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Chapter01

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Chapter 1
An Introduction to Managerial Accounting and Cost Concepts
True/False
1. Manufacturing overhead is an indirect cost with respect to units of product.
Level: Medium LO: 1 Ans: T
2. Depreciation on office equipment would not be included in the cost of goods manufactured.
Level: Easy LO: 2,4 Ans: T
3. Rent on a factory building used in the production process would be classified as a period cost and as a
fixed cost.
Level: Medium LO: 2,5 Ans: F
4. Period costs are found only in manufacturing companies, not in merchandising companies.
Level: Medium LO: 2 Ans: F
5. Depreciation on equipment a company uses in its selling and administrative activities would be
classified as a product cost.
Level: Medium LO: 2 Ans: F
6. If the finished goods inventory increases between the beginning and the end of a period, then the cost
of goods manufactured is smaller than the cost of goods sold.
Level: Hard LO: 3,4 Ans: F
7. The cost of goods manufactured is calculated by adding the amount of work in process at the end of the
year to the cost of raw materials used, direct labor worked, and manufacturing overhead incurred for the
year and then subtracting work in process at the beginning of the year.
Level: Medium LO: 4 Ans: F
8. A publisher that sells its books through agents who are paid a constant percentage commission on each
book sold would classify the commissions as a fixed cost.
Level: Medium LO: 5 Ans: F
9. Variable costs per unit are affected by changes in activity.
Level: Easy LO: 5 Ans: F
Brewer, Introduction to Managerial Accounting, 3/e
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10. A cost is either direct or indirect. The classification will not change if the cost object changes.
Level: Medium LO: 6 Ans: F
11. The amount that a manufacturing company could earn by renting unused portions of its warehouse is
an example of an opportunity cost.
Level: Easy LO: 7 Ans: T
Multiple Choice
12. Indirect labor is a part of:
A) Prime cost.
B) Conversion cost.
C) Period cost.
D) Nonmanufacturing cost.
Source: CPA, adapted
Level: Medium LO: 1,2 Ans: B
13. The cost of lubricants used to grease a production machine in a manufacturing company is an example
of a(n):
A) period cost.
B) direct material cost.
C) indirect material cost.
D) none of the above.
Level: Easy LO: 1,2 Ans: C
14. The salary paid to the president of King Company would be classified on the income statement as
a(n):
A) administrative expense.
B) direct labor cost.
C) manufacturing overhead cost.
D) selling expense.
Level: Easy LO: 1 Ans: A
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Brewer, Introduction to Managerial Accounting, 3/e
15. Direct labor cost is a part of:
A) A above
B) B above
C) C above
D) D above
Source: CPA, adapted
Level: Easy LO: 1 Ans: C
16. Direct material cost is a:
A) A above
B) B above
C) C above
D) D above
Source: CPA, adapted
Level: Medium LO: 1 Ans: B
17. Prime cost and conversion cost share what common element of total cost?
A) Direct materials.
B) Direct labor.
C) Variable overhead.
D) Fixed overhead.
Source: CPA, adapted
Level: Easy LO: 1 Ans: B
18. Prime cost consists of:
A) direct labor and manufacturing overhead.
B) direct materials and manufacturing overhead.
C) direct materials and direct labor.
D) direct materials, direct labor and manufacturing overhead.
Level: Easy LO: 1 Ans: C
Brewer, Introduction to Managerial Accounting, 3/e
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19. Wages paid to a timekeeper in a factory are a:
A) A above
B) B above
C) C above
D) D above
Source: CPA, adapted
Level: Medium LO: 1 Ans: D
20. Property taxes on a company’s factory building would be classified as a(n):
A) product cost.
B) opportunity cost.
C) period cost.
D) variable cost.
Level: Easy LO: 2,5,7 Ans: A
21. Depreciation on a personal computer used in the marketing department of a manufacturing firm would
be classified as:
A) a product cost that is fixed with respect to the company’s output.
B) a period cost that is fixed with respect to the company’s output.
C) a product cost that is variable with respect to the company’s output.
D) a period cost that is varaible with respect to the company’s output.
Level: Medium LO: 2,5 Ans: B
22. The nursing station on the fourth floor of Central Hospital is responsible for the care of patients who
have undergone orthopedic surgery. The costs of drugs administered by the nursing station to patients
would be classified as:
A) direct costs of the patients.
B) indirect costs of the patients.
C) overhead costs of the nursing station.
D) period costs of the hospital.
Level: Hard LO: 2,6 Ans: A
23. All of the following would be classified as product costs except:
A) property taxes on production equipment.
B) insurance on factory machinery.
C) salaries of the advertising staff.
D) wages of machine operators.
Level: Easy LO: 2 Ans: C
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Brewer, Introduction to Managerial Accounting, 3/e
24. Product costs appear on the balance sheet:
A) only if goods are partially completed at the end of the period.
B) only if goods are unsold at the end of a period.
C) only if goods are partially completed or are unsold at the end of a period.
D) only in merchandising firms.
Level: Medium LO: 2 Ans: C
25. Ross Corporation shipped finished goods to a customer on credit, but the sale was not recorded and
the costs of the finished goods were incorrectly included on the period’s balance sheet as part of the
finished goods inventory. Which one of the following statements is correct concerning the effects of this
error?
A) Accounts receivable was not affected, inventory was overstated, sales were understated, and cost of
goods sold was understated.
B) Accounts receivable was understated, inventory was not affected, sales were understated, and cost of
goods sold was understated.
C) Accounts receivable was understated, inventory was overstated, sales were understated, and cost of
goods sold was overstated.
D) Accounts receivable was understated, inventory was overstated, sales were understated, and cost of
goods sold was understated.
Source: CMA, adapted
Level: Easy LO: 3 Ans: D
26. Data for Cost A and Cost B are as follows:
Which of the above best describes the behavior of Costs A and B?
A) Cost A is fixed, Cost B is variable.
B) Cost A is variable, Cost B is fixed.
C) Both Cost A and Cost B are variable.
D) Both Cost A and Cost B are fixed.
Level: Medium LO: 5 Ans: B
Brewer, Introduction to Managerial Accounting, 3/e
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27. Fixed costs expressed on a per unit basis:
A) will increase with increases in activity.
B) will decrease with increases in activity.
C) are not affected by activity.
