Homework Answers
14)
Cost that flow directly to the income statement are Period cost.
2nd option.
15)
Finished goods inventory are the products that are completed and are ready to be sold.
1st option.
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Question 14 Costs that flow directly to the income statements per weet Period costs Product costs...
Question 12 2 Flash Company produces lamps. All of the following are direct costs acest Wages for assembly Electri...
Question 12 2 Flash Company produces lamps. All of the following are direct costs acest Wages for assembly Electrical cord. Factory rent Lamp shade. Switch Question 13 For product costs associated with a particular product to be reported on the income or The product must be transferred to Finished Goods The product must still be in Work in Process The product must be sold Question 15 2 pts Products that have been completed and are ready to be sold by...
QUESTION 15 Which of the following is the correct flow of manufacturing costs? a. raw materials,...
QUESTION 15 Which of the following is the correct flow of manufacturing costs? a. raw materials, work in process, finished goods, cost of goods sold Ob.cost of goods sold, raw materials, work in process, finished goods c. raw materials, finished goods, cost of goods sold, work in process d. work in process, finished goods, raw materials, cost of goods sold
The following chart shows how costs flow through a business as a product is manufactured. Some...
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts, Compute the cost amounts for the input boxes. Materials Activity Raw materials purchases $562,000 Beginning row materials inventory 5153,000 Raw materials available for use in production - Ending raw materials inventory $190,000 Direct materials used In production Production Activity Direct laborused in production $380.000 Factory overhead used in production $780,000 Beginning work in procese entory $92.000 Total...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
Study Exhibit 18.15. For this team problem, each member of your team will describe the flow...
Study Exhibit 18.15. For this team problem, each member of your team will describe the flow depicted by one of the circles in the Exhibit. There are 7 circles: DM used, IM used, unused material, finished, unfinished, unsold, and sold. For the circle that you select, clearly describe the flow that it represents, making sure to explain where it comes from, where it goes, and why. Note: your team will analyze in total just 3 or 4 of the circles,...
the product costs for the direct materials, direct labor, and overhead. Then the period costs for...
the
product costs for the direct materials, direct labor, and overhead.
Then the period costs for selling and admin. Then the totals
highlighted in yellow and the total manufacturing costs. also the
cost per table
Home Insert Draw Page Layout Formulas Data Review View Lucopy Calibri (tody 11A A | A6 : x x 1 ACCT 301 Week 6 W Costs for 500 tables Ind i scred during the Raw materials a re inte Costurando Sellings Dired later incurred during...
Factory rent Question 18 2pts Which of the following items appears only in a manufacturing company's financial st...
Factory rent Question 18 2pts Which of the following items appears only in a manufacturing company's financial statements? Cost of goods sold Cost of goods manufactured Goods available for sale Gross profit Net income Question 19 Features of job order production include all of the following 20 * Finished goods inventory Question 17 Factory overhead costs may include all of the following oncept Indirect labor costs. Indirect material costs. Selling costs. Assembly supplies Factory rent Question 18 Which of the...
TAM BE AB A LE A Bos 17. Which of the following is a period cost?...
TAM BE AB A LE A Bos 17. Which of the following is a period cost? a. Indirect materials used in production. b. Raw materials purchased from a supplier. c. Supplies used by accounting personnel. d. Maintenance costs for manufacturing equipment. e. None of the above. 18. In an airplane factory, which of the following would most likely be classified as a direct material? a. Sandpaper. b. Jet engines. c. Inexpensive fasteners. d. Cleaning supplies. e. None of the above....
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
Question 12 2 Flash Company produces lamps. All of the following are direct costs acest Wages for assembly Electrical cord. Factory rent Lamp shade. Switch Question 13 For product costs associated with a particular product to be reported on the income or The product must be transferred to Finished Goods The product must still be in Work in Process The product must be sold Question 15 2 pts Products that have been completed and are ready to be sold by...
QUESTION 15 Which of the following is the correct flow of manufacturing costs? a. raw materials, work in process, finished goods, cost of goods sold Ob.cost of goods sold, raw materials, work in process, finished goods c. raw materials, finished goods, cost of goods sold, work in process d. work in process, finished goods, raw materials, cost of goods sold
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts, Compute the cost amounts for the input boxes. Materials Activity Raw materials purchases $562,000 Beginning row materials inventory 5153,000 Raw materials available for use in production - Ending raw materials inventory $190,000 Direct materials used In production Production Activity Direct laborused in production $380.000 Factory overhead used in production $780,000 Beginning work in procese entory $92.000 Total...
QUESTION 39 Which of the following is true in a job-order costing system? Cost of goods sold will include the costs of all jobs that have been completed during the accounting period. Work in Process Inventory will include the cost of all jobs that are currently completed and ready to deliver to customers. Finished Goods Inventory will include the cost of all jobs that are completed but not yet shipped and sold. Raw Materials Inventory will include the cost of...
Study Exhibit 18.15. For this team problem, each member of your team will describe the flow depicted by one of the circles in the Exhibit. There are 7 circles: DM used, IM used, unused material, finished, unfinished, unsold, and sold. For the circle that you select, clearly describe the flow that it represents, making sure to explain where it comes from, where it goes, and why. Note: your team will analyze in total just 3 or 4 of the circles,...
the
product costs for the direct materials, direct labor, and overhead.
Then the period costs for selling and admin. Then the totals
highlighted in yellow and the total manufacturing costs. also the
cost per table
Home Insert Draw Page Layout Formulas Data Review View Lucopy Calibri (tody 11A A | A6 : x x 1 ACCT 301 Week 6 W Costs for 500 tables Ind i scred during the Raw materials a re inte Costurando Sellings Dired later incurred during...
Factory rent Question 18 2pts Which of the following items appears only in a manufacturing company's financial statements? Cost of goods sold Cost of goods manufactured Goods available for sale Gross profit Net income Question 19 Features of job order production include all of the following 20 * Finished goods inventory Question 17 Factory overhead costs may include all of the following oncept Indirect labor costs. Indirect material costs. Selling costs. Assembly supplies Factory rent Question 18 Which of the...
TAM BE AB A LE A Bos 17. Which of the following is a period cost? a. Indirect materials used in production. b. Raw materials purchased from a supplier. c. Supplies used by accounting personnel. d. Maintenance costs for manufacturing equipment. e. None of the above. 18. In an airplane factory, which of the following would most likely be classified as a direct material? a. Sandpaper. b. Jet engines. c. Inexpensive fasteners. d. Cleaning supplies. e. None of the above....
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
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