WorksheetsManagerial Accounting Week 1
Total questions: 15
Worksheet time: 45mins
Which of the following is not one of the IMA's credibility standards?
A) To disclose all relevant information
B) To disclose deficiencies in internal control
C) To communicate information fairly and objectively
D) All of the above are part of IMA's credibility standard.
________ gathers, summarizes, and reports on the financial impact of changes to business operations.
Managerial Accounting
Planning
Directing
Controlling
Which of the following is an example of manufacturing overhead expense in a factory?
A) Wages of machine operators
B) Wages of administrators in the corporate office
C) Wages of factory maintenance personnel
D) Salaries of salespersons
Which of the following items is not used when calculating the cost of goods manufactured?
A) Direct materials used
B) Direct labor
C) Salesperson salaries
D) Manufacturing overhead
Rouse Manufacturing's operating activities for the year are listed below.
Beginning inventory
$1,000,400
Ending inventory
$350,800
Purchases
$750,700
Sales revenue
$1,500,900
Operating expenses
$700,600
What is the cost of goods sold for the year?
A) $1,400,300
B) $750,200
C) $50,100
D) $1,751,100
Parham Bridges Recreation's operating activities for the year are listed below.
Purchases
$174,000
Operating expenses
62,200
Beginning inventory
27,900
Ending inventory
38,000
Sales revenue
333,400
What is the cost of goods sold for the year?
$163,900
$201,900
$174,000
$97,200
Lacey Fontaine Company reports the following data for its first year of operation.
Work in process inventory, beginning
0
Work in process inventory, ending
140,000
Direct materials used
110,400
Direct Labor
134,000
Manufacturing overhead
185,800
Finished goods inventory, beginning
0
Finished goods inventory, ending
90,500
What are the total manufacturing costs to account for?
A) $199,700
B) $244,400
C) $430,200
D) $134,000
Russ Maddux Company reports the following data for its first year of operation.
Cost of goods manufactured
$455,800
Work in process inventory, beginning
0
Work in process inventory, ending
140,400
Direct materials used
110,900
Direct Labor
137,000
Manufacturing overhead
185,300
Finished goods inventory, beginning
0
Finished goods inventory, ending
90,700
What is the cost of goods sold?
A) $365,100
B) $455,800
C) $752,000
D) $520,900
Purser, Inc. sells lawn furniture. Selected financial information for the most recent year follows.
Beginning merchandise inventory on January 1 was $33,700.
Ending merchandise inventory on December 31 was $35,700.
Purchases during the year were $92,900.
Selling and administrative expenses were $75,500.
Sales for year were $262,200.
What was cost of goods sold?
$162,300
$93,800
$94,900
$90,900
Selected financial information for Dier Manufacturing is presented in the following table (000s omitted).
Sales revenue
$4300
Purchases of direct materials
$500
Direct labor
$460
Manufacturing overhead
$710
Operating expenses
$690
Beginning raw materials inventory
$220
Ending raw materials inventory
$200
Beginning work in process inventory
$390
Ending work in process inventory
$420
Beginning finished goods inventory
$280
Ending finished goods inventory
$250
What was the cost of direct materials used?
$720
$520
$500
$420
If sales are $100,000, fixed expenses are $34,500, and the contribution margin is $40,000, then the net operating income must be:
$74,500
$5,500
$60,000
$34,500
If conversion costs are $70,000, manufacturing overhead costs are $22,500, and direct materials costs are $39,000, then the prime costs must be
$47,500
$86,500
$31,000
$8,500
If the cost of goods sold is $95,700, beginning merchandise inventory is $10,500, and merchandise purchases are $110,000, then the ending merchandise inventory must be
$24,800
$3,800
$85,200
$10,500
At a sales volume of 39,500 units, Choice Corporation's sales commissions (a cost that is variable with respect to sales volume) total $505,600. To the nearest whole cent, what should be the average sales commission per unit at a sales volume of 41,900 units? (Assume that this sales volume is within the relevant range.)
$12.80
$13.07
$13.59
$12.07
Sales less cost of goods sold =
(a)
