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Learning Objective 16-3 1) The IMA standards of ethical practice provide that accountants should continually develop their knowledge and skills. 2) Maintaining confidentiality of company information is a key element of ethical professional practice. 3) The accountant for Spiral Supplies deliberately post-dated a check to pay for business expenses in order to.
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Learning Objective 17-3 1) All manufacturing overhead costs incurred are accumulated as debits to a general ledger account titled Manufacturing overhead. 2) In a manufacturing operation, depreciation of the plant and plant equipment should be debited to Depreciation expense. 3) The entry to allocate manufacturing overhead costs to work in process requires.
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11) On January 1, 2012, Jackson Company's work in process inventory account had a balance of $65,000. During 2012, materials requisitioned for use in production amounted to $70,000, of which $66,000 represented direct materials. Factory wages for the period were $209,000, of which $186,400 were for direct labor. Manufacturing overhead.
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71) Arturo Manufacturing Company provided the following information for the year 2012: Purchases—direct materials $180,000 Direct materials used in production$192,000 Direct labor$235,000 Indirect materials$23,500 Indirect labor $9,500 Depreciation on factory plant & equipment$12,000 Plant utilities & insurance$135,000 Cost of goods manufactured$591,000 Please refer to the T-accounts below which show the beginning balances for the year. Use the T-accounts to record.
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Learning Objective 16-2 1) During the past century, many developed economies have shifted their focus from a service economy to a manufacturing economy. 2) Increased global competition has resulted in many companies moving their operations to other countries to be closer to new markets. 3) Which of the following is a philosophy.
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81) For a manufacturing business, which of the following would be considered an inventoriable product cost? A) Research and development B) Factory janitorial services C) Advertising D) Delivery costs 82) For a manufacturing business, which of the following would be considered an inventoriable product cost? A) Salaries of salesmen B) Salary of the CEO C) Salaries of the.
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Learning Objective 17-1 1) Accounting firms, building contractors, and healthcare providers are companies that use job order costing. 2) Process costing is used by companies that produce large numbers of identical units in a continuous fashion. 3) Which of the following companies would NOT use job order costing? A) A lawn maintenance company B).
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  Learning Objective 16-1 1) Managerial accounting's focus is to provide information for internal planning and control. 2) Management accounting often requires forward-looking data because of the futuristic nature of many business decisions. 3) Management accounting is influenced significantly by rules of GAAP and guidelines of the Securities Exchange Commission. 4) Budget preparation is.
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Learning Objective 15-4 1) The current ratio is widely used to measure a company's ability to pay current liabilities. 2) The inventory turnover ratio is a measure of the company's ability to pay all of its current liabilities if they come due immediately. 3) The inventory turnover ratio indicates how rapidly inventory is.
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Learning Objective 17-4 1) The cost of goods manufactured is recorded as a debit to the Work in process account. 2) During 2012, a company incurs $500,000 of manufacturing overhead costs and allocates out $492,000 of manufacturing overhead costs.  Overhead costs have been underallocated. 3) During 2012, a company incurs $500,000 of.
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Learning Objective 16-4 1) Product costs, such as direct materials, are expensed during the period that they were incurred. 2) A service company's income statement does NOT include cost of goods sold. 3) Manufacturing businesses have inventory accounts, but service and merchandising businesses do not. 4) Both merchandising and manufacturing businesses produce their.
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Learning Objective 16-6 1) GAAP requires companies to treat product costs such as factory overhead as an asset until the product is sold. 2) Cost of goods manufactured includes direct materials, direct labor, and manufacturing overhead. 3) Manufacturing overhead includes all manufacturing costs, such as direct labor and direct materials. 4) Manufacturing overhead.
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28) Please complete a vertical analysis on the balance sheet data shown in the format below: (Dollar amounts in millions) 2014     Amount % of total Assets Current assets: Cash $  10,000 Accounts receivable, net 15,600 Inventory 38,000    Total current assets 63,600 Property, plant and equipment, net 195,000 Other long-term assets 15,000 Total assets $273,600 Liabilities Current liabilities: Accounts payable $   8,500 Other current liabilities 1,400    Total.
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11) The wages and benefits of the factory manager are product costs. , Reporting 12) The wages and benefits of the factory manager are included in manufacturing overhead. , Reporting 13) The wages and benefits of the sales staff are product costs. , Reporting 14) The wages and benefits of the factory janitors are included in.
