed to meet the needs of decision makers inside the business is
a. managerial accounting
b. general accounting
c. financial accounting
d. external accounting
22.
Which of the following is an example of direct labor cost for a cell phone manufacturer?
a. salary of plant supervisor
b. cost of phone components
c. cost of oil lubricants for factory machinery
d. cost of wages of assembly worker
23.
Period costs include
a. operating costs that are shown on the income statement when products are sold
b. current liabilities on the balance sheet
c. operating costs that are shown on the income statement in the period in which they are incurred
d. current assets on the balance sheet
24.
Indirect labor and indirect materials are classified as
a. factory overhead and period costs
b. operating costs and period costs
c. operating costs and product costs
d. factory overhead and product costs
25.
An example of a period cost is
a. advertising expense
b. depreciation on factory equipment
c. property taxes on plant facilities
d. indirect materials
26.
Jensen Company reports the following:

Direct materials used $345,000
Direct labor incurred 250,000
Factory overhead incurred 400,000
Operating expenses 175,000

Jensen Company's period costs are
a. $250,000
b. $175,000
c. $345,000
d. $400,000
27.
Jensen Company reports the following:

Direct materials used $345,000
Direct labor incurred 250,000
Factory overhead incurred 400,000
Operating expenses 175,000

Jensen Company's product costs are
a. $920,000
b. $770,000
c. $825,000
d. $995,000
28.
Work in process inventory on December 31 is $42,000. Work in process inventory decreased by 40% during the year. Total manufacturing costs incurred amount to $260,000. What is the cost of goods manufactured?
a. $232,000
b. $190,000
c. $288,000
d. $302,000
29.
At the beginning of the current year, the Grant Company's work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is
a. $66,000
b. $44,000
c. $36,000
d. $24,000
30.
Which of the following will not be found on the balance sheet of a manufacturing company?
a. work in process
b. cost of goods sold
c. finished goods
d. materials