AC 212 Quiz: Exam 1 Review
4 Jan 2018
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Manager"s three primary responsibilities: planning, directing, controlling. What is integrated throughout a manager"s primary responsibilities: decision making. Inventory accounts: raw materials inventory (includes?, wip inventory (includes?, finished goods inventory (includes?) Product costs - direct materials, direct labor, manufacturing overhead (examples) Use of process costing versus a job costing system (examples) Compute cost of a job: example - an architect uses a job costing system and has a predetermined overhead rate of per direct labor hour. This amount is based on an estimated overhead of ,000 and estimated direct labor hours of 5,000. Job #414 incurred direct material costs of and 6 direct labor hours costing of per hour. The total cost of job #414 is: direct materials, direct labor (6dlh x per hour, manufacturing overhead (6dlh x per hour, total. Indicate whether each of the following costs is a product cost or a period cost.
