Calculator Cost of goods manufactured is equal to Oa total manufacturing costs plus ending work in process inventory less beginning work in process inventory Ob. cost of goods sold plus beginning work in process inventory less ending work in process inventory Oc. total manufacturing costs plus ending materials inventory less beginning materials inventory d. total manufacturing costs plus beginning work in process inventory less ending work in process inventory Calculator Which of the following is an example of direct labor cost for a cell phone manufacturer? Oa. cost of phone components Ob. salary of plant supervisor c. cost of wages of assembly worker Od. cost of oil lubricants for factory machinery Calculator Which of the following is not true in regards to direct materials for a bakery? Oa. Oil to lubricate factory machines would not be a direct material. Ob. Eggs would probably be a direct material. Oc. Flour and sugar would probably be direct materials. d. Paper cupcake liners, that become part of the product, must be accounted for as direct materials. Calculator A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true? Oa. The company will decrease finished goods by $54,000. Ob. The company will recognize sales on the balance sheet of $150,000. Oc. The company will recognize $96,000 gross profit on the balance sheet. Od. The company will increase finished goods by $54,000. CSU In most business organizations, the chief management accountant is called the Oa. controller Ob. chief accounting officer Oc. chief executive officer Od. chairman of the board Calculator Given the following data: Beginning raw materials inventory Materials purchased Ending raw materials inventory $30,000 65,000 40,000 What is the amount of raw materials used? Oa. $30,000 Ob. $55,000 Oc. $5,000 Od. $75,000 Materials must have which two qualities in order to be classified as direct materials? Oa. They must be an integral part of the finished product, but can be an insignificant portion of the total product cost. Ob. They must be introduced into the process in both work-in-process inventories and finished goods inventories. Oc. They must be an integral part of the finished product and be a significant portion of the total product cost. Od. They must be classified as both prime costs and conversion costs. walcu tot Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are dassified as Oa. miscellaneous expense Ob. period cost Oc. factory overhead cost Od. product costs Finished goods inventory is reported on the Oa. balance sheet as a long-term asset Ob. balance sheet as a current asset Oc. income statement as a period cost Od. income statement as revenue What is the primary criterion for the preparation of managerial accounting reports? Oa. manager needs Ob. cost of the reports Oc timing of the reports Od. relevance of the reports Calcu S.O What is the purpose of the statement of cost of goods manufactured? Oa. to determine the ending work in process inventory Ob. . determine the ending materials inventory Oc. to determine the amounts transferred to finished goods Od. All of these choices are correct. to