Homework Answers
| option b | |||||
| manufacturing overhead | |||||
| option b | |||||
| a paper manufacturing company | |||||
| option D | |||||
| Determining the cost per equivalent units | |||||
| option B | |||||
| work in process inventory | |||||
| option A | |||||
| raw materials inventory | |||||
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Explanation not necessary In a process cost system, factory depreciation expense incurred is debited to A...
U Labor and Indirect Labor are debited and D) Work in Process Inventory and Factory credited....
U Labor and Indirect Labor are debited and D) Work in Process Inventory and Factory credited. ) Cost of Goods Manufactured is debited and Direct Labor is credited. TUESS Inventory is credited. Cory is debited and Factory Overhead is credited. direct Labor are debited and Factory Wages Payable is credited. iventory and Factory Overhead are debited and Factory Wages Payable is 34) In a process costing system, the purch Inventory a process costing system, the purchase of raw materials is...
1. LO 41 Which of the following product situations is better suited to job order costing...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
Factory deprecatro D) Factory depreciation is a product cost and I sold 12) Costs are transferred...
Factory deprecatro D) Factory depreciation is a product cost and I sold 12) Costs are transferred from the balance sheet to the income statement as cost of goods sold when A) finished goods are sold B) direct materials, direct labor and manufacturing overhead are transferred to the beginning Work-In-Process Inventory account the total of Cost of Goods Manufactured is determined D) goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account 13) Lakeshore Manufacturing provided the...
In a process cost system, ending inventory is valued Finding the sum of all open job...
In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
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...
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect...
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation $16,000 4,000 8,500 12,800 37,000 Direct labor Using the above information, total factory A) $53,000. B) $25,300. e above information total factory overhead costs would be: C) $78,300. D) $16,800. E) $12,800 ne overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to: A) Work in Process Inventory. B) Cost...
In a job-order casting system, indirect lahor cost is usually recorded as a A) Manufacturing Overhead...
In a job-order casting system, indirect lahor cost is usually recorded as a A) Manufacturing Overhead B) Finished Goods C) Work in Process D) Cost of Goods Sold najob-order costing system, manufacturing overhead applied is recorded as a con A) Raw Materials B) Finished Goods Inventory C) Work in Process Inventory D) Cost of Goods Sold 33.) The journal entry to record applying overhead during the production process is: Manufacturing Overhead Work In Process XXX Finished Goods Manufacturing Overhead OCX...
the first step in preparing a cost of production report is The first step in preparing...
the first step in preparing a cost of production report
is
The first step in preparing a cost of production report is a. computing the equivalent units of production. O b. determining the cost per equivalent unit. c. allocating costs to units transferred out. d. determining the units to be assigned costs. AN During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The Journal entry to record the...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
U Labor and Indirect Labor are debited and D) Work in Process Inventory and Factory credited. ) Cost of Goods Manufactured is debited and Direct Labor is credited. TUESS Inventory is credited. Cory is debited and Factory Overhead is credited. direct Labor are debited and Factory Wages Payable is credited. iventory and Factory Overhead are debited and Factory Wages Payable is 34) In a process costing system, the purch Inventory a process costing system, the purchase of raw materials is...
1. LO 41 Which of the following product situations is better suited to job order costing than to process conting? A Each product batch is exactly the same as the prior batch B. The costs are easily traced to a specific product. C. Costs are accumulated by department D. The value of work in process is based on assigning standard costs. 2. LO 41 A job order costing system is most likely used by which of the following? A. a...
Factory deprecatro D) Factory depreciation is a product cost and I sold 12) Costs are transferred from the balance sheet to the income statement as cost of goods sold when A) finished goods are sold B) direct materials, direct labor and manufacturing overhead are transferred to the beginning Work-In-Process Inventory account the total of Cost of Goods Manufactured is determined D) goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account 13) Lakeshore Manufacturing provided the...
In a process cost system, ending inventory is valued Finding the sum of all open job costs Multiplying units in ending inventory by the direct materials co per unit. Allocating departmental costs between completed and partially completed units. Subtracting cost of goods sold from goods available for sale d. The entry to record direct labor costs into production in a job order cost accounting system is Debit work-in-process, credit wages payable. Debit finished goods, credit wages payable. Debit factory overhead,...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
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...
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation $16,000 4,000 8,500 12,800 37,000 Direct labor Using the above information, total factory A) $53,000. B) $25,300. e above information total factory overhead costs would be: C) $78,300. D) $16,800. E) $12,800 ne overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to: A) Work in Process Inventory. B) Cost...
In a job-order casting system, indirect lahor cost is usually recorded as a A) Manufacturing Overhead B) Finished Goods C) Work in Process D) Cost of Goods Sold najob-order costing system, manufacturing overhead applied is recorded as a con A) Raw Materials B) Finished Goods Inventory C) Work in Process Inventory D) Cost of Goods Sold 33.) The journal entry to record applying overhead during the production process is: Manufacturing Overhead Work In Process XXX Finished Goods Manufacturing Overhead OCX...
the first step in preparing a cost of production report
is
The first step in preparing a cost of production report is a. computing the equivalent units of production. O b. determining the cost per equivalent unit. c. allocating costs to units transferred out. d. determining the units to be assigned costs. AN During the current month, Grey Company sold 60,000 units for $10 each. Each unit had an equivalent cost of $6 each. The Journal entry to record the...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
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