29 Jun Question 1.Managerial accounti
Question
1.Managerial accounting information includes both historical and estimated data.
2. The cost of wages paid to employees directly involved in converting materials to finished product is classified as direct labor cost.
3.If the cost of employee wages is not a significant portion of the total product cost, the wages are classified as direct materials cost.
4.For an automotive repair shop, the wages of mechanics would be classified as direct labor cost.
5.A receiving report is prepared when purchased materials are first received by the manufacturing department.
6.In applying the first-in, first-out method of costing inventories, if 8,000 units which are 30% completed are in process at June 1, 28,000 units are completed during June, and 4,000 units were 75% completed at June 30, the number of equivalent units of production for June was 33,400.
7.The relevant activity base for a cost depends upon which base is most closely associated with the cost and the decision-making needs of management.
8.If fixed costs are $500,000 and variable costs are 60% of break-even sales, profit is zero when sales revenue is $930,000.
9.If fixed costs are $850,000 and the unit contribution margin is $50, profit is zero when 15,000 units are sold.
10.Only a single line, which represents the difference between total sales revenues and total costs, is plotted on the cost-volume-profit chart.
11. In determining cost of goods sold, two alternate costing concepts can be used: absorption costing and variable costing.
12.In variable costing, the cost of products manufactured is composed of only those manufacturing costs that increase or decrease as the volume of production rises or falls.
13.In contribution margin analysis, the unit price or unit cost factor is computed as the difference between the actual unit price or unit cost and the planned unit price or unit cost, multiplied by the actual quantity sold.
14.The objectives of budgeting are (1) establishing specific goals for future operations, (2) e
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