D) should be ignored in making decisions since they cannot change.
Level: Medium LO: 5 Ans: B
28. The costs of staffing and operating the accounting department at Central Hospital would be
considered by the Department of Surgery to be:
A) direct costs.
B) indirect costs.
C) incremental costs.
D) opportunity costs.
Level: Hard LO: 6,7 Ans: B
29. A cost incurred in the past that is not relevant to any current decision is classified as a(n):
A) period cost.
B) opportunity cost.
C) sunk cost.
D) differential cost.
Level: Easy LO: 7 Ans: C
30. Differential costs can:
A) only be fixed costs.
B) only be variable costs.
C) be either fixed or variable.
D) be incremental but not decremental.
Level: Easy LO: 7 Ans: C
31. John Johnson decided to leave his former job where he earned $12 per hour to go to a new job where
he will earn $13 per hour. In the decision process, the former wage of $12 per hour would be classified as
a(n):
A) sunk cost.
B) direct cost.
C) fixed cost.
D) opportunity cost.
Level: Easy LO: 7 Ans: D
32. The term that refers to costs incurred in the past that are not relevant to a decision is:
A) marginal cost.
B) indirect cost.
C) period cost.
D) sunk cost.
Level: Easy LO: 7 Ans: D
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33. The following costs were incurred in January:
Conversion costs during the month totaled:
A) $97,000
B) $167,000
C) $102,000
D) $61,000
Level: Medium LO: 1,2 Ans: A
34. The following costs were incurred in February:
Conversion costs during the month totaled:
A) $59,000
B) $80,000
C) $53,000
D) $139,000
Level: Medium LO: 1,2 Ans: C
35. The following costs were incurred in March:
Conversion costs during the month totaled:
A) $88,000
B) $38,000
C) $136,000
D) $84,000
Level: Medium LO: 1,2 Ans: D
Brewer, Introduction to Managerial Accounting, 3/e
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36. The following costs were incurred in January:
Prime costs during the month totaled:
A) $86,000
B) $65,000
C) $47,000
D) $127,000
Level: Medium LO: 1,2 Ans: B
37. The following costs were incurred in February:
Prime costs during the month totaled:
A) $71,000
B) $32,000
C) $113,000
D) $57,000
Level: Medium LO: 1,2 Ans: D
38. The following costs were incurred in March:
Prime costs during the month totaled:
A) $63,000
B) $107,000
C) $38,000
D) $77,000
Level: Medium LO: 1,2 Ans: A
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39. Aable Company’s manufacturing overhead is 20% of its total conversion costs. If direct labor is
$45,000 and if direct materials are $53,000, the manufacturing overhead is:
A) $11,250
B) $13,250
C) $180,000
D) $24,500
Level: Hard LO: 1 Ans: A
40. Abair Company’s manufacturing overhead is 20% of its total conversion costs. If direct labor is
$38,000 and if direct materials are $35,000, the manufacturing overhead is:
A) $18,250
B) $9,500
C) $8,750
D) $152,000
Level: Hard LO: 1 Ans: B
41. Abbey Company’s manufacturing overhead is 60% of its total conversion costs. If direct labor is
$35,000 and if direct materials are $55,000, the manufacturing overhead is:
A) $135,000
B) $23,333
C) $82,500
D) $52,500
Level: Hard LO: 1 Ans: D
42. During the month of January, direct labor cost totaled $17,000 and direct labor cost was 60% of prime
cost. If total manufacturing costs during January were $82,000, the manufacturing overhead was:
A) $11,333
B) $53,667
C) $28,333
D) $65,000
Level: Hard LO: 1 Ans: B
43. During the month of February, direct labor cost totaled $13,000 and direct labor cost was 40% of
prime cost. If total manufacturing costs during February were $80,000, the manufacturing overhead was:
A) $32,500
B) $19,500
C) $67,000
D) $47,500
Level: Hard LO: 1 Ans: D
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44. During the month of March, direct labor cost totaled $17,000 and direct labor cost was 70% of prime
cost. If total manufacturing costs during March were $88,000, the manufacturing overhead was:
A) $24,286
B) $71,000
C) $63,714
D) $7,286
Level: Hard LO: 1 Ans: C
45. Knowel Company’s direct labor is 40 percent of its conversion cost. If the manufacturing overhead
cost for the last period was $60,000 and the direct materials cost was $30,000, the direct labor cost was:
A) $90,000
B) $20,000
C) $60,000
D) $40,000
Level: Hard LO: 1 Ans: D
46. In January direct labor was 40% percent of conversion cost. If the manufacturing overhead cost for
the month was $78,000 and the direct materials cost was $22,000, the direct labor cost was:
A) $14,667
B) $52,000
C) $33,000
D) $117,000
Level: Hard LO: 1 Ans: B
47. In February direct labor was 60% percent of conversion cost. If the manufacturing overhead cost for
the month was $78,000 and the direct materials cost was $22,000, the direct labor cost was:
A) $52,000
B) $14,667
C) $117,000
D) $33,000
Level: Hard LO: 1 Ans: C
48. In March direct labor was 60% percent of conversion cost. If the manufacturing overhead cost for the
month was $38,000 and the direct materials cost was $32,000, the direct labor cost was:
A) $21,333
B) $48,000
C) $25,333
D) $57,000
Level: Hard LO: 1 Ans: D
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49. Crossland Company’s direct labor cost is 30% of its conversion cost. If the manufacturing overhead
cost for the last period was $49,000 and the direct materials cost was $20,000, the direct labor cost was:
A) $ 6,000
B) $14,700
C) $21,000
D) $34,000
Level: Hard LO: 1 Ans: C
50. CF Company manufactures wooden rocking chairs. CF identified the following three material costs in
its production process for July: $100,000 for springs for the rocking mechanism; two springs at a cost of
$10 each are used in each chair; $1,700 for glue used as needed from one gallon containers; and $500 for
stain used to touch up spots on the chairs. The total cost that should have been assigned to indirect
material for July was:
A) $102,200
B) $500
C) $2,200
D) $1,700
Level: Medium LO: 1 Ans: C
51. Fab Co. manufactures textiles. Fab’s manufacturing costs last year included the following salaries and
wages:
What is the amount of direct labor included in this list?
