Inventory Management, Finance And Accounting

Question: The term "indirect costs" refers to ________.
A
costs not directly incurred in the manufacturing process but which are necessary for the operation

B
costs with no specific amount

C
materials costs

D
finished goods

Note: Answer not sure
1. Report
Question: The procedure whereby a manufacturing firm charges the fixed production cost to the period rather than assigning it as a cost of the product is called _______.
A
variable (direct) costing

B
indirect costing

C
average costing

D
specific costing

Note: Answer not sure
1. Report
Question: Which of the following costs would not be included as an element of manufacturing overhead?
A
Depreciation on factory machinery

B
Insurance on factory building

C
Supervisory labor

D
Raw materials

Note: Answer not sure
1. Report
Question: In cash flow statements, reductions in inventory _______.
A
are treated differently than other reductions in current assets

B
appear as an addition to net income in deriving cash flow from operations

C
appear in the financing section

D
appear in the investing section

Note: Answer not sure
1. Report
Question: Variable costing (direct costing) is acceptable for use in determining inventory cost by ________.
A
the Financial Accounting Standards Board

B
the Internal Revenue Service

C
either a or b

D
neither a nor b

Note: Answer not sure
1. Report
Question: Which of the following is NOT a characteristic of the LIFO method?
A
During periods of rising prices, LIFO produces higher balance-sheet valuation of inventory than FIFO.

B
During periods of rising prices, LIFO produces lower net income than FIFO.

C
LIFO allows managers to manipulate net income.

D
All of these are characteristics of the LIFO method.

Note: Answer not sure
1. Report
Question: At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000. What is the ending balance in the Work in Process Inventory account?
A
$240,000

B
$222,000

C
$102,000

D
$144,000

Note: Answer not sure
1. Report
Question: The difference between the current replacement cost of the ending inventory and its acquisition cost is the ______.
A
cost of goods sold

B
actual cost

C
average cost

D
unrealized holding gain

Note: Answer not sure
1. Report

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Question: The term "indirect costs" refers to ________.

Question: The procedure whereby a manufacturing firm charges the fixed production cost to the period rather than assigning it as a cost of the product is called _______.

Question: Which of the following costs would not be included as an element of manufacturing overhead?

Question: In cash flow statements, reductions in inventory _______.

Question: Variable costing (direct costing) is acceptable for use in determining inventory cost by ________.

Question: Which of the following is NOT a characteristic of the LIFO method?

Question: The difference between the current replacement cost of the ending inventory and its acquisition cost is the ______.