Management Accounting Questions (AC 330 Unit 2)

Economist salaries by educational attainment.

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1. Classify the items into the following categories: (a)direct materials (b)direct labor (c)manufacturing overhead: 1.salaries for assembly line inspectors 2.insurance on factory machines 3.property taxes on the factory building 4.factory repairs 5. upholstery used in manufacturing furniture 6.wages paid to assembly line workers 7.factory machinery depreciation 8.glue,nails,paint,and other small parts used in production 9.factory supervisors’ salaries 10.wood used in manufacturing furniture

2. Determine the total amt. of (a)delivery service (product) costs and (b) period costs: indirect materials $5400, depreciation on delivery equipment $11200, dispatchers salary $5000, property tax on building $870, CEO salary $12000, gas and oil $2200, drivers’ salaries $11000, advertising $1600, delivery repairs $300, supplies $650, utilities $990, equip repairs $180.

3. (a)compute cost of goods manufactured & (b)compute cost of goods sold: materials $100,000, depreciation $60000, property tax $7500, labor $110,000, supplies $23000, advertising $45000, plant taxes $14000, delivery expense $21000, commissions $35000, clerk salary $50000. Work in progress inventory was $12000 at Jan 1st and $15,500 at Dec 31. Finished goods inventory was $60,000 at Jan 1 and $55,600 at Dec 31.

4. The following is a list of terms related to managerial accounting practices.

1. Activity-based costing.

2. Just-in-time inventory.

3. Balanced scorecard.

4. Value chain.

Instructions

Match each of the terms with the statement below that best describes the term.

(a) ____ A performance-measurement technique that attempts to consider and evaluate

all aspects of performance using financial and nonfinancial measures in an integrated

fashion.

(b) ____ The group of activities associated with providing a product or service.

(c) ____ An approach used to reduce the cost associated with handling and holding inventory by reducing the amount of inventory on hand.

(d) ____ A method used to allocate overhead to products based on each product’s use of

the activities that cause the incurrence of the overhead cost.

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