A) $195,000
B) $165,000
C) $150,000
D) $120,000
Source: CPA, adapted
Level: Medium LO: 1 Ans: D
52. A manufacturing company has provided the following cost data for a recent period:
Prime cost for the period was:
A) $18,000
B) $26,000
C) $30,000
D) $34,000
Source: CIMA, adapted
Level: Medium LO: 1 Ans: A
Brewer, Introduction to Managerial Accounting, 3/e
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53. A manufacturing company prepays its insurance coverage for a three-year period. The premium for
the three years is $3,000 and is paid at the beginning of the first year. Three-fourths of the premium
applies to factory operations and one-fourth applies to selling and administrative activities. What amounts
should be considered product and period costs respectively for the first year of coverage?
A) A above
B) B above
C) C above
D) D above
Level: Hard LO: 2
Ans: D
54. Last month a manufacturing company had the following operating results:
What was the cost of goods manufactured for the month?
A) $371,000
B) $459,000
C) $383,000
D) $377,000
Level: Hard LO: 3,4 Ans: A
55. Last month a manufacturing company had the following operating results:
What was the cost of goods manufactured for the month?
A) $375,000
B) $414,000
C) $399,000
D) $351,000
Level: Hard LO: 3,4 Ans: D
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56. Gabert Inc. is a merchandising company. Last month the company’s merchandise purchases totaled
$68,000. The company’s beginning merchandise inventory was $17,000 and its ending merchandise
inventory was $13,000. What was the company’s cost of goods sold for the month?
A) $72,000
B) $68,000
C) $98,000
D) $64,000
Level: Easy LO: 3 Ans: A
57. Haag Inc. is a merchandising company. Last month the company’s cost of goods sold was $86,000.
The company’s beginning merchandise inventory was $20,000 and its ending merchandise inventory was
$21,000. What was the total amount of the company’s merchandise purchases for the month?
A) $86,000
B) $127,000
C) $87,000
D) $85,000
Level: Medium LO: 3 Ans: C
58. During February, the cost of goods manufactured was $83,000. The beginning finished goods
inventory was $14,000 and the ending finished goods inventory was $13,000. What was the cost of goods
sold for the month?
A) $83,000
B) $110,000
C) $82,000
D) $84,000
Level: Easy LO: 3 Ans: D
59. During March, the cost of goods manufactured was $62,000. The beginning finished goods inventory
was $11,000 and the ending finished goods inventory was $19,000. What was the cost of goods sold for
the month?
A) $70,000
B) $92,000
C) $54,000
D) $62,000
Level: Easy LO: 3 Ans: C
Brewer, Introduction to Managerial Accounting, 3/e
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60. The following information is taken from the records of CL Company for last year:
What are the correct amounts for direct labor and ending work in process inventory?
A) A above
B) B above
C) C above
D) D above
Level: Hard LO: 4
Ans: D
61. The following information is taken from the records of DW Company for last year:
The amount of beginning work in process inventory is:
A) $24,000
B) $2,000
C) $22,000
D) $3,000
Level: Hard LO: 4 Ans: B
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62. Using the following data for February, calculate the cost of goods manufactured:
The cost of goods manufactured was:
A) $78,000
B) $85,000
C) $72,000
D) $75,000
Level: Medium LO: 4 Ans: C
63. Using the following data for March, calculate the cost of goods manufactured:
The cost of goods manufactured was:
A) $74,000
B) $86,000
C) $76,000
D) $75,000
Level: Medium LO: 4 Ans: A
Use the following information to answer 64-65
Clyde Company has provided the following data for the month of November:
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64. The ending raw materials inventory was:
A) $11,000
B) $23,000
C) $10,000
D) $12,000
Level: Hard LO: 2,4 Ans: A
65. If the net operating income was $40,000, then the beginning finished goods inventory was:
A) $22,000
B) $9,000
C) $42,000
D) $1,000
Level: Hard LO: 2,3,4 Ans: D
Use the following for questions 66-69
The following data (in thousands of dollars) have been taken from the accounting records of Karsen
Corporation for the just completed year.
Use these data to answer the following series of questions.
66. The cost of the raw materials used in production during the year (in thousands of dollars) was:
A) $230
B) $220
C) $160
D) $260
Level: Medium LO: 2,3,4 Ans: B
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67. The cost of goods manufactured (finished) for the year (in thousands of dollars) was:
A) $590
B) $650
C) $660
D) $570
Level: Medium LO: 2,3,4 Ans: A
68. The cost of goods sold for the year (in thousands of dollars) was:
A) $680
B) $540
C) $640
D) $730
Level: Medium LO: 2,3,4 Ans: B
69. The net operating income for the year (in thousands of dollars) was:
A) $180
B) $170
C) $390
D) $190
Level: Medium LO: 2,3,4 Ans: A
Use the following information to answer 70-73
The following data (in thousands of dollars) have been taken from the accounting records of Karsten
Corporation for the just completed year.
Use these data to answer the following series of questions.
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70. The cost of the raw materials used in production during the year (in thousands of dollars) was:
A) $130
B) $170
C) $140
D) $60
Level: Medium LO: 2,3,4 Ans: C
71. The cost of goods manufactured (finished) for the year (in thousands of dollars) was:
A) $530
B) $540
C) $470
D) $570
Level: Medium LO: 2,3,4 Ans: C
72. The cost of goods sold for the year (in thousands of dollars) was:
A) $490
B) $450
C) $620
D) $600
Level: Medium LO: 2,3,4 Ans: A
73. The net operating income for the year (in thousands of dollars) was:
A) $170
B) $140
C) $500
D) $200
Level: Medium LO: 2,3,4 Ans: A
Use the following information to answer 74-77
The following data (in thousands of dollars) have been taken from the accounting records of Karstone
Corporation for the just completed year.
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74. The cost of the raw materials used in production during the year (in thousands of dollars) was:
A) $180
B) $140
C) $160
D) $170
Level: Medium LO: 2,3,4 Ans: B
75. The cost of goods manufactured (finished) for the year (in thousands of dollars) was:
A) $580
B) $600
C) $500
D) $630
Level: Medium LO: 2,3,4 Ans: B
76. The cost of goods sold for the year (in thousands of dollars) was:
A) $620
B) $580
C) $720
D) $700
Level: Medium LO: 2,3,4 Ans: A
77. The net operating income for the year (in thousands of dollars) was:
A) $260
B) $30
C) $90
D) ($30)
Level: Medium LO: 2,3,4 Ans: B
Use the following information to answer 78-79
The manufacturing operations of QC Company had the following inventory balances for the month of
March:
78. If the company purchased $18,000 of raw materials during March, what was the cost of raw materials
used in production?
