Managerial Financial Accounting Chapter 2 Practice Quiz

Managerial Financial Accounting Chapter 2 Practice Quiz -...

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Self Study, Question 1
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Correct! Period costs are those costs which will be incurred due to the passage of time rather than the event of production. The vice president must be paid whether production occurs or not. Which of the following is a period cost? Manufacturing plant maintenance. Salary for the vice president of finance. Raw materials costs. Wages for production line workers. Self Study, Question 2 Correct! Full costing captures all fixed and variable costs of production. Full costing includes which of the following in determining product cost? Administrative overhead. All fixed and variable costs of production.
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Only fixed costs of production. Self Study, Question 3 Correct! Beginning inventory plus the cost of goods manufactured minus cost of goods sold equals ending finished goods. $50,000 + ? - $200,000 = $100,000. Cost of goods sold is $200,000, the beginning balance in Finished Goods is $50,000, the ending balance in Finished Goods is $100,000, and the ending balance of Work in Process is $10,000. What is Cost of Goods Manufactured?
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Managerial Financial Accounting Chapter 2 Practice Quiz -...

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