Which of the following statements about manufacturing overhead costs is not correct? All manufacturing costs other...
Which of the following statements about manufacturing overhead costs is not correct?
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All manufacturing costs other than direct materials and direct labor are classified as manufacturing overhead costs.
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All manufacturing costs other than direct materials and direct labor are entered directly into the Manufacturing Overhead account.
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Depreciation on factory equipment is recorded with a debit to Depreciation Expense.
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Manufacturing overhead costs are recorded with a debit to Manufacturing Overhead account as they are incurred.
Homework Answers
Yes, All manufacturing costs other than direct material and direct labor are indirect cost so it is classified as manufacturing overhead.
Yes, manufacturing overhead costs are recorded with a debit to manufacturing overhead and other than direct material and direct labor costs are recorded under manufacturing overhead
Depreciation on factory equipment is recorded as manufacturing overhead debit and accumulated depreciation credit
So answer is c) Depreciation on factory equipment is recorded with a debit to depreciation expense
Add Answer to:
Which of the following statements about manufacturing overhead
costs is not correct?
All manufacturing costs other...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
QUESTION 6 Costs other than direct materials cost and direct labor cost incurred in the manufacturing...
QUESTION 6 Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. miscellaneous expense b.product costs c. period cost d. factory overhead cost
Select the correct statement below regarding Manufacturing Overhead: Multiple Choice Manufacturing overhead is an expense account...
Select the correct statement below regarding Manufacturing Overhead: Multiple Choice Manufacturing overhead is an expense account for all factory costs that are neither direct materials or direct labor. Manufacturing overhead is always an estimated cost. Manufacturing overhead is a clearing account and is neither shown on the balance sheet or Income statement in published financial statements. Manufacturing overhead is an Inventory account that is shown on the balance sheet.
(3) Manufacturing Overhead Accounts Payable 52,200 (4) Manufacturing Overhead Accumulated Depreciation-Equipment 16,750 (5) Depreciation Expense 5,000...
(3) Manufacturing Overhead Accounts Payable 52,200 (4) Manufacturing Overhead Accumulated Depreciation-Equipment 16,750 (5) Depreciation Expense 5,000 Accumulated Depreciation-Buildings 'OTDTGLETHU 15,000 X! (6) Work in Process Inventory Manufacturing Overhead (7) Finished Goods Inventory Ex Work in Process Inventory Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. Try again. Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1....
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied....
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs. The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead. The Manufacturing Overhead Budget is prepared after the Sales Budget. The basic idea underlying responsibility accounting is that a manager should be...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead costs Prime costs Conversion costs A. All direct manufacturing costs. B. All manufacturing costs other than direct material costs. C. Compensation of all manufacturing labor that can be traced to the cost object. D. Costs of all materials that can be traced to the cost object. E. All manufacturing costs related to the cost object but cannot be traced to the cost object
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
QUESTION 6 Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. miscellaneous expense b.product costs c. period cost d. factory overhead cost
Select the correct statement below regarding Manufacturing Overhead: Multiple Choice Manufacturing overhead is an expense account for all factory costs that are neither direct materials or direct labor. Manufacturing overhead is always an estimated cost. Manufacturing overhead is a clearing account and is neither shown on the balance sheet or Income statement in published financial statements. Manufacturing overhead is an Inventory account that is shown on the balance sheet.
(3) Manufacturing Overhead Accounts Payable 52,200 (4) Manufacturing Overhead Accumulated Depreciation-Equipment 16,750 (5) Depreciation Expense 5,000 Accumulated Depreciation-Buildings 'OTDTGLETHU 15,000 X! (6) Work in Process Inventory Manufacturing Overhead (7) Finished Goods Inventory Ex Work in Process Inventory Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. Try again. Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1....
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
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