Labor costs that are clearly associated with employees who directly convert materials to nished product are called: Multiple Choice 0 Indirect labor. All labor. Contracted labor. Direct labor. Finished labor. OOOO A product, process, department, or customer to which costs are assigned is a(n): Multiple Choice O Direct labor cost. O Direct cost. O Direct materials cost. O Cost object. O Indirect cost.The salary paid to the assemloly line superyisor would normally be classified as: Multiple Choice 0 general and administrative expense. period cost. it prime cost. In direct labor. Directlabor. O O O O FaCTDW overhead is charged to expense as it is incurred because it is a period cost. True or False Total quality management and justin-time manufacturing are both methodologies that focus on continuous improvement. True or False A classification of costs that determines whether a cost is expensed to the income statement or capitalized to inventory is: Multiple Choice 0 Service versus manufacturing. Direct mate rials versus indirect mateals. Product versus period. Financial versus managerial. Direct labor versus indirect labor. OOOO Product costs can refer to expenditures necessary to manufacture products and to administrative support during the time period. True or False True False Continuous improvement: Multiple Choice .12 O Rejects the notion of "good enough." O Is not applicable to most businesses. O Strives to preserve acceptable levels of performance. O Encourages employees to maintain established business practices. O Is possible only in service businesses.The focus of managerial accounting information is. on the organization as a whole. True or False A manufacturing company has a beginning finished goods inventory of $28,700, cost of goods manufactured of $58,900, and an ending nished goods inventory of $28,000, The cost of goods soid for this company is: Muitiple Choice 0 $115,600 $2,200. $59,600, $86,900. 0000 $58,200. Craigmont Company's direct materials costs are $3,000,000, its direct labor costs total $7,000,000, and its factory overhead costs total $5,000,000. Its conversion costs total: Multiple Ch Dice 0 $110 00,000. $15.0 00,000. 358,0 00,000. $10,000,000. $5,0 00,000 0000 A management concept whose goal is to eliminate waste while \"satisfying the customer" and \"providing a positive return" to the company is called: Multiple Choice 0 Customer orientation. Continuous operations. Justintime. Theory of constraints. OOOO Lean business model. Managerial accounting is an activity that helps managers determine the costs of an organizations products and services plan luture activities, and compare actual results to planned results, True or False Which of the following is not a factory overhead cost? Multiple Choice O Indirect materials costs. O Maintenance costs. O Selling expenses. O Factory rent O Indirect labor costs.A direct cost is a cost thatis: Multiple Choice 0 O O O O Linked to a time period but not to specific products. Not cost-effectively traceable to a cost object. Not able to be traced through the manufacturing process. Costeffectively.r traceable to a cost object. Both a product cost and a period cost. Use the following information to compute the cost of direct materials used for the current year: Beginning of Year End of Year Inventories Raw materials inventory $ 12,666 $ 15,666 Work in process inventory 24,666 18,666 Finished goods inventory 12,666 11,666 ctivity during current year Raw materials purchased $ 242,666 Direct labor 188,666 Factory overhead 28,666 Multiple Choice 0 $256,666. $244,666. $2246 66. $262,666. $241,666. 0 O O O Manufacturers report three types of inventories: raw materials, work in proces s, and finished goods. True or False The cost of workers who assist in, or supervise, the manufacturing process, not linked to specific units of product is called: Multiple Choice O Indirect labor. O Direct labor. O Joint labor. O Basic labor. O Unspecified labor.A company manufactures motorcycles. Compute the total amount of direct materials costs from the following costs- Cost item a. Tires, $13,333 h. Motorcycle seats, $1?,333 c. Handlebars, $6,333 d. Factory accounting, $13,333 e. Factory equipment depreciation, $5,333 f. Assembly worker wages, $15,333 g. Factory rent, $63,333 h. Assembly worker benefits, $5,333 i. Bike Frames, $14,333 Multiple Choice 0 5532,33 3. $4133 3. $37,333. 5552,33 3. GOOD $131333