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21) List the four standards of ethical conduct for management accountants.  For each standard, give an example that demonstrates compliance with that standard. 22) You have been employed as an entry-level management accountant for a little under a year. You suspect that your immediate supervisor is involved in a significant fraud.
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93) Hammer Inc., had the following activities during 2012: Direct materials: Beginning inventory$ 20,000 Purchases61,600 Ending inventory10,400 Direct manufacturing labor16,000 Manufacturing overhead12,000 Beginning work-in-process inventory800 Ending work-in-process inventory4,000 Beginning finished goods inventory24,000 Ending finished goods inventory16,000 Required: a.What is the cost of direct materials used during 2012? b.What is cost of goods manufactured for 2012? c.What is cost of goods sold for 2012? d.What amount.
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32) The list of representative cost drivers in the right column below are randomized with respect to the list of functions in the left column. That is, they do not match. Function Representative Cost Driver 1. Purchasing A. Number of employees 2. Billing B. Number of shipments 3. Shipping C. Number of customers 4. Computer Support D. Number of invoices 5. Personnel E. Number of desktop computers 6. Customer Service F. Number of purchase orders Required: Match.
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1) Which of the following issues is NOT addressed by the Sarbanes-Oxley legislation? A) improving internal control B) corporate governance C) disclosure practices of public corporations D) disclosure practices of private companies 2) The Standards of Ethical Conduct for management accountants include concepts related to: A) competence, performance, integrity, and reporting B) competence, confidentiality, integrity,.
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2) Budgeting often plays a major role in affecting behavior and decisions. 3) Cost accounting and cost management include calculating various costs, obtaining financial and nonfinancial information, and analyzing relevant information for decision making. 4) A costing system traces direct costs and allocates indirect costs to products. 5) Management accountants help.
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100) Bosely Manufacturing Co. wants to classify costs for the product produced at its facility. Thecompany produces only one product at the facility and operates continually.  The cost categories are: Product cost Prime cost Conversion cost Period cost The following costs are found in the accounting records: a.Quality control inspection wages b.Raw material purchases c.Sales commissions d.Factory depreciation e.Assembly wages Required:.
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11) Long term financing is an integral part of the ________ function in an organization. A) treasurer's B) controller's C) internal audit D) president's 12) Line management is directly responsible for attaining the goals of the organization. 13) Staff management should NOT provide advice and assistance to line management. 14) Treasury includes.
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11) Credibility includes maintaining an appropriate level of professional expertise by continually developing knowledge and skills. 12) The Sarbanes-Oxley legislation does NOT provide a process for employees to report violations of illegal and unethical acts. 13) Management accountants have important ethical responsibilities that are related to competence, confidentiality, integrity, and credibility. 14).
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11) Manufacturing-sector companies report: A) only merchandise inventory B) only finished goods inventory C) direct materials inventory, work-in-process inventory, and finished goods inventory accounts D) no inventory accounts 12) For a manufacturing company, direct material costs may be included in: A) direct materials inventory only B) merchandise inventory only C).
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31) To determine contribution margin use: A) only variable manufacturing costs B) only fixed manufacturing costs C) both variable and fixed manufacturing costs D) both variable manufacturing costs and variable nonmanufacturing costs 32) To perform cost-volume-profit analysis, a company must be able to separate costs into fixed and variable components..
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91) Springfield Manufacturing produces electronic storage devices, and uses the following three-part classification for its manufacturing costs: direct materials, direct manufacturing labor, and indirect manufacturing costs. Total indirect manufacturing costs for January were $300 million, and were allocated to each product on the basis of direct manufacturing labor costs of.
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Answer the following questions using the information below: Pederson Company reported the following: Manufacturing costs$2,000,000 Units manufactured50,000 Units sold47,000 units sold for $75 per unit Beginning inventory0 units 12) What is the average manufacturing cost per unit? A) $40.00 B) $42.55 C) $0.025 D) $75.00 13) What is the amount of ending finished goods inventory? A).
