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Exam 14: Managerial Accounting Concepts and Principles

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Question 81

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The series of activities that add value to a company's products or services is called a value chain.

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Question 82

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________ inventory consists of products in the process of being manufactured but not yet complete.

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Work in pr...

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Question 83

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________ is the process of setting goals and making plans to achieve them.

A ________ system means that a company acquires or produces inventory only when needed.

Use the cost information below for Ruiz,Inc.to determine cost of goods manufactured for the year:

Managerial accounting is an activity that helps managers determine costs of products and services,plan future activities,and compare actual to planned results.

When the attitude of continuous improvement exists throughout an organization,every manager and employee is challenged to continuously experiment with new and improved business practices.

The Work in Process Inventory account is found only in the ledgers of merchandising companies.

Use the following information to prepare the schedule of cost of goods manufactured for Graffstone Company for the month ended June 30.

Langston Company manufactures coats.Costs for February were as follows: Required: Calculate the total manufacturing cost for February.

Four factors come together in production activity: beginning work in process inventory,direct materials,direct labor,and factory overhead.

Total quality management and just-in-time manufacturing focus on quality improvement as well as on time customer deliveries.

Craigmont Company's direct materials costs are $3,000,000,its direct labor costs total $7,000,000,and its factory overhead costs total $5,000,000.Its conversion costs total:

Using the information below,calculate gross profit for the period:

Asteroid Industries accumulated the following cost information for the year: Using the above information,total factory overhead costs equal:

The management concept of customer orientation motivates a company to spend large amounts on advertising to convince customers to buy the company's standard products.

A manufacturing company has a beginning finished goods inventory of $28,300,cost of goods manufactured of $58,500,and an ending finished goods inventory of $27,600.The cost of goods sold for this company is:

The schedule of cost of goods manufactured must be prepared monthly as it is a required general-purpose financial statement.

Flexibility of practice when applied to managerial accounting means that:

The following information relates to the manufacturing operations of the JNR Printing Company for the year: The raw materials used in manufacturing during the year totaled $118,000.Raw materials purchased during the year amount to: