WGU UFC 1 Managerial Accounting Pre-assessment | Latest 2023/24 | Updated & Verified | Guaranteed Success

Which Feature of managerial accounting improves a company's ability to plan and control operations? - It generates detailed information on product cost. Which statement describes period costs? - They flow directly to the current income statement as expenses. A company has the following costs associated with a job: Direct materials: $400 Direct labor: $450 Work in process: $950 Revenue from job: $1,450 What is the amount of overhead applied to this job? - $100. Management wants to assess how many units must be sold to earn a profit. The most useful analysis will separate costs into which categories? - Fixed and variable. A manufacturing company budgeted for $1,240,000 in manufacturing overhead and expected 400,000 direct labor hours. Actual overhead was $1,200,000, and actual direct labor hours were 390,000. Was manufacturing overhead over - or under-applied and by how much? - Over-applied by $9,000. Cost of goods manufactured equals $87,000 for the year. Finished goods inventory is $10,000 at the beginning of the year and $4,000 at the end of the year. Beginning and ending work in process are $4,000 and $5,000, respectively. How much is cost of goods sold for the year?