A) $16,000
B) $20,000
C) $41,000
D) $19,000
Level: Medium LO: 4 Ans: A
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79. If the company transferred $38,000 of completed goods from work in process to finished goods
during March, what was the amount of the cost of goods sold?
A) $38,000
B) $43,000
C) $30,000
D) $46,000
Level: Medium LO: 3 Ans: D
Use the following information to answer 80-81
Servix, Inc., produces water pumps. Each water pump contains a small valve that costs $5. During May,
600 valves were drawn from the supply room and installed in water pumps in the production process.
Eighty percent of these units were completed and transferred into finished goods warehouses. Of the units
completed, thirty percent were still unsold at the end of the month. There were no beginning inventories.
80. The cost of valves in work in process at the end of May would be:
A) $2,400
B) $3,000
C) $600
D) $720
Level: Easy LO: 4 Ans: C
81. The cost of valves in cost of goods sold for May would be:
A) $1,680
B) $2,100
C) $900
D) $720
Level: Easy LO: 3 Ans: A
Use the following information to answer 82-83
The manufacturing operations of Jones Company had the following inventory balances for the month of
March:
82. If the company purchased $20,000 of raw materials during March, what was the cost of raw materials
used in production?
A) $24,000
B) $22,000
C) $32,000
D) $18,000
Level: Medium LO: 4 Ans: D
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83. If the company transferred $40,000 of completed goods from work in process to finished goods
during March, what was the amount of the cost of goods sold?
A) $47,000
B) $40,000
C) $33,000
D) $44,000
Level: Medium LO: 4 Ans: A
Use the following information to answer 84-85
At a sales volume of 30,000 units, Carne Company’s total fixed costs are $30,000 and total variable costs
are $45,000. The relevant range is 20,000 to 40,000 units.
84. If Carne Company were to sell 32,000 units, the total expected cost would be:
A) $75,000
B) $78,000
C) $80,000
D) $77,000
Level: Easy LO: 5 Ans: B
85. If Carne Company were to sell 40,000 units, the total expected cost per unit would be:
A) $2.50
B) $2.25
C) $2.13
D) $1.88
Level: Easy LO: 5 Ans: B
Use the following information to answer 86-88
A partial listing of costs incurred at Gilhooly Corporation during September appears below:
86. The total of the manufacturing overhead costs listed above for September is:
A) $669,000
B) $366,000
C) $34,000
D) $59,000
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Level: Medium LO: 1 Ans: D
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87. The total of the product costs listed above for September is:
A) $59,000
B) $366,000
C) $669,000
D) $303,000
Level: Medium LO: 2 Ans: B
88. The total of the period costs listed above for September is:
A) $303,000
B) $59,000
C) $366,000
D) $362,000
Level: Medium LO: 2 Ans: A
Use the following information to answer 89-91
A partial listing of costs incurred during December at Rooks Corporation appears below:
89. The total of the period costs listed above for December is:
A) $82,000
B) $340,000
C) $389,000
D) $307,000
Level: Medium LO: 2
Refer To: 01_10 Ans: D
90. The total of the manufacturing overhead costs listed above for December is:
A) $30,000
B) $82,000
C) $647,000
D) $340,000
Level: Medium LO: 1 Ans: B
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91. The total of the product costs listed above for December is:
A) $340,000
B) $82,000
C) $647,000
D) $307,000
Level: Medium LO: 2 Ans: A
Use the following information to answer 92-93
Cohill Corporation reported the following data for the month of July:
92. If the raw materials purchased during July totaled $66,000, what was the cost of the raw materials
used in production for the month?
A) $49,000
B) $67,000
C) $66,000
D) $65,000
Level: Easy LO: 1,3 Ans: D
93. If the company transferred $225,000 of completed goods from work in process to finished goods
inventory during July, what was the cost of goods sold for the month?
A) $231,000
B) $208,000
C) $242,000
D) $225,000
Level: Easy LO: 3 Ans: B
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Use the following information to answer 94-95
Abare Corporation reported the following data for the month of December:
Additional information:
94. The conversion cost for December was:
A) $134,000
B) $109,000
C) $192,000
D) $129,000
Level: Medium LO: 1 Ans: D
95. The prime cost for December was:
A) $129,000
B) $115,000
C) $109,000
D) $62,000
Level: Medium LO: 1 Ans: B
Use the following information to answer 96-97
Management of Lewallen Corporation has asked your help as an intern in preparing some key reports for
September. The beginning balance in the raw materials inventory account was $25,000. During the
month, the company made raw materials purchases amounting to $60,000. At the end of the month, the
balance in the raw materials inventory account was $28,000. Direct labor cost was $43,000 and
manufacturing overhead cost was $71,000. The beginning balance in the work in process account was
$23,000 and the ending balance was $11,000. The beginning balance in the finished goods account was
$29,000 and the ending balance was $45,000. Selling expense was $15,000 and administrative expense
was $32,000.
96. The conversion cost for September was:
A) $114,000
B) $131,000
C) $171,000
D) $103,000
Level: Medium LO: 1 Ans: A
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97. The prime cost for September was:
A) $114,000
B) $100,000
C) $103,000
D) $47,000
Level: Medium LO: 1 Ans: B
Use the following information to answer 98-101
Dullea Corporation reported the following data for the month of May:
Additional information:
98. The total manufacturing cost for May was:
A) $187,000
B) $76,000
C) $121,000
D) $194,000
Level: Medium LO: 3,4 Ans: A
99. The cost of goods manufactured for May was:
A) $194,000
B) $121,000
C) $180,000
D) $187,000
Level: Medium LO: 3,4 Ans: A
100. The cost of goods sold for May was:
A) $261,000
B) $149,000
C) $165,000
D) $223,000
Level: Medium LO: 3,4 Ans: C
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Brewer, Introduction to Managerial Accounting, 3/e
101. The net operating income for May was:
A) $125,000
B) $55,000
C) $33,000
D) $99,000
Level: Medium LO: 3,4 Ans: B
Use the following information to answer 102-105
Management of Melendes Corporation has asked your help as an intern in preparing some key reports for
October. The company started the month with raw materials inventories of $38,000. During the month,
the company made raw materials purchases amounting to $71,000. At the end of the month, raw materials
inventories totaled $22,000. Direct labor cost was $45,000 and manufacturing overhead cost was $79,000.
