©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM
Managerial Accounting Final Exam Review
Questions 100% Solved.
Which of the following is the primary focus of managerial accounting? - answer✔providing
information that managers need to make operational decisions
Which of the following is true of Finished Goods Inventory? - answer✔Finished Goods
Inventory is an account used by a manufacturer and includes completed goods that have not yet
been sold.
Fontana Manufacturing provided the following information for the month ended March 31:
Sales Revenue
$26,000
Beginning Finished Goods Inventory
7,000
Ending Finished Goods Inventory
11,500
Cost of Goods Manufactured
, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM
17,600
Compute cost of goods available for sale. - answer✔Beginning Finished Goods Inventory
7,000+Cost of Goods Manufactured
17,600= 24,600
Lakeshore Manufacturing provided the following information for the month ended March 31:
Sales Revenue
$30,000
Beginning Finished Goods Inventory
13,000
Ending Finished Goods Inventory
10,500
Cost of Goods Manufactured
18,600
Compute gross profit. - answer✔Sales revenue- Beginning Finished Goods inventory+Ending
Finished Goods Inventory-COGS=gross profit
GP=8,900
, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM
Which of the following is a product cost for a manufacturing company? - answer✔wages paid to
factory janitor
Which of the following represents the combined sum of direct labor costs and manufacturing
overhead costs? - answer✔conversion costs
Viva, Inc. has provided the following information for the year:
Cost of Goods Manufactured
$1,265,000
Beginning Balance—Finished Goods Inventory
98,000
Ending Balance—Finished Goods Inventory
81,000
What is the cost of goods sold? - answer✔Beginning Finished Goods Inventory-Ending Finished
Goods Inventory)+COG manufactured=
COGS
$1,282,000
Goods that are produced by a manufacturing company and are ready to sell are recorded in the
_______ account. - answer✔Finished Goods Inventory
, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM
Which of the following is an example of direct labor cost in a factory? - answer✔wages of
assembly line personnel
Which of the following will be included in manufacturing overhead costs? - answer✔indirect
labor and indirect materials used
Castillo Corporation, a manufacturer, reports costs for the year as follows:
Direct Materials Used
$750,000
Wages to Line Workers
335,000
Office Rent
28,500
Indirect Materials Used
785,000
How much is the total period costs for Castillo? - answer✔28,500 (office rent)
Rios Corporation reports costs for the year as follows:
Direct Materials Used
$755,000
10/11/2024 1:41 PM
Managerial Accounting Final Exam Review
Questions 100% Solved.
Which of the following is the primary focus of managerial accounting? - answer✔providing
information that managers need to make operational decisions
Which of the following is true of Finished Goods Inventory? - answer✔Finished Goods
Inventory is an account used by a manufacturer and includes completed goods that have not yet
been sold.
Fontana Manufacturing provided the following information for the month ended March 31:
Sales Revenue
$26,000
Beginning Finished Goods Inventory
7,000
Ending Finished Goods Inventory
11,500
Cost of Goods Manufactured
, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM
17,600
Compute cost of goods available for sale. - answer✔Beginning Finished Goods Inventory
7,000+Cost of Goods Manufactured
17,600= 24,600
Lakeshore Manufacturing provided the following information for the month ended March 31:
Sales Revenue
$30,000
Beginning Finished Goods Inventory
13,000
Ending Finished Goods Inventory
10,500
Cost of Goods Manufactured
18,600
Compute gross profit. - answer✔Sales revenue- Beginning Finished Goods inventory+Ending
Finished Goods Inventory-COGS=gross profit
GP=8,900
, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM
Which of the following is a product cost for a manufacturing company? - answer✔wages paid to
factory janitor
Which of the following represents the combined sum of direct labor costs and manufacturing
overhead costs? - answer✔conversion costs
Viva, Inc. has provided the following information for the year:
Cost of Goods Manufactured
$1,265,000
Beginning Balance—Finished Goods Inventory
98,000
Ending Balance—Finished Goods Inventory
81,000
What is the cost of goods sold? - answer✔Beginning Finished Goods Inventory-Ending Finished
Goods Inventory)+COG manufactured=
COGS
$1,282,000
Goods that are produced by a manufacturing company and are ready to sell are recorded in the
_______ account. - answer✔Finished Goods Inventory
, ©SIRJOEL EXAM SOLUTIONS
10/11/2024 1:41 PM
Which of the following is an example of direct labor cost in a factory? - answer✔wages of
assembly line personnel
Which of the following will be included in manufacturing overhead costs? - answer✔indirect
labor and indirect materials used
Castillo Corporation, a manufacturer, reports costs for the year as follows:
Direct Materials Used
$750,000
Wages to Line Workers
335,000
Office Rent
28,500
Indirect Materials Used
785,000
How much is the total period costs for Castillo? - answer✔28,500 (office rent)
Rios Corporation reports costs for the year as follows:
Direct Materials Used
$755,000