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11) LDR Manufacturing produces a pesticide chemical and uses process costing.  There are three processing departments-Mixing, Refining, and Packaging.  On January 1, 2012, the first department, Mixing, had a zero beginning balance.  During January, 40,000 liters of chemicals were started into production.  During the month, 32,000 liters were completed, and.
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31) Which of the following is an example of a period cost? A) Advertising expense B) Depreciation on factory equipment C) Indirect materials D) Property taxes for the factory 32) Which of the following costs would appear on the income statements for both a merchandiser and a manufacturer? A) Direct labor B) Cost of goods manufactured C) Direct.
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89) South State Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during 2012. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; repairs of $1,800; depreciation of $7,900; and.
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31) Barbicon Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost.  At the beginning of 2012, they formulated a rate of 20% times the direct labor cost.  In June, 2012, Barbicon completed job number 13C.  Job stats are as follows: Direct materials cost  $6,220 Direct.
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Learning Objective 16-5 1) Merchandising businesses resell goods which they purchase from a producer. 2) Which of the following applies to goods that are purchased from a producer and sold by a merchandising company? A) Materials inventory B) Work in process inventory C) Merchandise inventory D) Finished goods inventory 3) Which of the following applies to.
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11) Which of the following is the definition of benchmarking? A) Benchmarking is the study of percentage changes in financial statement line items year to year. B) Benchmarking is the analysis of a financial statement that shows each item as a percentage of net sales or total assets. C) Benchmarking is the practice.
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11) Management is accountable to its suppliers and vendors in which of the following ways? A) Providing products to customers that are safe and free of defects B) Repaying loans in a timely manner C) Providing a return on the owner's shareholders' investment D) Making timely payments and complying with contract terms 12) Management is.
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Learning Objective 15-3 1) Benchmarking is often done by comparing a company against either a key competitor or against the industry average. 2) A common-size statement reports only percentages—no dollar amounts. 3) The common-size statement percentages are the same percentages that appear in horizontal analysis. 4) Common-size statements allow the comparison of two or.
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41) Q-dot Manufacturing Company has provided the following information for the year 2012: Actual manufacturing overhead costs incurred$199,900 Manufacturing overhead costs allocated to production$189,000 Actual direct materials cost$560,000 Actual direct labor cost$333,000 Actual direct labor hours9,450 direct labor hours Actual machine hours180,000 machine hours Based on the above information, what was Q-dot's allocation rate?  (Hint: for this.
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41) Peartree Company provides the following data: BALANCE SHEET Dec 31, 2014 Dec 31, 2013 Cash $ 21,000 $ 18,000 Accounts receivable, net 31,000 35,000 Inventory 53,000 25,000 PP&E, net 120,000 90,000     Total assets $225,000 $168,000 Accounts payable $4,000 $  6,000 Accrued liabilities 2,000 1,000 Long-term notes payable 84,000 90,000     Total liabilities $ 90,000 $ 97,000 Common stock $ 30,000.
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Learning Objective 17-5 1) Darrius Travel Services provided the following information: Cost allocation rate for direct labor:  $40 per hour Cost allocation rate for indirect costs:  $22 per hour If Darrius receives $700 for a job requiring 12 hours of direct labor, they will make a profit of $44. 2) Darrius Travel Services provided.
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21) When preparing an annual report, the earnings per share amount is generally shown on a company's income statement. 22) The price/earnings ratio is a measure that is valuable to investors when making investment decisions. 23) The dividend yield will tell a shareholder how much of his investment will be returned in.
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51) A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in manufacturing overhead costs during the period. If beginning and ending work in process inventories were $28,000 and $21,000 respectively. What is the cost of goods manufactured? A) $250,000 B) $229,000 C) $215,000 D) $222,000 , Reporting 52) Given the.
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11) The following information pertains to Bright Toy Company's operating activities for 2012. The company sells light box toys and sold 10,000 units in 2012. Purchases $126,000 Selling and Administrative Expenses 90,000 Merchandise inventory, 1/1/2012 14,000 Merchandise inventory, 12/31/2012 10,000 Sales Revenue 250,000 What is the profit margin percentage? A) 12% B) 56% C) 100% D) 36% , Reporting 12) The following information pertains to Bright Toy.