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Answer the following questions using the information below: The Singer Company manufactures several different products. Unit costs associated with Product ICT101 are as follows: Direct materials$ 60 Direct manufacturing labor10 Variable manufacturing overhead18 Fixed manufacturing overhead32 Sales commissions (2% of sales)4 Administrative salaries16 Total$140 19) What are the variable costs per unit associated with Product ICT101? A) $18 B).
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11) Which of the following statements about determining the breakeven point is FALSE? A) Operating income is equal to zero. B) Contribution margin - fixed costs is equal to zero. C) Revenues equal fixed costs plus variable costs. D) Breakeven revenues equal fixed costs divided by the variable cost per.
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71) Merchandising companies purchase products and sell them to customers without changing their basic form. 72) Merchandising companies hold only one type of inventory: direct material. 73) Manufacturing sector firms normally hold three types of inventory: direct materials inventory, work-in-process inventory, and finished goods inventory. 74) Work-in-process inventory are goods.
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97) Each of the following items pertains to one of these companies:  Bedell Electronics (a manufacturing company), Gregory Food Retailers (a merchandising company), and Larson Real Estate (a service sector company).  Classify each item as either inventoriable (I) costs or period (P) costs. inventoriable (I) costs or period (P) costs a. Salary of.
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11) Contribution margin equals: A) revenues minus period costs B) revenues minus product costs C) revenues minus variable costs D) revenues minus fixed costs Answer the following questions using the information below: Sherry's Custom Jewelry sells a single product. 700 units were sold resulting in $7,000 of sales revenue, $2,800 of.
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6) Kym Manufacturing provided the following information for last month: Sales$12,000 Variable costs4,000 Fixed costs1,000 Operating income$7,000 If sales double next month, what is the projected operating income? A) $14,000 B) $15,000 C) $18,000 D) $19,000 7) Wheel and Tire Manufacturing currently produces 1,000 tires per month. The following per unit data apply for sales.
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5) Product costs used for pricing and product-mix decisions generally include: A) manufacturing costs only B) design costs plus manufacturing costs C) all costs incurred along the value chain D) distribution costs only 6) Product costs used for government contracts generally include: A) manufacturing costs only B) design costs plus.
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82) All manufacturing costs are inventoriable costs. 83) All costs reported on the income statement of a service-sector company are period costs. 84) Period costs are never included as part of inventory. 85) Conversion costs include all direct manufacturing costs. 86) Inventory of a manufacturing firm includes goods partially worked.
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31) For each type of report listed below, identify one planning decision and one controlling decision for which the information would be helpful. Assume you are a Walgreen Company store. Item: a.annual financial statements for the past three years b.report detailing sales by department by each hour of the day for the past.
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22) Archambeau Products Company manufactures office furniture. Recently, the company decided to develop a formal cost accounting system and classify all costs into three categories. Categorize each of the following items as being appropriate for (1) cost tracing to the finished furniture, (2) cost allocation of an indirect manufacturing cost.
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41) Costs expensed on the income statement in the accounting period incurred are called: A) direct costs B) indirect costs C) period costs D) inventoriable costs 42) Prime costs include: A) direct materials and direct manufacturing labor costs B) direct manufacturing labor and manufacturing overhead costs C) direct materials and.
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18) A unit cost is computed by dividing total cost by the number of units. 19) Unit costs and average costs are really the same thing. 20) Mirabella, Inc., reports the following information for September sales: Sales$60,000 Variable costs12,000 Fixed costs16,000 Operating income$ 32,000 Required: If sales double in October, what is the projected operating income? 21).
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31) Inventoriable costs are expensed on the income statement: A) when direct materials for the product are purchased B) after the products are manufactured C) when the products are sold D) not at any particular time, it varies 32) Costs that are initially recorded as assets and expensed when sold.
