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All of the following are inventoried under absorption costing except:-
05. sales commissions.
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All of the following are inventoried under absorption costing except: 01. 0 raw materials used in...
Which of the following product-costing systems is/are required for tax purposes? 01. 02. 03. Absorption costing....
Which of the following product-costing systems is/are required for tax purposes? 01. 02. 03. Absorption costing. Either absorption or variable costing. Throughput costing. 04. 4 Either absorption, variable costing, or throughput costing. 05. Variable costing.
1. What is the journal entry to record raw materials used in production? 2. What is...
1. What is the journal entry to record raw
materials used in production?
2. What is the ending balance in Raw Materials?
3. What is the journal entry to record the labor costs incurred
during the year?
4. What is the total amount of manufacturing overhead applied to
production during the year?
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000...
1. what is the journal entey to record raw materials used in production? (if no entry...
1. what is the journal entey to record raw materials used in
production? (if no entry is required for a transaction/event,
select "no journal entey required" in the first account
field.)
2. What is the ending balance in Raw Materials?
3. What is the journal entry to record the labor costs
incurred during the year?
4. What is the total amount of manufacturing overhead applied
to production during the
year?
Required information The following information applies to the questions displayed...
Which of the following statements is true? Ι ο Under variable costing, direct materials and direct...
Which of the following statements is true? Ι ο Under variable costing, direct materials and direct labor are expensed as period expenses. ο Under variable costing, fixed manufacturing overhead is expensed as period expenses. ο Fixed manufacturing overhead costs are treated the same under both absorption costing and variable costing. ο Reported income under absorption costing is not affected by production level changes. ο Under absorption costing, fixed manufacturing overhead is expensed as period expenses.
In a job-order costing system that is based on machine-hours, which of the following formulas is correct? A) Predeter...
In a job-order costing system that is based on machine-hours, which of the following formulas is correct? A) Predetermined overhead rate = Actual manufacturing overhead ÷ Actual machine-hours B) Predetermined overhead rate = Actual manufacturing overhead ÷ Estimated machine-hours C) Predetermined overhead rate = Estimated manufacturing overhead ÷ Estimated machine-hours D) Predetermined overhead rate = Estimated manufacturing overhead ÷ Actual machine-hours 41. Which of the following statements about using a plantwide overhead rate based on direct labor is correct? A)...
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of...
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 5,900 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $34.70 Direct labor 20.50 Fixed factory overhead 6.20 Variable factory overhead 5.50 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costings Variable costing $ Feedback...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $209,000. Raw materials used in production, $192,000 ($153,600 direct materials and $38,400 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $105,000. Other manufacturing overhead costs accrued during October, $129,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,300 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $211,000. Raw materials used in production, $190,000 ($152,000 direct materials and $38,000 indirect materials). Accrued direct labor cost of $50,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $104,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 76,500 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. Depreciation recorded on factory equipment, $40,000. Other manufacturing overhead costs accrued during October, $70,000. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...
The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials purchased on account, $210,000. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials). Accrued direct labor cost of $49,000 and indirect labor cost of $21,000. Depreciation recorded on factory equipment, $104,000. Other manufacturing overhead costs accrued during October, $130,000. The company applies manufacturing overhead cost to production using a predetermined rate of $6 per machine-hour. A total of 76,100 machine-hours...
Which of the following product-costing systems is/are required for tax purposes? 01. 02. 03. Absorption costing. Either absorption or variable costing. Throughput costing. 04. 4 Either absorption, variable costing, or throughput costing. 05. Variable costing.
1. What is the journal entry to record raw
materials used in production?
2. What is the ending balance in Raw Materials?
3. What is the journal entry to record the labor costs incurred
during the year?
4. What is the total amount of manufacturing overhead applied to
production during the year?
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 79,000...
1. what is the journal entey to record raw materials used in
production? (if no entry is required for a transaction/event,
select "no journal entey required" in the first account
field.)
2. What is the ending balance in Raw Materials?
3. What is the journal entry to record the labor costs
incurred during the year?
4. What is the total amount of manufacturing overhead applied
to production during the
year?
Required information The following information applies to the questions displayed...
Which of the following statements is true? Ι ο Under variable costing, direct materials and direct labor are expensed as period expenses. ο Under variable costing, fixed manufacturing overhead is expensed as period expenses. ο Fixed manufacturing overhead costs are treated the same under both absorption costing and variable costing. ο Reported income under absorption costing is not affected by production level changes. ο Under absorption costing, fixed manufacturing overhead is expensed as period expenses.
Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of operations, 5,900 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Direct materials $34.70 Direct labor 20.50 Fixed factory overhead 6.20 Variable factory overhead 5.50 Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept. Absorption costings Variable costing $ Feedback...
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