The sum of direct materials costs, direct labor costs, and manufacturing overhead incurred in the current period is known as:
Explanation
This question tests the definition of a key term in manufacturing accounting. Total manufacturing costs are the sum of the three product costs (direct materials, direct labor, and manufacturing overhead) incurred during a specific period.
Other questions
Which of the following is a primary user of managerial accounting reports?
Which of the management functions involves coordinating a company’s diverse activities and human resources to produce a smooth-running operation?
Which of the following best describes product costs?
For Terrain Park Boards, which of the following is considered a direct material cost?
If Terrain Park Boards produces 10,000 snowboards, with a material cost of $30 per board and a labor cost of $40 per board, what is the total of direct materials and direct labor costs?
Which of the following represents a key difference between the income statements of a manufacturer and a merchandiser under a periodic system?
Which inventory account would appear on the balance sheet of a manufacturer but not a merchandiser?
The Sarbanes-Oxley Act (SOX) was enacted to help prevent lapses in internal control. A key result of this act is that:
The management function that requires managers to look ahead and establish objectives is:
An employee position that is directly involved in a company's primary revenue-generating activities is known as a:
The cost of goods manufactured schedule starts with which of the following items?
Using the data for Keystone Company, what is the total of direct materials used for March?
Given the Keystone Company data, what is the total cost of goods manufactured for March?
Which of the following refers to all business processes associated with providing a product or performing a service?
A primary objective of just-in-time (JIT) processing is to:
An approach that uses both financial and nonfinancial measures to evaluate a company's operations in an integrated fashion is the:
Wages of factory maintenance people and factory supervisors are examples of:
All of the following would be classified as manufacturing overhead EXCEPT:
The evaluation of a company's social responsibility performance with regard to people, planet, and profit is referred to as:
Which report is prepared as frequently as needed and has a special purpose for specific decisions?
Product costs are also called:
In the balance sheet of a manufacturer, in what order should the three manufacturing inventories be listed?
The IMA's code of ethical standards is titled:
The formula 'Beginning work in process inventory + Total manufacturing costs – Ending work in process inventory' calculates:
What type of cost is advertising for a snowboard company?
Fredricks Company reports the following costs: Factory utilities $15,600, Depreciation on factory equipment $12,650, Indirect factory labor $48,900, Indirect materials $80,800, Factory manager's salary $13,000. What is the total manufacturing overhead?
The manager of which type of position is responsible for the accounting and finance issues a company faces?
The 'pull approach' in manufacturing, where production is initiated by a customer order, is a key feature of:
A manufacturing company's balance sheet would show total current assets of $536,000, composed of Cash $180,000, Accounts Receivable $210,000, Prepaid Expenses $18,000, and a total for inventory of $128,000. What does the $128,000 of inventory consist of?
What is the primary content difference between financial and managerial accounting reports?
The salary of a sales manager would be classified as what type of cost?
The treasurer of a company is typically responsible for:
The concept of corporate social responsibility evaluates a company's performance on all of the following except:
Given the following data for Francum Company: direct labor $209,000, direct materials used $180,000, total manufacturing overhead $208,000, and beginning work in process $25,000. What is the total cost of work in process?
Which of the following is NOT an element of manufacturing overhead?
Which statement is true regarding the verification process for accounting reports?
The formula for cost of goods sold for a manufacturer is:
A key objective of management is to add value to the business, which is usually measured by:
Which of the following would a computer manufacturer include in manufacturing overhead?
The three components of total manufacturing costs are:
The primary difference between direct and indirect materials is that direct materials:
What is the primary purpose of a Cost of Goods Manufactured Schedule?
Enterprise resource planning (ERP) systems are beneficial because they:
If a bicycle company's costs include tires, advertising expenditures, and lubricants for factory machinery, how would they be classified?
The manager in charge of the company's accounting records and system of internal control is the:
What is the primary difference in content between a cost of goods manufactured schedule and the cost of goods sold section of an income statement?
A bicycle company's manufacturing costs per unit are $84.60. If the company makes 10,000 units, and its selling and administrative expenses (period costs) total $213,000, what is the total cost for the period?
The management function of keeping activities on track and determining whether planned goals are met is called:
The primary focus of managerial accounting is to: