Managerial Accounting

1. Write the appropriate letter in the space provide. a. Direct materials b. Manufacturing overhead c. Direct labor Factory machinery lubricants Depreciation on manufacturing building Wood used in manufacturing furniture Assembly line worker's wages Salaries for the night security guards for the factory building Glue, nails and other small parts used in production Insurance on factory machines Factory supervisor's salaries Metal used in manufacturing process Heat and electricity for factory 2. Match: For each item, identity if should be classified as: a. Product cost b. Period cost Office supplies used Sales commissions paid to sales personnel Production superintendent salaries Property taxes on factory building Depreciation on delivery trucks Factory repairs Supplies used in the administrative offices Factory manager's salary Delivery equipment repairs Advertising 3. About Corporation has $4,000 of ending finished good =s inventory as of December 31, 2005. If beginning finished goods inventory and cost of goods was $8,000, how much would Abbot Report for cost of goods manufactured? a. $9,000 b. $2,000 c. $10,000 d. $6,000 Belle Manufacturing Company's accounting records reflect the following inventories: January 1, 2008 December 31, 2008 Raw materials inventory $390,000 $465,000 Work in process inventory 240,000 450,000 Finished goods inventory 225,000 285,000 During 2008 $750,000 of raw materials were purchased, direct labor costs amounted to $900,000, and manufacturing overhead $720,000. 1. The total raw material available for use during 2008 for Belle Manufacturing Company is: a. $1,215,000 b. $390,000 c. $675,000 d. $1,140,000 2. Belle Manufacturing Company's total manufacturing costs incurred in 2008 amounted to a. $2,250,000 b. $1,875,000 c. $2,025,000 d. $2,145,000 1. Tyler manufacturing company reported the following year end information beginning work in process inventory $270,000 cost of goods manufactured $774,000 beginning finished goods inventory $378,000 ending work in process inventory $330,000 and ending finished goods inventory $396,000 Tyler Manufacturing Company cost of goods sold for the year is a. $756,000 b. $792,000 c. $714,000 d. $378,000 2. Direct materials are, pick the correct answers Inventoriable cost Manufacturing Cost Period Cost 1. Yes Yes No 2. No Yes Yes 3. No Yes No 4. No No no 3. DBC Print Shop prepares the following schedule and financial statements on a yearly basis. a. Cost of goods manufactured schedule b. Income statement c. Balance sheet For each item below, indicate by using the appropriate letter (s) the schedule and/ or financial statements in which the item will appear. Indirect labor a. Cost of goods manufactured schedule b. Income statement c. Balance sheet