Homework Answers
The answer is Inventory
Product cost when incurred becomes a part of inventory
When sold, it is charged as cost of goods sold
Hence, the answer is Inventory
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Product costs are placed in which financial statement account when incurred? Multiple Choice Cost of goods...
what is the cost of goods sold (COGS)? Whispering Winds Corp. incurred the following costs while...
what is the cost of goods sold (COGS)?
Whispering Winds Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $130,300 Advertising expense 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks 24,300 26,100 38,100 59,300 Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
cost of goods manufactured=346900 Part 2: Compute cost of goods sold Pina Colada Corp. incurred the...
cost of goods
manufactured=346900
Part 2: Compute cost of goods
sold
Pina Colada Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,100 Advertising expense 70,700 Property taxes on plant 8,060 Delivery expense 111,900 Sales commissions 24,000 Salaries paid to sales clerks $53,400 16,500 22,000 44,200 51,100 Work in process inventory was $14,300 at January 1 and $16,600 at December 31....
Compute cost of goods E14.8 (LO 3) Lopez Corporation incurred the following costs while manufacturing its...
Compute cost of goods E14.8 (LO 3) Lopez Corporation incurred the following costs while manufacturing its product. manufactured and sold. Materials used in product $120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 14,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Salaries paid to sales clerks 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods...
Compute cost of goods manufactured. Glavine Corporation incurred the following costs while manufacturing its product. Materials...
Compute cost of goods manufactured.
Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $125,000 60,000 7,500 110,000 23,000 45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
From the given information find: Cost of goods manufactures, cost of goods sold. Lopez Corporation incurred...
From the given information find: Cost of
goods manufactures, cost of goods sold.
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $48,300 $126,000 65,900 8,030 23,500 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used 30,200 115,200 32,200 37,200 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...
Question 1 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product...
Question 1 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $130,300 Advertising expense $55,200 24,300 26,100 38,100 59,300 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $121,000 Advertising...
Lopez Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$121,000
Advertising expense
$46,000
Depreciation on plant
61,000
Property taxes on plant
15,000
Property taxes on store
7,600
Delivery expense
22,000
Labor costs of assembly-line workers
111,000
Sales commissions
36,000
Factory supplies used
24,000
Salaries paid to sales clerks
51,000
Work in process inventory was $13,000 at January 1 and $16,600 at
December 31. Finished goods inventory was $61,000 at January 1 and
$45,700 at December...
what is the cost of goods sold (COGS)?
Whispering Winds Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $130,300 Advertising expense 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks 24,300 26,100 38,100 59,300 Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was...
Cost of goods sold is: Multiple Choice An expense account. A permanent equity account. An asset account. A revenue account. Auditors primarily express an opinion on the: Multiple Choice Accuracy of financial statements. Quality of a company's management. O Soundness of a company's future. O O Fairness of financial statements. The assumption central to much of GAAP that in the absence of contrary information, a business entity will continue indefinitely is defined as the: Multiple Choice Going concern assumption. Entity...
cost of goods
manufactured=346900
Part 2: Compute cost of goods
sold
Pina Colada Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,100 Advertising expense 70,700 Property taxes on plant 8,060 Delivery expense 111,900 Sales commissions 24,000 Salaries paid to sales clerks $53,400 16,500 22,000 44,200 51,100 Work in process inventory was $14,300 at January 1 and $16,600 at December 31....
Compute cost of goods E14.8 (LO 3) Lopez Corporation incurred the following costs while manufacturing its product. manufactured and sold. Materials used in product $120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 14,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Salaries paid to sales clerks 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods...
Compute cost of goods manufactured.
Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $125,000 60,000 7,500 110,000 23,000 45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
From the given information find: Cost of
goods manufactures, cost of goods sold.
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $48,300 $126,000 65,900 8,030 23,500 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used 30,200 115,200 32,200 37,200 55,400 Work in process inventory was $14,400 at January 1 and $17,400 at December...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...
Question 1 Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $130,300 Advertising expense $55,200 24,300 26,100 38,100 59,300 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500...
Lopez Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$121,000
Advertising expense
$46,000
Depreciation on plant
61,000
Property taxes on plant
15,000
Property taxes on store
7,600
Delivery expense
22,000
Labor costs of assembly-line workers
111,000
Sales commissions
36,000
Factory supplies used
24,000
Salaries paid to sales clerks
51,000
Work in process inventory was $13,000 at January 1 and $16,600 at
December 31. Finished goods inventory was $61,000 at January 1 and
$45,700 at December...
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