1.
Question :
(TCO 1) The goal of managerial accounting is to provide information that
managers need for which of the below?
Student Answer:
Planning
Control
Decision making
All of the above
Instructor
Explanation:
Managerial Accounting provides information for managers on planning, control,
and decision making.
Points Received:
7 of 7
Comments:
Question 2.
Question :
(TCO 1) Josie’s Grill budgeted the following costs for a month in which
1,600 steak dinners will be produced and sold: materials, $4,080; hourly
labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and
other fixed costs, $600. Each steak dinner sells for $14.00 each. How
much is the budgeted variable cost per unit?
Student
Answer:
$5.80
$7.74
$6.68
$3.25
Instructor
Explanation:
The formula for variable expenses shows that variable costs are: ($4,080 + $5,200)
/ 1,600 = $5.80.
Points Received:
7 of 7
Comments:
Question 3.
Question :
(TCO 1) Which of the following is a period cost?
Student Answer:
Rent on a factory building
Depreciation on factory equipment
Commissions paid on each unit sold
Raw materials cost
Instructor
Explanation:
Commissions paid on units sold is a period cost.
Points Received:
7 of 7
Comments:
Question 4.
Question :
(TCO 1) On December 31, 2015, GLE Inc. has a balance in the Work–in–
Process Inventory account of $62,000. On January 1, 2015, the balance
was $55,000. Current manufacturing costs for the year are $292,000,
and cost of goods sold is $284,000. How much is cost of goods
manufactured?
Student Answer:
$292,000
$299,000
$277,000
$285,000
Instructor
Chapter 2 – The formula shows us that $55,000 + $292,000 – $62,000 = $285,000.
Explanation:
Points Received:
Comments:
Direct labor cost $87,000 $89,975
Student
Answer:
30.00
$2.00
