Accounting > STUDY GUIDE > Liberty University ACCT 212 Exam 1 excel answers (All)

Liberty University ACCT 212 Exam 1 excel answers

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Craigmont Company's direct materials costs are $3,400,000, its direct labor costs total $7,360,000, and its factory overhead costs total $5,360,000. Its conversion costs total: 3400000 7360000 5360000 Answer Question 2 Current information for the Healey Company follows: Beginning raw materials inventory 14600 Raw material purchases 54000 Ending raw materials inventory 16000 Beginning work in process inventory 21800 Ending work in process inventory 27400 Direct labor 39800 Total factory overhead 29400 All raw materials used were traceable to specific units of product. Healey Company's total manufacturing costs for the year are: Answer Question 3 Comet Company accumulated the following account information for the year: Beginning raw materials inventory 4900 Indirect materials cost 1000 Indirect labor cost 4000 Maintenance of factory equipment 1800 Direct labor cost 6000 Using the above information, total factory overhead costs would be: Answer Question 4 Using the information below for Laurels Company; determine the manufacturing costs added during the current year: Direct materials used 5000 Direct Labor 7000 Total Factory overhead 5100 Beginning work in process 3000 Ending work in process 4000 Answer Question 5 Using the information below for Sundar Company; determine the cost of goods manufactured during the current year: Direct materials used $ 19000 Direct labor used 24500 Factory overhead 55100 Beginning work in process 10700 Ending work in process 11300 Answer Question 6 Managerial accounting reports and information are used by external users and financial accounting by internal users. Answer Question 7 Managerial accounting is different from financial accounting in that: Answer Question 8 A fixed cost: Answer Question 9 Last year, Flash Company sold 15,000 units of its only product. If sales decreased by 17% in the current year, how will total variable cost and total fixed cost be affected? Total Variable Cost Toal Fixed Cost A) Remains constant Remains constant B) Increases Decreases C) Decreases Remains constant D) Remains constant Decreases E) Remains constant Increases Answer Question 10 Raw materials inventory should not include indirect materials. Answer Question 11 Raw materials that become part of a product and are identified with specific units or batches of a product are called direct materials. Answer Question 12 Which of the following is not part of the production activity in the flow of manufacturing activities? Answer Question 13 Under a just-in-time manufacturing system, large quantities of inventory are accumulated throughout the factory to be certain that components are available each time that they are needed. Answer Question 14 The main goal of the lean business model is the elimination of waste while satisfying the customer and providing a positive return to the company. Answer Question 15 Which of the following items appears only in a manufacturing company's financial statements? Answer

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