Question 1

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product
b.Period
-Differentiate between financial and managerial accounting, addressing such issues as users, nature of information, guidelines for preparation, timeliness, and focus of reporting.

Accepted Answer

The answer of Bartow Company manufactures bicycles. For each of...

Question 2

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct
b.Indirect
-Lubricants used on the bar stool manufacturing equipment

Accepted Answer

Lubricants used on the manufacturing equipment would be considered an indirect cost, as they are not directly traced to the bar stools being produced but rather to the manufacturing process as a whole.

Question 3

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product
b.Period
-Delivery costs to take the bicycles to stores

Accepted Answer

Delivery costs to take bicycles to stores are considered period costs because they are not incurred to manufacture a product but are related to the selling and administrative functions of the business.

Question 4

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product
b.Period
-Electricity costs to run the factory

Accepted Answer

Electricity costs to run the factory would typically be considered a product cost as it is directly related to the production of goods.

Question 5

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct
b.Indirect
-Manufacturing costs for wood and steel used in the bar stools

Accepted Answer

The manufacturing costs for wood and steel used in the bar stools would typically be considered a direct cost for the cost object of producing the bar stools, as they are directly related to the production of the finished product.

Question 6

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product
b.Period
-Accountant salaries

Accepted Answer

Accountant salaries are typically considered a period cost, as they are not directly related to the production of a specific product but are instead incurred to support the overall operation of the business.

Question 7

Watson Company has the following data:  Determine the amount of direct materials used.

Accepted Answer

The answer of Watson Company has the following data: ...

Question 8

Keeton Company had the following data:  Determine the cost of goods sold.

Accepted Answer

The answer of Keeton Company had the following data: ...

Question 9

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product
b.Period
-Tires for the bicycles

Accepted Answer

Tires for bicycles would typically be considered a product cost since they are directly related to the production of the bicycles.

Question 10

What is decision making? Who is responsible for decision making in a managerial situation?

Accepted Answer

The answer of What is decision making? Who is responsible...

Question 11

Sienna Company has the following information for January:  Determine the cost of goods manufactured.

Accepted Answer

The answer of Sienna Company has the following information for...

Question 12

Differentiate between period and product costs and include examples of each type of cost.

Accepted Answer

The answer of Differentiate between period and product costs and...

Question 13

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product
b.Period
-Selling costs for the period

Accepted Answer

Selling costs for the period are typically considered period costs, since they are related to the overall selling and administrative expenses incurred by a business in a given period, rather than being directly tied to the production of a specific product or batch of products.

Question 14

Differentiate between verticals and horizontals.

Accepted Answer

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Question 15

Laramie Technologies had the following data:  Determine the cost of goods manufactured.

Accepted Answer

The answer of Laramie Technologies had the following data: ...

Question 16

Putney Company reports the following information:  Compute: 
a. product costs
b. period costs

Accepted Answer

The answer of Putney Company reports the following information: ...

Question 17

Zoe Corporation has the following information for the month of March. Determine the (a) cost of goods manufactured and (b) cost of goods sold.

Accepted Answer

The answer of Zoe Corporation has the following information for...

Question 18

Differentiate between:
a. direct materials versus indirect materials
b. direct labor versus indirect labor

Accepted Answer

The answer of Differentiate between:
a. direct materials versus indirect materials
b....

Question 19

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct
b.Indirect
-Nails and screws used in the production of the bar stools

Accepted Answer

Nails and screws used in the production of the bar stools would be considered a direct cost, as they are specifically used in the manufacturing process of the bar stools.

Question 20

Magnus Industries has the following data:  Determine the cost of raw materials used.

Accepted Answer

The answer of Magnus Industries has the following data: ...

Quiz 15: Introduction to Managerial Accounting

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct b.Indirect -Lubricants used on the bar stool manufacturing equipment

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Delivery costs to take the bicycles to stores

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Electricity costs to run the factory

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct b.Indirect -Manufacturing costs for wood and steel used in the bar stools

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Accountant salaries

Watson Company has the following data: Determine the amount of direct materials used.

Keeton Company had the following data: Determine the cost of goods sold.

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Tires for the bicycles

What is decision making? Who is responsible for decision making in a managerial situation?

Sienna Company has the following information for January: Determine the cost of goods manufactured.

Differentiate between period and product costs and include examples of each type of cost.

Bartow Company manufactures bicycles. For each of the following, indicate whether the cost would typically be considered a product or period cost for the cost object given.a.Product b.Period -Selling costs for the period

Differentiate between verticals and horizontals.

Laramie Technologies had the following data: Determine the cost of goods manufactured.

Putney Company reports the following information: Compute: a. product costs b. period costs

Zoe Corporation has the following information for the month of March. Determine the (a) cost of goods manufactured and (b) cost of goods sold.

Differentiate between: a. direct materials versus indirect materials b. direct labor versus indirect labor

Bartel Corporation produces bar stools for restaurants. For each of the following, indicate whether the cost would typically be considered a direct or indirect cost for the cost object given.a.Direct b.Indirect -Nails and screws used in the production of the bar stools

Magnus Industries has the following data: Determine the cost of raw materials used.