The beginning balance in the work in process account was $16,000 and the ending balance was $22,000.
The beginning balance in the finished goods account was $38,000 and the ending balance was $49,000.
Sales totaled $250,000. Selling expense was $24,000 and administrative expense was $31,000.
102. The total manufacturing cost for October was:
A) $79,000
B) $195,000
C) $211,000
D) $124,000
Level: Medium LO: 3,4 Ans: C
103. The cost of goods manufactured for October was:
A) $217,000
B) $211,000
C) $195,000
D) $205,000
Level: Medium LO: 3,4 Ans: D
104. The cost of goods sold for October was:
A) $216,000
B) $194,000
C) $148,000
D) $239,000
Level: Medium LO: 3,4 Ans: B
105. The net operating income for October was:
A) $56,000
B) $0
C) $71,000
D) $1,000
Level: Medium LO: 3,4 Ans: D
Brewer, Introduction to Managerial Accounting, 3/e
27
Use the following information to answer 106-109
Henley Corporation reported the following data for the month of July:
Additional information:
106. The total manufacturing cost for July was:
A) $54,000
B) $90,000
C) $145,000
D) $147,000
Level: Medium LO: 3,4 Ans: C
107. The cost of goods manufactured for July was:
A) $148,000
B) $142,000
C) $147,000
D) $145,000
Level: Medium LO: 3,4 Ans: A
108. The cost of goods sold for July was:
A) $134,000
B) $162,000
C) $106,000
D) $224,000
Level: Medium LO: 3,4 Ans: B
109. The net operating income for July was:
A) $79,000
B) $48,000
C) $7,000
D) $22,000
Level: Medium LO: 3,4 Ans: C
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Brewer, Introduction to Managerial Accounting, 3/e
Use the following information to answer 110-111
Lambertson Corporation reported the following data for the month of March:
Additional information:
110. The cost of goods sold for March was:
A) $110,000
B) $177,000
C) $215,000
D) $147,000
Level: Medium LO: 3,4 Ans: D
111. The net operating income for March was:
A) $79,000
B) $25,000
C) $83,000
D) $2,000
Level: Medium LO: 3,4 Ans: B
Brewer, Introduction to Managerial Accounting, 3/e
29
Use the following information to answer 112-113
Nives Corporation reported the following data for the month of January:
Additional information:
112. The total manufacturing cost for January was:
A) $86,000
B) $198,000
C) $121,000
D) $187,000
Level: Medium LO: 3,4 Ans: B
113. The net operating income for January was:
A) $14,000
B) $16,000
C) $91,000
D) $82,000
Level: Medium LO: 3,4 Ans: A
Use the following information to answer 114-117
Management of Shandley Corporation has asked your help as an intern in preparing some key reports for
August. The beginning balance in the raw materials inventory account was $21,000. During the month,
the company made raw materials purchases amounting to $59,000. At the end of the month, the balance in
the raw materials inventory account was $22,000. Direct labor cost was $39,000 and manufacturing
overhead cost was $71,000. The beginning balance in the work in process account was $12,000 and the
ending balance was $18,000. The beginning balance in the finished goods account was $30,000 and the
ending balance was $54,000. Sales totaled $220,000. Selling expense was $11,000 and administrative
expense was $34,000.
30
Brewer, Introduction to Managerial Accounting, 3/e
114. The total manufacturing cost for August was:
A) $168,000
B) $169,000
C) $71,000
D) $110,000
Level: Medium LO: 3,4 Ans: A
115. The cost of goods manufactured for August was:
A) $169,000
B) $168,000
C) $174,000
D) $162,000
Level: Medium LO: 3,4 Ans: D
116. The cost of goods sold for August was:
A) $186,000
B) $196,000
C) $138,000
D) $121,000
Level: Medium LO: 3,4 Ans: C
117. The net operating income for August was:
A) $6,000
B) $65,000
C) $82,000
D) $37,000
Level: Medium LO: 3,4 Ans: D
Use the following information to answer 118-119
The CFO of Carl Corporation has provided the following data for September. The beginning balance in
the raw materials inventory account was $32,000. During the month, the company made raw materials
purchases amounting to $56,000. At the end of the month, the balance in the raw materials inventory
account was $34,000. Direct labor cost was $46,000 and manufacturing overhead cost was $68,000. The
beginning balance in the work in process account was $13,000 and the ending balance was $10,000. The
beginning balance in the finished goods account was $53,000 and the ending balance was $31,000. Sales
totaled $270,000. Selling expense was $15,000 and administrative expense was $50,000.
118. The cost of goods sold for September was:
A) $129,000
B) $193,000
C) $292,000
D) $149,000
Level: Medium LO: 3,4 Ans: B
Brewer, Introduction to Managerial Accounting, 3/e
31
119. The net operating income for September was:
A) $77,000
B) $91,000
C) $12,000
D) $35,000
Level: Medium LO: 3,4 Ans: C
Use the following information to answer 120-121
Berthelot Corporation has provided the following data for June. The beginning balance in the raw
materials inventory account was $34,000. During the month, the company made raw materials purchases
amounting to $50,000. At the end of the month, the balance in the raw materials inventory account was
$28,000. Direct labor cost was $47,000 and manufacturing overhead cost was $81,000. The beginning
balance in the work in process account was $11,000 and the ending balance was $10,000. The beginning
balance in the finished goods account was $25,000 and the ending balance was $59,000. Sales totaled
$270,000. Selling expense was $14,000 and administrative expense was $43,000.
120. The total manufacturing cost for June was:
A) $81,000
B) $178,000
C) $184,000
D) $128,000
Level: Medium LO: 3,4 Ans: C
121. The net operating income for June was:
A) $35,000
B) $62,000
C) $85,000
D) $119,000
Level: Medium LO: 3,4 Ans: B
Use the following information to answer 122-123
Okey Corporation has provided the following data for the month of April. The beginning balance in the
finished goods inventory account was $37,000 and the ending balance was $34,000. Sales totaled
$250,000. Cost of goods manufactured was $123,000, selling expense was $17,000, and administrative
expense was $62,000.
