ACCOUNTING Genius

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The cost of a manufactured product generally consists of which of the following costs?

Select one:

a. Direct materials cost and factory overhead cost

b. Direct materials cost and direct labor cost

c. Direct labor cost, direct materials cost, and factory overhead cost

d. Direct labor cost and factory overhead cost

Question 2

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Which of the following is an example of direct labor cost for an airplane manufacturer?

Select one:

a. Cost of wages of assembly worker

b. Cost of jet engines

c. Salary of plant supervisor

d. Cost of oil lubricants for factory machinery

Question 3

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Which of the following is an example of a factory overhead cost?

Select one:

a. Factory heating and lighting cost

b. Insurance premiums on salespersons’ automobiles

c. Repair and maintenance cost on the administrative building

d. President’s salary

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Which of the following is expensed as incurred in a manufacturing setting?

Select one:

a. Direct materials used

b. Depreciation of factory buildings

c. Sales commissions

d. Factory supervisor’s salary

Question 5

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What is the purpose of the Statement of Cost of Goods Manufactured?

Select one:

a. to determine the amounts transferred to finished goods

b. to determine the ending materials inventory

c. to determine the ending work in process inventory

d. all of the answers are true

Question 6

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Which of the following budgets allow for adjustments in activity levels?

Select one:

a. Static Budget

b. Flexible Budget

c. Continuous Budget

d. Zero-Based Budget

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McCabe Manufacturing Co.’s static budget at 8,000 units of production includes $40,000 for direct labor and $4,000 for electric power. Total fixed costs are $23,000. At 9,000 units of production, a flexible budget would show:

Select one:

a. variable and fixed costs totaling $75,375

b. variable costs of $44,000 and $23,000 of fixed costs

c. variable costs of $49,500 and $23,000 of fixed costs

d. variable costs of $49,500 and $25,875 of fixed costs

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The production budgets are used to prepare which of the following budgets?

Select one:

a. Sales in dollars

b. Direct materials purchases, direct labor cost, factory overhead cost

c. Operating expenses

d. Sales in units

Question 9

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Principal components of a master budget include which of the following?

Select one:

a. Direct materials budget

b. Sales budget

c. Production budget

d. All of the above

Question 10

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The first budget customarily prepared as part of an entity’s master budget is the:

Select one:

a. cash budget

b. direct materials purchases

c. production budget

d. sales budge

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