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1) Cost-volume-profit analysis is used primarily by management: A) as a planning tool B) for control purposes C) to prepare external financial statements D) to attain accurate financial results 2) One of the first steps to take when using CVP analysis to help make decisions is: A) finding out where the.
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1) Which item is NOT a guideline used by management accountants to assist in strategic and operational decision making? A) cost-benefit approach B) behavioral and technical considerations C) different costs for different purposes D) balanced scorecard 2) The scenario that resources should be spent if the expected benefits to the company exceed the expected costs.
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50) Jennifer's Stuffed Animals reported the following: Revenues$2,000 Variable manufacturing costs$ 400 Variable nonmanufacturing costs$ 460 Fixed manufacturing costs$ 300 Fixed nonmanufacturing costs$ 280 Required: a.Compute contribution margin. b.Compute gross margin. c.Compute operating income. 51) Arthur's Plumbing reported the following: Revenues$4,500 Variable manufacturing costs$ 900 Variable nonmanufacturing costs$ 810 Fixed manufacturing costs$ 630 Fixed nonmanufacturing costs$ 545 Required: a.Compute contribution margin. b.Compute contribution margin percentage. c.Compute.
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Answer the following questions using the information below: Pederson Company reported the following: Manufacturing costs$2,000,000 Units manufactured50,000 Units sold47,000 units sold for $75 per unit Beginning inventory0 units 1) What is the amount of gross margin? A) $1,750,000 B) $3,525,000 C) $5,405,000 D) $1,645,000 2) ________ - sector companies purchase materials and components and convert them.
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1) The person(s) directly responsible for attaining of organizational objectives is/are: A) the treasurer B) line management C) the controller D) the chief financial officer 2) The person(s) responsible for providing advice and assistance to line managers is/are: A) the controller B) the chief financial officer C) staff management D) the treasurer 3) ________ includes.
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21) Work-in-process inventory would normally include: A) direct materials in stock and awaiting use in the manufacturing process B) goods partially worked on but not yet fully completed C) goods fully completed but not yet sold D) products in their original form intended to be sold without changing their basic.
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21) For every $25,000 of ticket packages sold, operating income will increase by: A) $6,250 B) $12,500 C) $18,750 D) an indeterminable amount Answer the following questions using the information below: Northenscold Company sells several products. Information of average revenue and costs is as follows: Selling price per unit$20.00 Variable costs per unit: Direct.
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Answer the following questions using the information below: The East Company manufactures several different products. Unit costs associated with Product ORD203are as follows: Direct materials$50 Direct manufacturing labor8 Variable manufacturing overhead10 Fixed manufacturing overhead23 Sales commissions (2% of sales)5 Administrative salaries9 Total$105 61) What are the inventoriable costs per unit associated with Product ORD203? A) $60 B) $66 C).
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Answer the following questions using the information below: Nancy's Niche sells a single product. 8,000 units were sold resulting in $80,000 of sales revenue, $20,000 of variable costs, and $10,000 of fixed costs. 31) The breakeven point in total sales dollars is: A) $40,000 B) $13,334 C) $100,000 D) None of these.
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95) Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-in-process inventory (January 1)$ 140,400 Work-in-process inventory (March 31)171,000 Finished goods inventory (January 1)540,000 Finished goods inventory (March 31)510,000 Direct materials used378,000 Indirect materials used84,000 Direct manufacturing labor480,000 Indirect manufacturing labor186,000 Property taxes on manufacturing plant building28,800 Salespersons' company vehicle costs12,000 Depreciation of.
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51) The following information pertains to the Cannady Corporation: Beginning work-in-process inventory$ 50,000 Ending work-in-process inventory48,000 Beginning finished goods inventory180,000 Ending finished goods inventory195,000 Cost of goods manufactured1,220,000 What is cost of goods sold? A) $1,235,000 B) $1,205,000 C) $1,218,000 D) $1,222,000 52) The following information pertains to the Duggan Corporation: Beginning work-in-process inventory$ 20,000 Ending work-in-process inventory23,000 Beginning.
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