122. The cost of goods sold for April was:
A) $202,000
B) $126,000
C) $123,000
D) $120,000
Level: Easy LO: 3 Ans: B
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Brewer, Introduction to Managerial Accounting, 3/e
123. The net operating income for April was:
A) $45,000
B) $127,000
C) $48,000
D) $130,000
Level: Easy LO: 3 Ans: A
Use the following information to answer 124-125
Nieman Inc., a local retailer, has provided the following data for the month of March:
124. The cost of goods sold for March was:
A) $146,000
B) $150,000
C) $142,000
D) $237,000
Level: Easy LO: 3 Ans: C
125. The net operating income for March was:
A) $130,000
B) $134,000
C) $43,000
D) $47,000
Level: Easy LO: 3 Ans: D
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33
Use the following information to answer 126-127
Varland Corporation reported the following data for the month of June:
Additional information:
126. The total manufacturing cost for June was:
A) $164,000
B) $79,000
C) $107,000
D) $161,000
Level: Medium LO: 4 Ans: D
127. The cost of goods manufactured for June was:
A) $153,000
B) $161,000
C) $164,000
D) $169,000
Level: Medium LO: 4 Ans: A
Use the following information to answer 128-129
Sherr Corporation reported the following data for the month of March:
Additional information:
34
Brewer, Introduction to Managerial Accounting, 3/e
128. The cost of goods manufactured for March was:
A) $185,000
B) $199,000
C) $181,000
D) $190,000
Level: Medium LO: 4 Ans: B
129. The cost of goods sold for March was:
A) $180,000
B) $218,000
C) $241,000
D) $124,000
Level: Medium LO: 4 Ans: A
Use the following information to answer 130-131
Nahass Corporation has provided the following data for September. The beginning balance in the raw
materials inventory account was $28,000. During the month, the company made raw materials purchases
amounting to $70,000. At the end of the month, the balance in the raw materials inventory account was
$34,000. Direct labor cost was $35,000 and manufacturing overhead cost was $53,000. The beginning
balance in the work in process account was $18,000 and the ending balance was $11,000. The beginning
balance in the finished goods account was $57,000 and the ending balance was $31,000.
130. The total manufacturing cost for September was:
A) $152,000
B) $88,000
C) $158,000
D) $53,000
Level: Medium LO: 4 Ans: A
131. The cost of goods manufactured for September was:
A) $152,000
B) $145,000
C) $158,000
D) $159,000
Level: Medium LO: 4 Ans: D
Use the following information to answer 132-133
At a sales volume of 35,000 units, Cly Corporation’s sales commissions (a cost that is variable with
respect to sales volume) total $525,000.
Brewer, Introduction to Managerial Accounting, 3/e
35
132. To the nearest whole dollar, what should be the total sales commissions at a sales volume of 36,100
units? (Assume that this sales volume is within the relevant range.)
A) $525,000
B) $509,003
C) $533,250
D) $541,500
Level: Easy LO: 5 Ans: D
133. To the nearest whole cent, what should be the average sales commission per unit at a sales volume of
33,600 units? (Assume that this sales volume is within the relevant range.)
A) $14.54
B) $15.00
C) $15.63
D) $15.32
Level: Easy LO: 5 Ans: B
Use the following information to answer 134-135
At a sales volume of 37,000 units, Maks Corporation’s property taxes (a cost that is fixed with respect to
sales volume) total $802,900.
134. To the nearest whole dollar, what should be the total property taxes at a sales volume of 39,700
units? (Assume that this sales volume is within the relevant range.)
A) $802,900
B) $748,295
C) $832,195
D) $861,490
Level: Easy LO: 5 Ans: A
135. To the nearest whole cent, what should be the average property tax per unit at a sales volume of
40,300 units? (Assume that this sales volume is within the relevant range.)
A) $21.70
B) $20.22
C) $19.92
D) $20.81
Level: Easy LO: 5 Ans: C
Use the following information to answer 136-137
Kodama Corporation staffs a helpline to answer questions from customers. The costs of operating the
helpline are variable with respect to the number of calls in a month. At a volume of 30,000 calls in a
month, the costs of operating the helpline total $369,000.
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Brewer, Introduction to Managerial Accounting, 3/e
136. To the nearest whole dollar, what should be the total cost of operating the helpline costs at a volume
of 33,800 calls in a month? (Assume that this call volume is within the relevant range.)
A) $369,000
B) $327,515
C) $392,370
D) $415,740
Level: Easy LO: 5 Ans: D
137. To the nearest whole cent, what should be the average cost of operating the helpline per call at a
volume of 31,300 calls in a month? (Assume that this call volume is within the relevant range.)
A) $12.30
B) $11.79
C) $10.92
D) $12.05
Level: Easy LO: 5 Ans: A
Use the following information to answer 138-139
Emerton Corporation leases its corporate headquarters building. This lease cost is fixed with respect to the
company’s sales volume. In a recent month in which the sales volume was 32,000 units, the lease cost
was $716,800.
138. To the nearest whole dollar, what should be the total lease cost at a sales volume of 30,900 units in a
month? (Assume that this sales volume is within the relevant range.)
A) $742,317
B) $692,160
C) $704,480
D) $716,800
Level: Easy LO: 5 Ans: D
139. To the nearest whole cent, what should be the average lease cost per unit at a sales volume of 34,400
units in a month? (Assume that this sales volume is within the relevant range.)
A) $23.20
B) $21.62
C) $20.84
D) $22.40
Level: Easy LO: 5 Ans: C
Brewer, Introduction to Managerial Accounting, 3/e
37
Use the following information to answer 140-141
The following cost data pertain to the operations of Bouffard Department Stores, Inc., for the month of
May.
The Brentwood Store is just one of many stores owned and operated by the company. The Shoe
Department is one of many departments at the Brentwood Store. The central warehouse serves all of the
company’s stores.
140. What is the total amount of the costs listed above that are direct costs of the Shoe Department?
A) $38,000
B) $29,000
C) $70,000
D) $34,000
Level: Easy LO: 6 Ans: A
141. What is the total amount of the costs listed above that are NOT direct costs of the Brentwood Store?
A) $161,000
B) $86,000
C) $32,000
D) $38,000
Level: Medium LO: 6 Ans: A
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Brewer, Introduction to Managerial Accounting, 3/e
Use the following information to answer 142-143
The following cost data pertain to the operations of Rademaker Department Stores, Inc., for the month of
March.
