WHAT WAS THE VALUE OF GOODS AVAILABLE FOR SALE?

21 May WHAT WAS THE VALUE OF GOODS AVAILABLE FOR SALE?

Winner’s Sporting Equipment manufactures sporting goods.
Selected costs from the past year include the following.

Plastics used to make products $151,000

Heating and lighting costs for factory 65,000

Factory janitor wages 67,000

Costs of shipping to customers 11,000

Lubricants used in factory equipment 2,000

Lighting costs for sales office 20,000

Depreciation on factory equipment 23,000

Office supplies for sales office 6,000

Insurance costs for factory 13,000

Maintenance worker wages 99,000

Freight-in (on plastics) 7,500

Aluminum used to make products 175,000

Assembly-line worker wages 142,000

Salaries of salespeople 74,000

Period costs for Winner’s Sporting Equipment totaled:

A. $91,000.

B. $37,000.

C. $188,000.

D. $111,000.

Question 2 of 20

5.0/ 5.0 Points

Indirect materials, indirect labor, and indirect
manufacturing costs are what type of manufacturing cost?

A. Direct labor

B. Direct materials

C. Manufacturing
overhead

D. Prime costs

Question 3 of 20

0.0/ 5.0 Points

Lots of Stuff Company reports the following data for its
first year of operation.

Work in process inventory, beginning $0

Work in process inventory, ending 140,000

Direct materials used 110,000

Direct Labor 115,000

Manufacturing overhead 185,000

Finished goods inventory, beginning 0

Finished goods inventory, ending 90,000

What are the total manufacturing costs?

A. $455,000

B. $410,000

C. $750,000

D. $520,000

Question 4 of 20

0.0/ 5.0 Points

Porches, Inc., sells lawn furniture. Selected financial
information for the most recent year follows.

Beginning merchandise inventory on January 1 was $33,000.

Ending merchandise inventory on December 31 was $35,000.

Purchases during the year were $92,000.

Selling and administrative expenses were $75,000.

Sales for year were $262,000.

What was the value of goods available for sale?

A. $125,000

B. $127,000

C. $170,000

D. $ 90,000

Question 5 of 20

0.0/ 5.0 Points

The person who is directly responsible for all financial
functions is the:

A. Treasurer.

B. CEO.

C. CFO.

D. COO.

Question 6 of 20

0.0/ 5.0 Points

The IMA issues which of the following certifications?

A. CMA

B. CIA

C. CFP

D. CPA

Question 7 of 20

0.0/ 5.0 Points

Which of the following types of companies has raw materials,
work in process, and finished goods inventory?

A. Retailers

B. Manufacturers

C. Wholesalers

D. Service companies

Question 8 of 20

0.0/ 5.0 Points

Which of the following describes the way in which total
fixed costs behave?

A. They will
decrease as production increases.

B. They will
decrease as production decreases.

C. They will remain
the same throughout production levels within the relevant range.

D. They will
increase as production decreases.

Question 9 of 20

0.0/ 5.0 Points

Internal parties receive information about past performance
from:

A. audit reports.

B. budget reports.

C. planning reports.

D. managerial
accounting reports.

Question 10 of 20

0.0/ 5.0 Points

Which of the following costs could be found in work in
process inventory for a candy bar manufacturer?

A. Assembly worker
wages

B. Utilities for
administrative offices

C. Depreciation on
sales office

D. Customer order
forms

Question 11 of 20

0.0/ 5.0 Points

A wave of accounting scandals around the turn of the 21st century
prompted which of the following?

A. XBRL

B. IFRS

C. SOX

D. ISO

Question 12 of 20

0.0/ 5.0 Points

Which of the following people is most likely to use only
financial accounting information?

A. Vice president of
plant operations

B. Product manager

C. Plant manager

D. Bank loan officer

Question 13 of 20

0.0/ 5.0 Points

Which of the following is NOT an example of an indirect cost
incurred in manufacturing automobiles?

A. Plant supervisor
salary

B. Machinery depreciation
in the factory

C. Plant utilities

D. Cost of the
automobile engines

Question 14 of 20

0.0/ 5.0 Points

Communicating information fairly and objectively is an
example of which ethical standard?

A. Credibility

B. Integrity

C. Competence

D. Confidentiality

Question 15 of 20

0.0/ 5.0 Points

Costs that remain the same among alternatives are:

A. sunk costs.

B. irrelevant costs.

C. controllable
costs.

D. uncontrollable
costs.

Question 16 of 20

0.0/ 5.0 Points

Evaluating results against the plan is an example of which
of the following management functions?

A. Planning

B. Controlling

C. Analyzing

D. Directing

Question 17 of 20

0.0/ 5.0 Points

________ is the business philosophy and a strategy of manufacturing
without waste.

A. ISO 9001

B. Lean thinking

C. TQM

D. Thin
manufacturing

Question 18 of 20

0.0/ 5.0 Points

__________ gathers, summarizes, and reports on the financial
impact of changes to business operations.

A. Managerial
accounting

B. Planning

C. Directing

D. Controlling

Question 19 of 20

0.0/ 5.0 Points

Refusing gifts or favors that could be perceived to
influence your actions is an example of which ethical standard?

A. Credibility

B. Integrity

C. Confidentiality

D. Competence

Question 20 of 20

0.0/ 5.0 Points

The costs associated with reengineering machinery and its
location within the factory to increase efficiency would be considered which
part of the value chain?

A. Customer service

B. Marketing

C. Research and
development

D. Design