when manufacturing company uses direct materials it assigns the cost by debiting Raw material inventory manufacturing...
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Answer
--Correct Answer = Option #4: when manufacturing company uses the direct material, the direct material cost is assigned by DEBITING the "Work in Process Inventory" account.
>When raw material is purchased, raw material inventory is debited.
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when manufacturing company uses direct materials it assigns the
cost by debiting
Raw material inventory
manufacturing...
When a manufacturing company uses direct materials, it assigns the cost by debiting O A. Direct...
When a manufacturing company uses direct materials, it assigns the cost by debiting O A. Direct Materials. O B. Manufacturing Overhead. O C. Work-in-Process Inventory OD. Raw Materials Inventory.
When a manufacturing company uses direct materials, it assigns the cost by debiting O A. Direct...
When a manufacturing company uses direct materials, it assigns the cost by debiting O A. Direct Materials. O B. Manufacturing Overhead O C. Work-in-Process Inventory O D. Raw Materials Inventory
When a manufacturing company uses direct labor, it assigns the cost by deb A. Direct Labor B. Maniffacturing...
When a manufacturing company uses direct labor, it assigns the cost by deb A. Direct Labor B. Maniffacturing Overhead. C. Wages Payable. D. Work-in-Process Inventory. When a manufacturing company uses direct labor, it assigns the cost by debiting O A. Direct Labor. O B. Manufacturing Overhead O c. Wages Payable. O D. Work-in-Process Inventory.
When a manufacturing company uses indirect materials, it accumulates the cost by debiting O A. Work-in-Process...
When a manufacturing company uses indirect materials, it accumulates the cost by debiting O A. Work-in-Process Inventory. O B. Indirect Materials O C. Raw Materials Inventory. D. Manufacturing Overhead.
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add:...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
List: Beginning raw materials inventory Beginning work in process inventory Cost of goods manufactured Direct labor...
List:
Beginning raw materials inventory
Beginning work in process inventory
Cost of goods manufactured
Direct labor
Ending raw materials inventory
Ending work in process inventory
Manufacturing overhead
Materials available for use
Purchases of direct materials
Total manufacturing costs incurred during the period
Total manufacturing costs to account for
Lawrence Industries is calculating its Cost of Goods Manufactured at year-end. Lawrence's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $11,000 and an ending balance...
Exercise 2 FINISHED GOOD NVENTORY Raw Material MANUFACTURING MANUFACTURING PROCESS 2 "X PROCESS Raw Material As...
Exercise 2 FINISHED GOOD NVENTORY Raw Material MANUFACTURING MANUFACTURING PROCESS 2 "X PROCESS Raw Material As the flow chart shows, the company uses two raw materials: "X" and "Y Raw material "X" is used in the manufacturing process 1, and raw material "Y" is used in the manufacturing process 2, them the finished good product is obtained Data available are as follows Concepts Raw materials "X" invento Raw materials "Y" inve Work-in-process "1" invento Work-in-process "2" invento Finished goods invento...
Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw...
Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $22,200 67,000 23,600 29,400 35,000 49,800 37,000 All raw materials used were traceable to specific units of product. Healey Company's Cost of Goods Manufactured for the year is: Multiple Choice $158,000. $152,400. Loo o C $149,600. $153,000 $146,800.
1 point When materials are requisitioned from the Raw Materials Inventory they can be classified as...
1 point When materials are requisitioned from the Raw Materials Inventory they can be classified as either direct materials (which are traced directly to the job) or indirect materials (which are items so insignificant that they are not traced directly to a job and instead are included in manufacturing overhead). What is the journal entry made when the material is classified as direct material? * O Debit Work in Process Inventory, Credit Direct Materials O Debit Direct Materials, Credit Raw...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655, eee $ 86, eee $ 140, eee $ 102, eee $ 44, eee $ 207, eee $ 226, eee Inventories Raw materials Work in process Finished goods Beginning $ 8,eee $ 5,400 $ 73,eee Ending $ 11, eee $ 20,800 $ 25, 120 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw...
When a manufacturing company uses direct materials, it assigns the cost by debiting O A. Direct Materials. O B. Manufacturing Overhead. O C. Work-in-Process Inventory OD. Raw Materials Inventory.
When a manufacturing company uses direct materials, it assigns the cost by debiting O A. Direct Materials. O B. Manufacturing Overhead O C. Work-in-Process Inventory O D. Raw Materials Inventory
When a manufacturing company uses direct labor, it assigns the cost by deb A. Direct Labor B. Maniffacturing Overhead. C. Wages Payable. D. Work-in-Process Inventory. When a manufacturing company uses direct labor, it assigns the cost by debiting O A. Direct Labor. O B. Manufacturing Overhead O c. Wages Payable. O D. Work-in-Process Inventory.
When a manufacturing company uses indirect materials, it accumulates the cost by debiting O A. Work-in-Process Inventory. O B. Indirect Materials O C. Raw Materials Inventory. D. Manufacturing Overhead.
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
List:
Beginning raw materials inventory
Beginning work in process inventory
Cost of goods manufactured
Direct labor
Ending raw materials inventory
Ending work in process inventory
Manufacturing overhead
Materials available for use
Purchases of direct materials
Total manufacturing costs incurred during the period
Total manufacturing costs to account for
Lawrence Industries is calculating its Cost of Goods Manufactured at year-end. Lawrence's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $11,000 and an ending balance...
Exercise 2 FINISHED GOOD NVENTORY Raw Material MANUFACTURING MANUFACTURING PROCESS 2 "X PROCESS Raw Material As the flow chart shows, the company uses two raw materials: "X" and "Y Raw material "X" is used in the manufacturing process 1, and raw material "Y" is used in the manufacturing process 2, them the finished good product is obtained Data available are as follows Concepts Raw materials "X" invento Raw materials "Y" inve Work-in-process "1" invento Work-in-process "2" invento Finished goods invento...
Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $22,200 67,000 23,600 29,400 35,000 49,800 37,000 All raw materials used were traceable to specific units of product. Healey Company's Cost of Goods Manufactured for the year is: Multiple Choice $158,000. $152,400. Loo o C $149,600. $153,000 $146,800.
1 point When materials are requisitioned from the Raw Materials Inventory they can be classified as either direct materials (which are traced directly to the job) or indirect materials (which are items so insignificant that they are not traced directly to a job and instead are included in manufacturing overhead). What is the journal entry made when the material is classified as direct material? * O Debit Work in Process Inventory, Credit Direct Materials O Debit Direct Materials, Credit Raw...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655, eee $ 86, eee $ 140, eee $ 102, eee $ 44, eee $ 207, eee $ 226, eee Inventories Raw materials Work in process Finished goods Beginning $ 8,eee $ 5,400 $ 73,eee Ending $ 11, eee $ 20,800 $ 25, 120 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw...
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