The Northridge Store is just one of many stores owned and operated by the company. The Cosmetics
Department is one of many departments at the Northridge Store. The central warehouse serves all of the
company’s stores.
142. What is the total amount of the costs listed above that are direct costs of the Cosmetics Department?
A) $83,000
B) $94,000
C) $90,000
D) $127,000
Level: Easy LO: 6 Ans: B
143. What is the total amount of the costs listed above that are NOT direct costs of the Northridge Store?
A) $172,000
B) $33,000
C) $80,000
D) $94,000
Level: Medium LO: 6 Ans: A
Use the following information to answer 144-146
Dechico Corporation purchased a machine 3 years ago for $456,000 when it launched product G92L.
Unfortunately, this machine has broken down and cannot be repaired. The machine could be replaced by a
new model 330 machine costing $474,000 or by a new model 260 machine costing $418,000.
Management has decided to buy the model 260 machine. It has less capacity than the model 330 machine,
but its capacity is sufficient to continue making product G92L. Management also considered, but rejected,
the alternative of dropping product G92L and not replacing the old machine. If that were done, the
$418,000 invested in the new machine could instead have been invested in a project that would have
returned a total of $496,000.
Brewer, Introduction to Managerial Accounting, 3/e
39
144. In making the decision to buy the model 260 machine rather than the model 330 machine, the
differential cost was:
A) $18,000
B) $56,000
C) $38,000
D) $40,000
Level: Easy LO: 7 Ans: B
145. In making the decision to buy the model 260 machine rather than the model 330 machine, the sunk
cost was:
A) $418,000
B) $456,000
C) $474,000
D) $496,000
Level: Easy LO: 7 Ans: B
146. In making the decision to invest in the model 260 machine, the opportunity cost was:
A) $418,000
B) $456,000
C) $474,000
D) $496,000
Level: Easy LO: 7 Ans: D
Use the following information to answer 147-149
Management of Childers Corporation is considering whether to purchase a new model 380 machine
costing $278,000 or a new model 230 machine costing $207,000 to replace a machine that was purchased
3 years ago for $266,000. The old machine was used to make product R16K until it broke down last
week. Unfortunately, the old machine cannot be repaired.
Management has decided to buy the new model 230 machine. It has less capacity than the new model 380
machine, but its capacity is sufficient to continue making product R16K.
Management also considered, but rejected, the alternative of simply dropping product R16K. If that were
done, instead of investing $207,000 in the new machine, the money could be invested in a project that
would return a total of $305,000.
147. In making the decision to buy the model 230 machine rather than the model 380 machine, the sunk
cost was:
A) $305,000
B) $266,000
C) $278,000
D) $207,000
Level: Easy LO: 7 Ans: B
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Brewer, Introduction to Managerial Accounting, 3/e
148. In making the decision to buy the model 230 machine rather than the model 380 machine, the
differential cost was:
A) $71,000
B) $59,000
C) $12,000
D) $39,000
Level: Easy LO: 7 Ans: A
149. In making the decision to invest in the model 230 machine, the opportunity cost was:
A) $278,000
B) $305,000
C) $207,000
D) $266,000
Level: Easy LO: 7 Ans: B
Essay
150. The Plastechnics Company began operations several years ago. The company purchased a building
and, since only half of the space was needed for operations, the remaining space was rented to another
firm for rental revenue of $20,000 per year. The success of Plastechnics Company’s product has resulted
in the company needing more space. The renter’s lease will expire next month and Plastechnics will not
renew the lease in order to use the space to expand operations and meet demand.
The company’s product requires materials that cost $25 per unit. The company employs a production
supervisor whose salary is $2,000 per month. Production line workers are paid $15 per hour to
manufacture and assemble the product. The company rents the equipment needed to produce the product
at a rental cost of $1,500 per month. Additional equipment will be needed as production is expanded and
the monthly rental charge for this equipment will be $900 per month. The building is depreciated on the
straight-line basis at $9,000 per year.
The company spends $40,000 per year to market the product. Shipping costs for each unit are $20 per
unit.
The company plans to liquidate several investments in order to expand production. These investments
currently earn a return of $8,000 per year.
Required:
Complete the answer sheet above by placing an "X" under each heading that identifies the cost involved.
The "Xs" can be placed under more than one heading for a single cost, e.g., a cost might be a sunk cost,
an overhead cost, and a product cost. An "X" can thus be placed under each of these headings opposite
the cost.
Brewer, Introduction to Managerial Accounting, 3/e
41
Level: Medium LO: 1,2,5,7
Ans:
42
Brewer, Introduction to Managerial Accounting, 3/e
151. The following data (in thousands of dollars) have been taken from the accounting records of Larder
Corporation for the just completed year.
Required:
(a.) Prepare a Schedule of Cost of Goods Manufactured in good form.
(b.) Compute the Cost of Goods Sold.
(c.) Using data from your answers above as needed, prepare an Income Statement in good form
Level: Medium LO: 1,3,4
Ans:
Brewer, Introduction to Managerial Accounting, 3/e
43
152. The following data (in thousands of dollars) have been taken from the accounting records of Larop
Corporation for the just completed year.
Required:
(a.) Prepare a Schedule of Cost of Goods Manufactured in good form.
(b.) Compute the Cost of Goods Sold.
(c.) Using data from your answers above as needed, prepare an Income Statement in good form
Level: Medium LO: 1,3,4
44
Brewer, Introduction to Managerial Accounting, 3/e
Ans:
153. Ruise Corporation, a manufacturing company, has provided the following data for the month of
August:
Raw materials purchased during August totaled $73,000 and the cost of goods manufactured totaled
$146,000.
Required:
(a.) What was the cost of raw materials used in production during August? Show your work.
(b.) What was the cost of goods sold for August? Show your work.
Level: Easy LO: 1,3
Brewer, Introduction to Managerial Accounting, 3/e
45
Ans:
154. During the month of February, Cumber Corporation, a manufacturing company, purchased raw
materials costing $79,000. The cost of goods manufactured for the month was $109,000. The beginning
balance in the raw materials account was $21,000 and the ending balance was $39,000. The beginning
balance in the finished goods account was $31,000 and the ending balance was $51,000.
