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Chapter4FIFO
Supplement
IntroductiontoManagerialAccounting
How'sYourMath?
NetTutor JeannieM.Folk
TextUpdates RayH.Garrison
ExhibitsFromtheText EricNoreen
SampleSupplements
LinkstoRealWorld
Companies AnIntroductiontoManagerialAccountingandCostConcepts
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Chapter1
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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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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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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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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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