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Learning Objective 17-6 1) In a process costing system, each department has its own Work in process account. 2) In a process costing system, conversion costs are normally assumed to be incurred evenly throughout the production process. 3) In a process costing system, direct materials costs are normally assumed to be incurred.
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61) The following information has been provided by LeMaire Company: •Direct labor: $50,000 •Direct materials used: $20,000 •Materials purchased: $27,000 •Cost of goods manufactured: $100,000 •Ending work in process: $16,000 •Corporate headquarters' property taxes: $6,000 •Manufacturing overhead: $39,000 The beginning work in process was: A) $23,000. B) $7,000. C) $9,000. D) $1,000. , Reporting 62) The following information was obtained from Sizzler Company: •Advertising costs:.
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51) Partridge Company provides the following information for the year 2014: Net income:$31,200 Market price of common stock: $12.00/share Dividends paid:$0.80/share Common stock outstanding at January 1, 2014:  110,000 shares Common stock outstanding at December 31, 2014: 150,000 shares (No preferred stock issued) How much was the earnings per share for 2014? A) $0.21 B) $0.28 C) $0.24 D) $4.05 52) Partridge.
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41) Wright Company reports production costs for 2012 as follows: Direct materials used $375,000 Direct labor incurred $250,000 Manufacturing overhead incurred $400,000 Operating expenses $145,000 How much are Wright Company's inventoriable product costs for 2009? A) $925,000 B) $605,000 C) $975,000 D) $1,025,000 , Reporting 42) Which of the following describes the cost of goods manufactured? A) The cost of the goods that were sold during.
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11) Which of the following would be included in the journal entry to record the requisition of indirect materials? A) Debit to Manufacturing overhead B) Debit to Work in process inventory C) Debit to Materials inventory D) Debit to Finished goods inventory 12) In job order costing, the journal entry to issue indirect materials to.
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21) Gardner Machine Shop estimates manufacturing overhead costs for the coming year at $316,000.  They will allocate based on direct labor hours.  Gardner estimates 5,000 direct labor hours for the coming year.  In January, Gardener completed job number A33, which included 15 direct labor hours.  How much overhead was allocated.
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21) LDR Manufacturing produces a pesticide chemical and uses process costing.  There are three processing departments-Mixing, Refining, and Packaging.  On January 1, 2012, the Refining Department had 2,000 liters of partially processed product in production.  During January, 32,000 liters were transferred in from the Mixing Department and 29,000 liters were.
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19) Best Company sells office supplies. The following information summarizes Best's operating activities for 2012: Utilities for store $6,000 Rent for store $8,000 Sales commissions $4,500 Purchases of merchandise $54,000 Inventory on January 1, 2012 $30,000 Inventory on December 31, 2012 $20,500 Sales revenue $108,000 Required: Prepare an income statement for Best Company, a merchandiser, for the year ended December 31, 2012.using the format below: .
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11) Which of the following would NOT be considered a manufacturing overhead cost? A) Insurance for the factory B) Indirect labor cost C) Property tax for the plant D) Direct labor 12) Which of the following correctly describes the predetermined manufacturing overhead rate? A) The rate for factory utilities costs B) The rate of actual overhead costs.
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  Learning Objective 18-1 1) With increased competition, managers need more accurate estimates of product costs to set prices and to identify the most profitable products. 2) Activity-based costing focuses on a single predetermined overhead rate for cost analysis. 3) The main difference between activity-based costing and traditional costing systems is that activity-based costing.
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Learning Objective 17-2 1) When materials are requisitioned for a job, the materials inventory account is debited. 2) Work in process inventory is debited for the incurrence of both direct and indirect labor in a job costing system. 3) Indirect materials and indirect labor are tracked to individual job costing records and.
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31) At January 1, 2012, Feldstein Manufacturing Company had a beginning balance in Work in process of $80,000 and a beginning balance in Finished goods of $20,000.  During the year, Feldstein incurred manufacturing costs of $350,000. During the year, the following transactions occurred: Job A-12, was completed for a total cost of $120,000,.
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21) Advertising and marketing costs are product costs. , Reporting 22) Advertising and marketing costs are included in manufacturing overhead. , Reporting 23) Accounting, legal and administrative costs are product costs. , Reporting 24) Accounting, legal and administrative costs are included in manufacturing overhead. , Reporting 25) Repair and maintenance costs for factory equipment are product costs. , Reporting 26).
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