Acct 526 Midterm Study Guide Graded A+

managerial accounting {Ans: A field of accounting that provides economic and financial information for internal users.}d. goods that are partially completed {Ans: The Work-in-Process Inventory account includes: Select one: a. goods that have been sold in the market b. goods that are ready to be sold c. goods that are returned by customers d. goods that are partially completed}b. wages of assembly line personnel {Ans: Which of the following is an example of direct labor cost in a factory? a. wages of factory security guard b. wages of assembly line personnel c. salary of vice president of production d. salary of production manager}a. $100,000 {Ans: CMA, Inc. produces a product that has a variable cost of $2.50 per unit. The company's fixed costs are $30,000. The product is sold for $5.00 per unit and the company desires to earn a target profit of $20,000. What amount of sales will be necessary to earn the desired profit? a. $100,000 b. $40,000 c. $60,000 d. $20,000}manufacturing overhead {Ans: costs that are indirectly associated with the manufacture of the finished product.}b. variable costs per unit increases {Ans: The contribution margin per unit decreases when unit selling price