What is the purpose of the statement of cost of goods

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Reference no: EM139608

Q1.The controller's staff often consists of several management accountants. All of the following would most likely be on the controller's staff EXCEPT ________.

1. general accountants
2. budgets and budget analysts
3. investments and shareholder relations managers
4. cost accountants

Q2.Which of the following is false in regards to direct materials for an auto manufacturer?

1. Steel would probably be a direct material
2. Upholstery fabric would probably be a direct material
3. Oil to lubricate factory machines would not be a direct material
4. Small plastic clips to hold on door panels, because they become part of the auto, must be accounted for as direct materials

Q3.Which of the following is an example of direct labor cost for an airplane manufacturer?

1. Cost of oil lubricants for factory machinery
2. Cost of wages of assembly worker
3. Salary of plant supervisor
4. Cost of jet engines

Q4.Which of the following is not a prime cost?

1. Supervisor's wages
2. Direct labor wages
3. Machine operator wages
4. Assembly line wages

Q5.What is the purpose of the Statement of Cost of Goods Manufactured?

1. to determine the ending materials inventory
2. to determine the ending work in process inventory
3. to determine the amounts transferred to finished goods
4. all of the answers are true

Q6.All of the following are ways that managers use managerial information except ________.

1. to evaluate the company's stock performance
2. to evaluate the performance of a company's operations
3. to support long-term planning decisions
4. to determine the cost of manufacturing a product

Reference no: EM139608

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