Required:
(a.) What was the cost of raw materials used in production during February? Show your work.
(b.) What was the cost of goods sold for February? Show your work.
Level: Easy LO: 1,3
Ans:
46
Brewer, Introduction to Managerial Accounting, 3/e
155. A partial listing of costs incurred at Falkenberg Corporation during October appears below:
Required:
(a.) What is the total amount of product cost listed above? Show your work.
(b.) What is the total amount of period cost listed above? Show your work.
Level: Medium LO: 2
Ans:
(a.) Product costs consist of direct materials, direct labor, and manufacturing overhead:
(b.) Period costs consist of all costs other than product costs:
Brewer, Introduction to Managerial Accounting, 3/e
47
156. Sobota Corporation has provided the following partial listing of costs incurred during August:
Required:
(a.) What is the total amount of product cost listed above? Show your work.
(b.) What is the total amount of period cost listed above? Show your work.
Level: Medium LO: 2
Ans:
(a.) Product costs consist of direct materials, direct labor, and manufacturing overhead:
(b.) Period costs consist of all costs other than product costs:
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Brewer, Introduction to Managerial Accounting, 3/e
157. Star Corporation has provided the following data for the month of July:
Required:
(a.) Prepare a Schedule of Cost of Goods Manufactured in good form for July.
(b.) Prepare an Income Statement in good form for July.
Level: Medium LO: 3,4
Ans:
(a.) Schedule of Cost of Goods Manufactured
Brewer, Introduction to Managerial Accounting, 3/e
49
(b.) Income Statement
158. In October, Holecek Corporation had sales of $238,000, selling expenses of $12,000, and
administrative expenses of $35,000. The cost of goods manufactured was $130,000. The beginning
balance in the finished goods inventory account was $40,000 and the ending balance was $47,000.
Required:
Prepare an Income Statement in good form for October.
Level: Easy LO: 3
Ans:
159. In November, Stiman Inc., a merchandising company, had sales of $221,000, selling expenses of
$14,000,and administrative expenses of $22,000. The cost of merchandise purchased during the month
was $186,000. The beginning balance in the merchandise inventory account was $42,000 and the ending
balance was $52,000.
Required:
Prepare an Income Statement in good form for November.
Level: Easy LO: 3
50
Brewer, Introduction to Managerial Accounting, 3/e
Ans:
Income Statement
160. Leibowitz Corporation has provided the following data for the month of August:
Required:
Prepare a Schedule of Cost of Goods Manufactured in good form for August.
Level: Medium LO: 4
Brewer, Introduction to Managerial Accounting, 3/e
51
Ans:
Schedule of Cost of Goods Manufactured
161. A number of costs and measures of activity are listed below.
Required:
For each item above, indicate whether the cost is MAINLY fixed or variable with respect to the possible
measure of activity listed next to it.
Level: Easy LO: 5
Ans:
(1.) Cost of cement used to produce cinder blocks; Cinder blocks produced; Variable
(2.) Cost of leasing checkout equipment on a monthly basis at a hardware store; Dollar sales; Fixed
(3.) Cost of vaccine used at a clinic; Vaccines administered; Variable
(4.) Salary of the staff chaplain at a hospital; Number of patients; Fixed
(5.) Windshield wiper blades installed on autos at an auto assembly plant; Number of autos assembled;
52
Brewer, Introduction to Managerial Accounting, 3/e
Variable
(6.) Lease cost of equipment at a dentist’s office; Number of patients; Fixed
(7.) Interest expense on corporate debt; Dollar sales; Fixed
(8.) Cost of renting production equipment on a monthly basis at a snowboard manufacturer; Snowboards
produced; Fixed
(9.) Cost of advertising at a snowboard company; Snowboards sold; Fixed
(10.) Cook’s wages at a taco shop; Dollar sales; Fixed
162. A number of costs and measures of activity are listed below.
Required:
For each item above, indicate whether the cost is MAINLY fixed or variable with respect to the possible
measure of activity listed next to it.
Level: Easy LO: 5
Ans:
(1.) Cost of renting production equipment on a monthly basis at a surfboard manufacturer; Surfboards
produced; Fixed
(2.) Cost of shipping bags of garden mulch to a retail garden store; Bags shipped; Variable
(3.) Building rent at a coffee shop; Dollar sales; Fixed
(4.) Cost of hard disk installed in a computer; Number of computers assembled; Variable
(5.) Cost of fresh vegetables used at a coffee shop; Dollar sales; Variable
(6.) Janitorial wages at a surfboard manufacturer; Surfboards produced; Fixed
(7.) Cost of advertising at a surfboard company; Surfboards sold; Fixed
(8.) Clinical supplies at a doctor’s office; Number of patients; Variable
(9.) Cost of leasing checkout equipment on a monthly basis at an electronics store; Dollar sales; Fixed
(10.) Cost of heating an electronics store; Dollar sales; Fixed
Brewer, Introduction to Managerial Accounting, 3/e
53
163. A number of costs are listed below.
Required:
For each item above, indicate whether the cost is direct or indirect with respect to the cost object listed
next to it.
Level: Easy LO: 6
Ans:
(1.) Cost of a measles vaccine administered at an outpatient clinic at a hospital; The outpatient clinic;
Direct
(2.) Cost of a replacement battery installed in a car at the auto repair shop of an automobile dealer; The
auto repair shop; Direct
(3.) Accounting professor’s salary; A particular class; Indirect
(4.) Cost of electronic navigation system installed in a yacht at a yacht manufacturer; A particular yacht;
Direct
(5.) Cost of wiring used in making a personal computer; A particular personal computer; Indirect
(6.) Supervisor’s wages in a computer manufacturing facility; A particular personal computer; Indirect
(7.) Cost of lubrication oil used at the auto repair shop of an automobile dealer; The auto repair shop;
Direct
(8.) Cost of heating a hotel run by a chain of hotels; A particular hotel guest; Indirect
(9.) Cost of heating a hotel run by a chain of hotels; The particular hotel; Direct
(10.) Cost of tongue depressors used in an outpatient clinic at a hospital; A particular patient; Indirect
54
Brewer, Introduction to Managerial Accounting, 3/e
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