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True or False: Financial Accounting Reports must be prepared in accordance to GAAP (Generally Accepted Accounting Principles).
All of the following employees hold line positions for a computer company EXCEPT:a.) vice president of productionb.) vice president of financec.) manager of the web designd.) vice president of sales
Who are the individuals charged with the responsibility for directing the day-to-day operations of a business?
What term is used to describe the process of monitoring operating results and comparing actual results with the expected results?
They must be a needed part of the finished product and be a significant portion of the total product cost.
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Which of the following is an example of direct materials cost for an automobile manufacturer?a.) cost of oil lubricants for factory machineryb.) cost of wages of assembly workerc.) salary of production supervisord.) cost of interior upholstery
If the cost of a direct material is a small portion of total production cost, it may be classified as part of direct materials, direct labor or factory overhead?
The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished products is classified as what?
Compute conversion costs given the following data: Direct Materials, $347,500; Direct Labor, $196,300; Factory Overhead, $187,900; and Selling Expenses, $45,290.
Insurance expense incurred on a factory building would be treated as a...a.) direct costb.) period costc.) product costd.) selling cost
Given the following data:-Beginning raw materials inventory $60,000-Materials purchased $65,000-Ending raw materials inventory $40,000What is the amount of raw materials used?
Beginning raw materials inventory $60,000+Materials purchased $65,000-Ending raw materials inventory $40,000=Raw materials used $85,000
What is the cost of goods manufactured?-Cost of materials used $65,000-Direct labor costs $48,000-Factory overhead $39,000-Work in process, beginning $18,000-Work in process, ending $28,000
Work in process, beginning $18,000+Cost of materials used $65,000+Direct labor costs $48,000+Factory overhead $39,000-Work in process, ending $28,000=Cost of goods manufactured $142,000
Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as...?
Which of the following is an example of a factory overhead cost?a.) repair and maintenance cost on the administrativeb.) factory heating and lighting costc.) insurance premiums on salespersons" automobilesd.) president"s salary
Which costs are product costs?a.) direct materialsb.) sales and administrative expensesc.) direct labor d.) factory overhead
Determine the product cost:Sales $76,500Direct materials used $7,300Factory Equip.Depr.$4,700Indirect labor $5,900Direct Labor $10,500Factory Rent $4,200Factory Utilities $1,200Sales salaries expense$15,600Office salaries expense$8,900Indirect materials $1,200
Direct materials used$7,300+Factory Equip. Depr.$4,700+Indirect labor $5,900+Direct labor $10,500+Factory rent $4,200+Factory utilities $1,200+Indirect materials $1,200=Total product cost $35,000
What is the cost of goods sold?-Cost of materials used $45,000-Direct labor costs $48,000-Factory overhead $39,000-Work in process, beginning $28,000-Work in process, ending $18,000-Finished goods, beginning $28,000-Finished goods, ending $18,000
Finished goods, beginning $28,000+ Cost of goods manufactured $142,000 (work in process beginning $28,000+cost of materials used $45,000+direct labor costs $48,000+ factory overhead $39.000-work in process, ending $18,000)-Finished goods, ending $18,000=Cost of goods sold $152,000
Compute the conversion cost:Sales $76,500Direct materials used $7,300Factory Equip depr $4,700Indirect labor $5,900Direct labor $ 10,500Factory rent $4,200Factory utilities $1,200Sales salaries exp $15,600Office salaries exp $8,900Indirect materials $1,200
Direct labor $10,500+Factory Equip Depr $4,700+Indirect labor $5,900+Factory rent $4,200+Factory utilities $1,200+Indirect materials $1,200=Total conversion cost $27,700