T/F:Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers.
answer
True
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Managerial accounting is different from financial accounting in that:
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Managerial accounting includes many projections and estimates whereas financial accounting has a minimum of predictions.
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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:
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Just-in-time manufacturing.
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Materials that are used in manufacturing but are not clearly identified with specific product units are called:
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Indirect materials.
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Classifying costs by behavior with changes in volume of activity involves:
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Identifying fixed cost and variable cost.
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A fixed cost:
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Does not change with changes in the volume of activity within the relevant range.
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Products that are in the process of being manufactured but are not yet complete are called:
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Work in process inventory or goods in process inventory
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A schedule of cost of goods manufactured is also known as a:
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Manufacturing statement.
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A manufacturing company has a beginning finished goods inventory of $28,600, cost of goods manufactured of $58,800, and an ending finished goods inventory of $27,900. The cost of goods sold for this company is:
Use the following data to compute total manufacturing costs for the month:
Sales commissions $12,200
Direct labor 41,000
Indirect materials 16,600
Factory manager salaries 8,600
Factory supplies 10,400
Indirect labor 7,700
Depreciation—office equipment 6,400
Direct materials 41,900
Corporate office salaries 43,900
Depreciation—factory equipment 8,900
answer
$135,100 (Explanation: Direct labor $41,000 + Indirect materials $16,600 + Factory manager salaries $8,600 + Factory supplies $10,400 + Indirect labor $7,700 + Direct materials $41,900 + Depreciation on factory equipment $8,900 = $135,100) or (Direct materials used + Direct Labor + Total Factory overhead) Pg 640 & 646
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