ial accounting use al and financial accounting conomic and pysical data in addit
ID: 2340969 • Letter: I
Question
ial accounting use al and financial accounting conomic and pysical data in additsion to liness is more important in financial of managerial accounting information desire greater eggregation than do users of B) Time than in financial accounting information. D) Financial accounting is more highly regulated then managerial accounting 2) For a manufacturing company, product costs include all of the following exept: A) direct labor costs. C) indirect material costs. B) Finished goods warebousing costs. D) All of these are product costs ear of operations, Connor Company paid $50,000 for direct rmaterials and $36,000 $16,000. The comapany for $30.00 a unit. The average cost to produce one unit 3) During its first y in wages for production workers. Lease amounted to $14,000. payments and utilities on the production facilitics General, selling, and administrative expenses were S its and sold 4,000 units uced 5,000 uni is which of the following amounts? D) $18.40 B) $16.00 C) $25.00 A) S20.00 4) Which of the following costs is not considered to be a period cost? A) Salaries paid to company executives B) Freight paid on a purchase of raw materials C) Depreciation of delivery vehicles D) Warehousing costs A) Purchased $8,000 of merchandise inventory B) Used $2,000 of office supplies C) Paid $2,500 cash for raw material cost D) Recorded $5,000 of depreciation on production equipment 5) Which of the following transactions would cause net income for the period to decrease?Explanation / Answer
2 Ans B Finished goods warehousing costs Explanation: production cost include direct material, direct labor and manufacturing overhead Warehousing cost is a periodic cost, if used for finished goods 3 Ans A $20 Explanation DM 50000 DL 36000 OH 14000 Total production cost 100000 ÷ no of units manufactured 5000 Unit production cost $ 20.00 4 B Freight paid on a purchase of raw materials Explanation: It is part of inventory cost 5 B Used $2000 of office supplies Explanation: Net income is decreased if expenses are increase and use of office supplies is an expense for the period
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