1 Introduction To Managerial Accounting 2 Basic Managerial Accounting Concepts 3 Cost Behavior And Cost Forecasting 4 Job-order Costing And Overhead Application 5 Activity-based Costing And Management 6 Process Costing 7 Cost-volume-profit Analysis 8 Tactical Decision-making And Relevant Analysis 9 Profit Planning And Flexible Budgets 10 Standard Costing And Variance Analysis 11 Performance Evaluation And Decentralization 12 Capital Investment Decisions 13 Emerging Topics In Managerial Accounting 14 Statement Of Cash Flows 15 Financial Statement Analysis Chapter2: Basic Managerial Accounting Concepts
Chapter Questions Section: Chapter Questions
Problem 1DQ: Explain the difference between cost and expense. Problem 2DQ: What is the difference between accumulating costs and assigning costs? Problem 3DQ: What is a cost object? Give some examples. Problem 4DQ: What is a direct cost? An indirect cost? Can the same cost be direct for one purpose and indirect... Problem 5DQ: What is allocation? Problem 6DQ: What is the difference between a product and a service? Give an example of each. Problem 7DQ: Define manufacturing overhead. Problem 8DQ: Explain the difference between direct materials purchased in a month and direct materials used for... Problem 9DQ: Define prime cost and conversion cost. Why cant prime cost be added to conversion cost to get total... Problem 10DQ: How does a period cost differ from a product cost? Problem 11DQ: Define selling cost. Give five examples of selling cost. Problem 12DQ: What is the cost of goods manufactured? Problem 13DQ: What is the difference between cost of goods manufactured and cost of goods sold? Problem 14DQ: What is the difference between the income statement for a manufacturing firm and the income... Problem 15DQ: Why do firms like to calculate a percentage column on the income statement (in which each line item... Problem 1MCQ: Accumulating costs means that a. costs must be summed and entered on the income statement. b. each... Problem 2MCQ: Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b.... Problem 3MCQ: Use the following information for Multiple-Choice Questions 2-3 and 2-4: Wachman Company produces a... Problem 4MCQ Problem 5MCQ: The accountant in a factory that produces biscuits for fast-food restaurants wants to assign costs... Problem 6MCQ: Which of the following is an indirect cost? a. The cost of denim in a jeans factory b. The cost of... Problem 7MCQ Problem 8MCQ: Kelloggs makes a variety of breakfast cereals. Kelloggs is which of the following? a. Wholesaler b.... Problem 9MCQ Problem 10MCQ: Stone Inc. is a company that purchases goods (e.g., chess sets, pottery) from overseas and resells... Problem 11MCQ: JackMan Company produces die-cast metal bulldozers for toy shops. JackMan estimated the following... Problem 12MCQ Problem 13MCQ: Use the following information for Multiple-Choice Questions 2-13 through 2-18: Last year, Barnard... Problem 14MCQ: Use the following information for Multiple-Choice Questions 2-13 through 2-18: Last year, Barnard... Problem 15MCQ: Use the following information for Multiple- Choice Questions 2-13 through 2-18: Last year, Barnard... Problem 16MCQ Problem 17MCQ: Use the following information for Multiple-Choice Questions 2-13 through 2-18: Last year, Barnard... Problem 18MCQ: 2-18 Use the following information for Multiple- Choice Questions 2-13 through 2-18: Last year,... Problem 19BEA: Use the following information for Brief Exercises 2-19 and 2-20: Slapshot Company makes ice hockey... Problem 20BEA: Use the following information for Brief Exercises 2-19 and 2-20: Slapshot Company makes ice hockey... Problem 21BEA: Direct Materials Used in Production Slapshot Company makes ice hockey sticks. On June 1, Slapshot... Problem 22BEA: Cost of Goods Manufactured Slapshot Company makes ice hockey sticks. During the month of June, the... Problem 23BEA: Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks... Problem 24BEA: Use the following information for Brief Exercises 2-24 and 2-25: Slapshot Company makes ice hockey... Problem 25BEA: Use the following information for Brief Exercises 2-24 and 2-25: Slapshot Company makes ice hockey... Problem 26BEA Problem 27BEB Problem 28BEB Problem 29BEB: Direct Materials Used in Production Morning Smiles Coffee Company manufactures Stoneware French... Problem 30BEB: 2-30 Cost of Goods Manufactured Morning Smiles Coffee Company manufactures Stoneware French Press... Problem 31BEB: Cost of Goods Sold Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers.... Problem 32BEB: Use the following information for Brief Exercises 2-32 and 2-33: Morning Smiles Coffee Company... Problem 33BEB: Use the following information for Brief Exercise: Morning Smiles Coffee Company manufactures... Problem 34BEB: Service Organization Income Statement Healing Hands Massage Hut offers high-end, specialized... Problem 35E Problem 36E: Products versus Services, Cost Assignment Holmes Company produces wooden playhouses. When a customer... Problem 37E: Assigning Costs to a Cost Object, Direct and Indirect Costs Hummer Company uses manufacturing cells... Problem 38E: Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month:... Problem 39E: Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify... Problem 40E: Classifying Cost of Production A factory manufactures jelly. The jars of jelly are packed six to a... Problem 41E: Use the following information for Exercises 2-41 and 2-42: Grin Company manufactures digital... Problem 42E: Use the following information for Exercises 2-41 and 2-42: Grin Company manufactures digital... Problem 43E: Direct Materials Used Hannah Banana Bakers makes chocolate chip cookies for cafe restaurants. In... Problem 44E: Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured 94,000 jet... Problem 45E: Use the following information for Exercises 2-45 and 2-46: In September, Lauren Ashley Company... Problem 46E: Use the following information for Exercises 2-45 and 2-46: In September, Lauren Ashley Company... Problem 47E: Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following... Problem 48E: Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following... Problem 49E: Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following... Problem 50E: Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company... Problem 51P: Manufacturing, Cost Classification, Product Costs and Selling and Administrative Costs, Income... Problem 52P: Cost Assignment, Direct Costs Harry Whipple, owner of an inkjet printer, has agreed to allow Mary... Problem 53P: Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures... Problem 54P: Preparation of Income Statement: Manufacturing Firm Laworld Inc. manufactures small camping tents.... Problem 55P: Cost of Goods Manufactured, Cost of Goods Sold Hayward Company, a manufacturing firm, has supplied... Problem 56P: Cost Identification Following is a list of cost terms described in the chapter as well as a list of... Problem 57P: Income Statement, Cost of Services Provided, Service Attributes Berry Company is an architectural... Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners... Problem 59P: Cost Definitions Luisa Giovanni is a student at New York University. To help pay her way through... Problem 60P: Cost Identification and Analysis, Cost Assignment, Income Statement Melissa Vassar has decided to... Problem 61P: Cost Analysis, Income Statement Five to six times a year, Kicker puts on tent sales in various... Problem 62C: Cost Classification, Income Statement Gateway Construction Company, run by Jack Gateway, employs 25... Problem 63C: Cost Information and Ethical Behavior, Service Organization Jean Erickson, manager and owner of an... Problem 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...
Related questions
Concept explainers
A company’s standard product cost is $9 per unit. Actual production costs were $11 per unit. The firm made 20 units and sold 17 units. The firm’s cost of goods sold was
Select one:
a. $220.
b. $187
c. $153
d. $180
Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.
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