Solutions for Financial & Managerial Accounting, 16th Edition Warren (All Chapters included) containing Questions with Answers

Solutions for Financial & Managerial Accounting, 16th Edition Warren (All Chapters included) containing Questions with Answers Benchmark Study: - Correct Answer>>A study designed to show an organization how its costs and processes compare to others in the industry conversion costs - Correct Answer>>the direct labor and overhead costs required to convert raw materials into finished goods direct labor: - Correct Answer>>Payroll costs for employees who work directly on the products being manufactured , either by hand or wth machines direct manufactuing cost - Correct Answer>>a manufacturing cost that can be traced conviently and directly into the quantitty of finished goods manufactured. Examples include direct materials and direct labor. Direct materials - Correct Answer>>materials and component parts that become an integral part of manufactured goods and can be traced directly to the finished products finished goods inventory - Correct Answer>>the completed units that have emerged from the manufacturing process and are on hand available for sale indirect labor - Correct Answer>>payroll costs relating to facotry employees who do ont work directly on the goods being manufactured. examples are: wages of security guards and maintenance personnell. Indirect labor costs are classified as manufactruing overhead. indirect manufacutring cost: - Correct Answer>>a manufacturing cost that cannot be conviently traced to the specific products being manufactured. examples include property taces, depreciation on machinery, and other types of manufacutring overhead. indirect material - Correct Answer>>materials used in the manufacutring process that cannot be traced convienently to specific units of production. examples include lubricating oil, maintenance spuulies, and glue. indirect materials are accounted for as part of manufacturing overhead. management accounting - Correct Answer>>the design and use of accounting information systems inside the firm to achieve the firm's objectives. manufacturing costs - Correct Answer>>the cost of manufacutring the goods that will be sold to customers. the basic types of manufacutring costs are direct materials, direct labor and manufacturing overhead. manufacturing overhead - Correct Answer>>a catchall category including all manufacutring costs other than the cost of direct materials used and direct labor. materials inventory - Correct Answer>>the cost of direct materials on hand and available for use in the manufacturing process period costs - Correct Answer>>costs that are changed to expense accounts in the period that the costs are incurred. includes all items classified as expense. prime costs - Correct Answer>>the direct materials and direct labor consumer in the production of goods and services product costs - Correct Answer>>the costs of purchasing or manufacturing inventory. until the related goods are sold, these product costs represent an asset -inventory. Once the goods are sold, these costs are deducted from revenue as the costs of goods sold.