Which of the following inventories would a discount retailer report as an asset? Multiple Choice Raw...
Which of the following inventories would a discount retailer report as an asset? Multiple Choice Raw materials. Work in process. Finished goods. Merchandise inventory. All of the answers are correct.
Homework Answers
A discount retailer report merchandise inventory as an asset.
A retailer is a person that buys finished goods from the wholesalers and other retailers and sell them to consumers. Thus, there is no scope of having raw materials, WIP inventory or finished goods in retailers balance sheet. The goods so purchased by the retailer will be treated as its inventory.
Thus, correct answer is d.
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Which of the following inventories would a discount retailer
report as an asset? Multiple Choice Raw...
Vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials...
Vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $150000 $ 100000 Work in process inventory 266000 284000 Finished goods inventory 260000 248000 During 2020, Vaughn purchased $910000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000. How much would Vaughn Manufacturing report as cost of goods manufactured for 2020? I am coming up with $1,359,000, however, that is NOT one of the multiple choice answers....
Which of the following represents the correct order in which inventories are reported on a manufacturer’s...
Which of the following represents the correct order in which
inventories are reported on a manufacturer’s balance sheet?
raw materials, work in process, finished goods
work in process, finished goods raw materials
finished goods, work in process, raw materials
work in process, raw materials, finished goods
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory...
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? Raw materials. Work-in-process. Finished goods. d. Supplies. b. 2. Where should raw materials be classified on the statement of financial position? Prepaid expenses. b. Inventory. Equipment. Not on the statement of financial position. d. Which of the following accounts is not reported in inventory? a. Raw materials. b. Equipment. c. Finished goods. d. Supplies 4. In a period of rising prices,...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice O Houses O Airplanes. O Food products. O Motorcycles Machinery Saved A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice LO Payroll Register. Job cost sheet O Invoice O Time ticket. Receiving report. Seved Some companies wait until the end of a month to allocate Factory Overhead. However, most companies allocate...
Which beginning and ending inventories appear on a cost of goods manufactured schedule? raw materials only...
Which beginning and ending inventories appear on a cost of goods
manufactured schedule?
raw materials only
raw materials and work in process only
raw materials, work in process, and finished goods
work in process only
Clear my choice Question 24 Benson Inc.'s accounting records reflect the following inventories: Not yet answered...
Clear my choice Question 24 Benson Inc.'s accounting records reflect the following inventories: Not yet answered Dec. 31, 2016 Dec 31, 2017 Marked out of 1.00 Raw materials inventory $ 80,000 $ 64,000 Remove flag 104,000 116,000 Work in process inventory 100,000 92,000 Finished goods inventory During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and applied manufacturing overhead of $160,000 to production Assume Benson's cost of goods manufactured for 2017 amounted to $1,660,000. How...
Chavez Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials...
Chavez Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials $ 33,000 $ 33,000 Work in process $ 19,000 $ 23,000 Finished goods $ 35,000 $ 50,000 Additional information: Raw materials purchases $ 69,000 Direct labor cost $ 94,000 Manufacturing overhead cost incurred $ 62,000 Indirect materials included in manufacturing overhead cost incurred $ 9,200 Manufacturing overhead cost applied to Work in Process $ 61,000 Any underapplied or overapplied manufacturing overhead is closed out...
Walston Manufacturing Company has provided the following data concerning its raw materials inventories last month: Beginning...
Walston Manufacturing Company has provided the following data concerning its raw materials inventories last month: Beginning raw materials inventory Purchases of raw materials Ending raw materials inventory 5 80,000 $420,000 $ 50,000 The cost of the raw materials used in production for the month was: Multiple Choice $500,000 $450,000 Multiple Choice $500,000 $450,000 $390,000 $470.000 Multiple Choice O work in process inventory has decreased during the period. finished goods inventory has increased during the period. total manufacturing costs must be...
Michelle Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials...
Michelle Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials $ 46,000 $ 39,500 Work in process $ 25,500 $ 36,000 Finished goods $ 41,500 $ 56,500 Additional information: Raw materials purchases $ 75,500 Direct labor cost $ 100,500 Manufacturing overhead cost incurred $ 68,500 Indirect materials included in manufacturing overhead cost incurred $ 11,800 Manufacturing overhead cost applied to Work in Process $ 67,500 Any underapplied or overapplied manufacturing overhead is closed out...
Use the following data to calculate the cost of goods sold for the period: Beginning Raw...
Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured for the period $ 30,000 70,000 40,000 46,000 72,000 68,000 246,000 Multiple Choice $250,000 $290,000. $242,000. $258,000. O $246.000.
Which of the following represents the correct order in which
inventories are reported on a manufacturer’s balance sheet?
raw materials, work in process, finished goods
work in process, finished goods raw materials
finished goods, work in process, raw materials
work in process, raw materials, finished goods
1. Which of the following inventories carried by a manufacturer is similar to the merchandise inventory of a retailer? Raw materials. Work-in-process. Finished goods. d. Supplies. b. 2. Where should raw materials be classified on the statement of financial position? Prepaid expenses. b. Inventory. Equipment. Not on the statement of financial position. d. Which of the following accounts is not reported in inventory? a. Raw materials. b. Equipment. c. Finished goods. d. Supplies 4. In a period of rising prices,...
A process costing system would best fit the needs of a company that manufacturers: Multiple Choice O Houses O Airplanes. O Food products. O Motorcycles Machinery Saved A source document used by employees to report the amount of time spent working on a job is called a(n): Multiple Choice LO Payroll Register. Job cost sheet O Invoice O Time ticket. Receiving report. Seved Some companies wait until the end of a month to allocate Factory Overhead. However, most companies allocate...
Which beginning and ending inventories appear on a cost of goods
manufactured schedule?
raw materials only
raw materials and work in process only
raw materials, work in process, and finished goods
work in process only
Clear my choice Question 24 Benson Inc.'s accounting records reflect the following inventories: Not yet answered Dec. 31, 2016 Dec 31, 2017 Marked out of 1.00 Raw materials inventory $ 80,000 $ 64,000 Remove flag 104,000 116,000 Work in process inventory 100,000 92,000 Finished goods inventory During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and applied manufacturing overhead of $160,000 to production Assume Benson's cost of goods manufactured for 2017 amounted to $1,660,000. How...
Walston Manufacturing Company has provided the following data concerning its raw materials inventories last month: Beginning raw materials inventory Purchases of raw materials Ending raw materials inventory 5 80,000 $420,000 $ 50,000 The cost of the raw materials used in production for the month was: Multiple Choice $500,000 $450,000 Multiple Choice $500,000 $450,000 $390,000 $470.000 Multiple Choice O work in process inventory has decreased during the period. finished goods inventory has increased during the period. total manufacturing costs must be...
Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured for the period $ 30,000 70,000 40,000 46,000 72,000 68,000 246,000 Multiple Choice $250,000 $290,000. $242,000. $258,000. O $246.000.
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