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- What are the 3 major types of product costs in a manufacturing company?
- What are the three categories of manufacturing costs quizlet?
- Which of the following is one of the three major components of product costs?
- What are product costs quizlet?
Intermediate Accounting
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13. Blue Hen Manufacturing's quality cost report is to be based on the following information:
Debugging software errors $95,000
Quality Engineering $65,000
Supervision of Testing & Inspection Activities $55,000
Product Recalls $83,000
Cost of field servicing & handling complaints
$30,000
Downtime caused by quality problems $19,000
Systems Development $54,000
Final product testing and inspection $42,000
Net cost of scrap $36,000
What is the external failure cost for Blue Hen?
a) $263,000
b) $168,000
c) $113,000
d) $83,000
17. Our company uses normal costing. At the end of 2013, overhead was overapplied by $40,000. When this overhead was closed totally to Cost of Goods Sold, the company had Cost of Goods Manufactured of $350,000, and net operating income of $200,000. Then the accountant prorated the overapplied overhead. The prorated amounts of the overapplied overhead were $10,000 to Work in Process, $12,000 to Finished Goods, and $18,000 to Cost of Goods Sold. Assume the accountant redid the company's Schedule of Cost of Goods Manufactured and Income Statement What would the Cost of Goods Manufactured figure be on the new schedule?
a) $360,000
b) $350,000
c) $340,000
26. Yankee
Wood Products, a manufacturing Company, has provided the following data for the month of August. The balance in the Work in Process Inventory was $20,000 at the beginning of the month and $10,000 at the end of the month. During the month, Yankee incurred Direct Materials Cost of $50,000 and Direct Labor Cost of $22,000. The Actual Overhead Cost incurred was $58,000. The Overhead Cost Applied to Work in Process was $56,000. The Cost of Goods Manufacturing for August was:
a) $138,000
b)
$140,000
c) $130,000
d) $128,000
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Chapter 14, 15, 16 quizes
Terms in this set (37)
Managerial accounting information:
Involves gathering information about costs for planning and control decisions.
An attitude of constantly seeking ways to improve company operations, including customer service, product quality, product features, the production process, and employee interactions, is called:
Continuous improvement.
Period costs for a manufacturing company flow directly to:
The income statement as an expense.
Classifying costs by behavior with changes in volume of activity involves:
Identifying fixed costs and variable cost.
Jenny, an employee of Toucan Company, used company assets for her own personal gain. This is an example of:
fraud.
The cost of workers who assist in, or supervise, the manufacturing process, not linked to specific units of product is called:
Indirect Labor
A fixed cost:
Does not change with changes in the volume of activity within the relevant range.
The three major cost of manufacturing a product are:
Direct materials, direct labor, and factory overhead.
A management concept that seeks to uncover and eliminate waste in business activities is called:
Lean business model.
Product costs:
Are expenditures necessary and integral to finished products.
A direct cost is a cost that is:
traceable to a single object
Flexibility of practice when applied to managerial accounting means that:
Managerial accounting systems differ across companies depending on the nature of the business and the arrangement of its internal operations.
Which of the following costs is not included in factory overhead?
Diret Materials
An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:
Just In Time manufacturing
The amount by which the overhead applied to jobs during a period exceeds the overhead incurred during the period is known as:
overapplied overhead
If overhead is underapplied all of the following are true except:
jobs are overcosted
The rate established at the beginning of a period that uses estimated overhead and an allocation factor such as estimated direct labor, and that is used to assign overhead cost to jobs, is the:
predetermined overhead rate
Compared to a general accounting system, a cost accounting system for a manufacturing company emphasizes:
Continually updating costs of materials, work in process, and finished goods inventories.
The amount by which overhead incurred during a period exceeds the overhead applied to jobs is:
underapplied overhead
A source document that production managers use to request materials for production and that is used to assign materials costs to specific jobs or to overhead is a:
materials acquisition
The balance in the Work in Process Inventory at any point in time equals
the sum of the manufacturing costs for all jobs in process but not yet completed.
The overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to:
Work in Process Inventory
Job order costing would be used for all of the following except:
production of running shoes
A company that makes which of the following types of products would best be suited for a job costing system?
Custom jewelry
A job cost sheet shows information about each of the following items except:
The costs incurred by the marketing department in selling the job.
Cost accounting systems are used to:
Accumulate production costs and assign them to products or services.
The two basic types of cost accounting systems are:
Job order costing and process costing.
Which of the following statements is most accurate?
The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.
The combined costs of direct labor and factory overhead per equivalent unit used by many businesses with process operations is called:
Conversion cost per equivalent unit
A company that applies process costing is most frequently characterized by:
Similar products and high production volume.
A system of accounting in which costs are accumulated and then measured per unit at the end of a period by combining costs per equivalent unit from various departments is a:
Process Costing System
When raw materials are purchased on account for use in a process costing system, the corresponding journal entry that should be recorded will include:
A debit to Raw Materials Inventory.
A key idea in process costing that refers to the number of units that could have been started and completed given the costs incurred during the period is known as:
Equivalent Units of Production
Which of the following products is most likely to be produced in a process operation?
Cereal
Which of the following is not one of the four steps in accounting for production activity and assigning costs during a period under a process cost system?
Determine over or underapplied overhead.
Which of the following characteristics does not apply to job order cost accounting?
Equivalent units of production.
A process cost summary is a managerial accounting report that describes all but which of the following:
The gross profit earned on the sale of products.
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What are the 3 major types of product costs in a manufacturing company?
The three general categories of costs included in manufacturing processes are direct materials, direct labor, and overhead.
What are the three categories of manufacturing costs quizlet?
The three basic types of manufacturing costs are direct materials, direct labor, and manufacturing overhead.
Which of the following is one of the three major components of product costs?
The three major elements of product costs in a manufacturing company are direct materials, direct labor, and manufacturing overhead.
What are product costs quizlet?
Product costs include all costs involved in acquiring or making a product. In the case of manufactured goods, (these costs- direct materials, direct labor, and manufacturing overhead).