WGU D101 Cost and Managerial Accounting Objective Assessment Final Exam Questions and Answers | Latest 2026/2027 Update (100% Verified) Graded A+.

WGU D101 Cost and Managerial Accounting Objective Assessment Final Exam Questions and Answers | Latest 2026/2027 Update (100% Verified) Graded A+. Which of the following are transferred from work-in-process to finished goods inventory? a. Only the actual inventory items b.Only the cost of the inventory items c. Neither the actual goods nor the cost of the finished items d. Actual inventory items and the costs of those inventory items answer d. Both the costs and the actual inventory items must be tracked through the process costing system. When the items are 100% complete, the inventory would be transferred to finished goods inventory at the costs that were expended to make the inventory. Which costs make up the work-in-process inventory costs in the processing centers? a. Direct materials and manufacturing overhead costs b. Direct labor and manufacturing overhead costs c. Direct materials and coversion costs d. Direct materials and direct labor costs answer c. Direct materials and conversion costs, which are direct labor and manufacturing overhead costs, are costs that make up the work-inprocess inventory costs in processing centers. Which term is used for direct materials and conversion costs associated with items started but not finished? a. Finished goods inventory b. Work-in-process inventory c. Cost of goods sold d. Direct labor answer b What is a price taker? answer A company that has to accept the price that the market sets for a good. They have no influence over setting the price. What is the major purpose and use of job order costing? a. To create a system that tracks both manufacturing and period costs and assigns both to products b. To create a system in which manufacturing costs are tracked by period instead of by products c. To create a system in which manufacturing costs are accumulated by separate product orders or batches d. To create a system that is exclusively used by price makers and not by price takers answer c. A company has accrued but has not paid direct labor wages in cash. What is part of the journal entry to record the amount of direct labor wages earned? a. Debit finished goods inventory b. Debit work-in-process inventory c. Debit manufacturing overhead d. Credit work-in-process inventory answer b. What is process costing? a.A method of product costing in which all costs are accumulated and assigned to selling, general, and administrative expenses b.A method of product costing in which costs are accumulated and tracked by process and averaged over all products made during the period c. A method of product costing in which costs are accumulated and tracked by specific jobs or products d.A method of product costing in which all costs are accumulated and assigned to manufacturing overhead answer b. Which products would be produced using the process costing method? a. Manufacturing jets for use by commercial airlines b. Making custom boats for sale, each with different features c. Preparing tax returns for individuals of extremely high net worth d. Manufacturing bottles of ketchup for sale in grocery stores answer d. Which statement is true? a. Having accurate product or service cost information is important for both price takers and price makers. b. Having accurate product or service cost information is important for price takers, but not price makers. c. Having accurate produce or service cost information is not important for either price takers or price makers. d. Having accurate product or service cost information is important for price makers, but not price takers. answer a. Two competitors exist in the same industry. The first company has accurate product cost information while the second company does not. What is the reason behind why the first company is more successful than the second? a. With accurate job cost information, the first company can undercut the second company's prices, thus driving the second company out of business. b. With accurate job cost information, the first company can set prices that guarantee making a profit, can understand which costs need to be worked on, and can determine which actions can be taken to make the company more efficient and profitable. c. With accurate job cost information, the first company can pay higher wages to employees, thus motivating them more than the employees of the second company. d. With accurate job cost information, the first company can set prices higher than the second company, thus earning higher profits. answer b. Job order costing is appropriate when which two conditions exist? a. Products produced are all the same, and the manufacturing processes used to produce them are the same.