Q1.Managerial accounting information

a.is prepared only once a year.

b.pertains to subunits of the entity and may be very detailed.

c.is constrained by the requirements of generally accepted accounting principles.

d.pertains to the entity as a whole and is highly aggregated.

Q2.Managerial accounting is applicable to

a.service entities.

b.manufacturing entities.

c.not-for-profit entities.

d.all of these.

Q3.Internal reports are prepared and distributed

a.monthly.

b.daily.

c.as needed.

d.annually.

Q4.Which one of the following isnota direct material?

a.Steel used in the manufacturing of steel-radial tires

b.A tire used for a lawn mower

c.Plastic used in the covered case foran iPhone

d.Lubricant for a ball-bearing joint for a large crane

Q5.Because of automation, which component of product cost is declining?

a.Direct labor

bDirect materials

c.Advertising

d.Manufacturing overhead

Q6.Which one of the following costs wouldnotbe inventoriable?

Indirect materials

Period costs

Indirect labor costs

Factory insurance costs

Q7.SunlandCompany's accounting records reflect the following inventories:

Dec. 31, 2022 Dec. 31, 2021

Raw materials inventory $230000 $180000

Work in process inventory 300000 160000

Finished goods inventory 190000 150000

During 2022, $720000of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.)SunlandCompany's total manufacturing costs incurred in 2022 amounted to

$2030000.

$1940000.

$1840000.

$1980000.

Q8.IvanhoeCompany reported the following year-end information: beginning work in process inventory, $230000; cost of goods manufactured, $866000; beginning finished goods inventory, $292000; ending work in process inventory, $270000; and ending finished goods inventory, $314000.IvanhoeCompany's cost of goods sold for the year is

$826000.

$888000.

$844000.

$552000.

Q9.Given the following data forIvanhoeCompany, compute (A) total manufacturing costs and (B) cost of goods manufactured:

Direct materials use $250000 Beginning work in process inventory $30000

Direct labor 250000 Ending work in process inventory 15000

Manufacturing overhead355000 Beginning finished goods inventory 38000

Operating expenses 363000 Ending finished goods inventory 23000

(A)(B)

$840000$870000

$855000$870000

$855000$840000

$870000$885000