26.03.

2017 IntroductiontoManagerialAccounting|

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Chapter4FIFO
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IntroductiontoManagerialAccounting
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NetTutor JeannieM.Folk
TextUpdates RayH.Garrison
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LinkstoRealWorld
Companies AnIntroductiontoManagerialAccountingandCostConcepts
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Thecorrectanswerforeachquestionisindicatedbya .

1 INCORRECT Thesalaryofthevicepresidentoffinancewouldbeconsidereda(n):

A)manufacturingcost.
B)productcost.
C)administrativecost.
D)sellingexpense.
Feedback:ActivityrateforActivity3:
$14,000700=$20.00
Thewagesofmaterialshandlingpersonnelinafactorywouldusuallybe
considered:
Indirectlabor Manufacturingoverhead

A) No Yes
2 INCORRECT
B) Yes No

C) Yes Yes

D) No No

A)AnswerA
B)AnswerB
C)AnswerC
D)AnswerD

Ifthecostofgoodsmanufacturedisgreaterthanthecostofgoodssold,
3 INCORRECT
then:
A)workinprocessinventoryhasdecreasedduringtheperiod.
B)finishedgoodsinventoryhasincreasedduringtheperiod.
C)totalmanufacturingcostsmustbegreaterthancostofgoods
manufactured.
D)finishedgoodsinventoryhasdecreasedduringtheperiod.

4 INCORRECT Withintherelevantrange:

A)bothtotalvariablecostsandtotalfixedcostswillremainconstant.
B)bothtotalvariablecostsandtotalfixedcostsfluctuate.
C)fixedcostsperunitwillremainconstantandvariablecostsperunit
willfluctuate.
D)variablecostsperunitwillremainconstantandfixedcostsperunit
willfluctuate.
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26.03.2017 IntroductiontoManagerialAccounting|

Whichoneofthefollowingcostsshouldnotbeconsideredanindirectcost
5 INCORRECT
ofservingaparticularcustomerataPizzaHutfranchise?
A)Thesalaryofthefranchise'smanager.
B)Thecostofthetablesandchairsusedtofurnishtherestaurant.
C)Thecostofthedoughusedtomakethepizzathatisordered.
D)Thecostoflightingandheatingtherestaurant.

6 INCORRECT Anopportunitycostis:

A)thedifferencebetweenthetotalcostofonealternativeandthe
totalcostofanotheralternative.
B)thebenefitforgonewhenonealternativeisselectedratherthan
another.
C)acostthatissavedbynotadoptingagivenalternative.
D)acostthatcontinuestobeincurredevenwhenthereisnoactivity.

Thefollowingdata(inthousandsofdollars)havebeentakenfromthe
accountingrecordsofCaseyCorporationforthejustcompletedyear.
Administrativeexpense $30

Directlabo 40

Finishedgoodsinventory,beginnin 24

Finishedgoodsinventory,endin 32

Manufacturingoverhea 46

Purchasesofrawmaterial 24
7 CORRECT
Rawmaterialsinventory,beginnin 8

Rawmaterialsinventory,endin 14

Sale 1,98

Sellingexpense 28

Workinprocessinventory,beginnin 14

Workinprocessinventory,endin 10
Thecostoftherawmaterialsusedinproductionduringtheyear(in
thousandsofdollars)was:
A)$180.
B)$300.
C)$320.
D)$380.
Feedback:
Rawmaterialsinventory,beginnin $8

Purchasesofrawmaterial 24

Lessrawmaterialsinventory,endin (140

Rawmaterialsusedinproductio $18

8 INCORRECT Thefollowingdata(inthousandsofdollars)havebeentakenfromthe
accountingrecordsofCaseyCorporationforthejustcompletedyear.(Note
thatthisisthesamedataasthatprovidedforthequestionabove.)
Administrativeexpense $30

Directlabo 40

Finishedgoodsinventory,beginnin 24

Finishedgoodsinventory,endin 32

Manufacturingoverhea 46
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26.03.2017 IntroductiontoManagerialAccounting|
Manufacturingoverhea 46

Purchasesofrawmaterial 24

Rawmaterialsinventory,beginnin 8

Rawmaterialsinventory,endin 14

Sale 1,98

Sellingexpense 28

Workinprocessinventory,beginnin 14

Workinprocessinventory,endin 10
Thecostofgoodsmanufactured(finisheD)fortheyear(inthousandsof
dollars)was:
A)$1,000.
B)$1,040.
C)$1,080.
D)$1,180.
Feedback:
Workinprocessinventory,beginnin $14

Rawmaterialsusedinproduction(calculatedabove 18

Directlabo 40

Manufacturingoverhea 46

Totalmanufacturingcost 1,18

Less:workinprocessinventory,endin (100

Costofgoodsmanufacture $1,08

9 CORRECT Thefollowingdata(inthousandsofdollars)havebeentakenfromthe
accountingrecordsofCaseyCorporationforthejustcompletedyear.(Note
thatthisisthesamedataasthatprovidedforthequestionabove.)
Administrativeexpense $30

Directlabo 40

Finishedgoodsinventory,beginnin 24

Finishedgoodsinventory,endin 32

Manufacturingoverhea 46

Purchasesofrawmaterial 24

Rawmaterialsinventory,beginnin 8

Rawmaterialsinventory,endin 14

Sale 1,98

Sellingexpense 28

Workinprocessinventory, 14
beginnin

Workinprocessinventory,endin 10

Thecostofgoodssoldfortheyear(inthousandsofdollars)was:
A)$1,000.
B)$1,160.
C)$1,320.
D)$1,400.
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26.03.2017 IntroductiontoManagerialAccounting|
Feedback:
Finishedgoodsinventory,beginnin $24

Costofgoodsmanufactured(calculated 1,08
above

Lessfinishedgoodsinventory,endin (320

Costofgoodssol $1,00

Thefollowingdata(inthousandsofdollars)havebeentakenfromthe
accountingrecordsofCaseyCorporationforthejustcompletedyear.(Note
thatthisisthesamedataasthatprovidedforthequestionabove.)
Administrativeexpense $30

Directlabo 40

Finishedgoodsinventory,beginnin 24

Finishedgoodsinventory,endin 32

Manufacturingoverhea 46

Purchasesofrawmaterial 24
10 INCORRECT
Rawmaterialsinventory,beginnin 8

Rawmaterialsinventory,endin 14

Sale 1,98

Sellingexpense 28

Workinprocessinventory, 14
beginnin

Workinprocessinventory,endin 10
Thenetincomefortheyear(inthousandsofdollars)was:
A)$300.
B)$400.
C)$500.
D)$980.
Feedback:
Sale $1,98

Costofgoodssold(calculatedabove 1,00

Grossprofi 98

Operatingexpenses

Administrativeexpense $300

Sellingexpense 28

Netincom $40

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