Homework Answers
(25) Ans :(D) All of these answer choices are correct.
Explanation:
All the other options are characteristics of perpetual inventory system,hence ans is option (D).
(26) Ans : (C) Raw material
Explanation:
Product cost means a cost which is incurred directly to create a product.Only Raw material is product cost out of the given option.
(27) Ans: Option (A) FIFO
Explanation :
In FIFO method first purchase is used first so old inventory does not affect on ending inventory valuation.
(28) Ans :Option (B) First in first out
Explanation:
As name suggest first in first out, first purchase is used first which will have a lower price in a period of rising prices.Lower cost will lead to higher net income.
(29) Ans: Option (D) Selling Cost
Explanation :
Since all the other are prouct cost only selling is a period cost
(30) Ans: Option (C) $183000
Explanation:
=$27000+$59000+$97000
=$183000
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25. When usinga perpetual inventory system, A) no Purchases account is used. B) a Cost of...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and...
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
I need the answers ASAP 5. Which of the following is true regarding the use of...
I need the answers ASAP
5. Which of the following is true regarding the use of LIFO for inventory valuation? A) If LIFO is used for external financial reporting, then it must also be used for internal reports. B) For purposes of external financial reporting, LIFO may not be used with the lower of cost or market approach. C) IF LIFO is used for external financial reporting, then it cannot be used for tax purposes. None of these answers are...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
An inventory costing procedure in which the oldest costs incurred rarely have an effect on the...
An inventory costing procedure in which the oldest costs incurred rarely have an effect on the ending inventory valuation is... A. LIFO B. FIFO C. Weighted-average D. Base Stock
Here is some basic data for Shannon Company: Cost of materials purchases on account $72,000 Cost...
Here is some basic data for Shannon Company: Cost of materials purchases on account $72,000 Cost of materials requisitioned (includes $2,900 of indirect) $53,400 Direct labor costs incurred $79,600 Manufacturing overhead costs incurred, including indirect materials $87,700 Cost of goods completed $257,450 Cost of goods sold $167,200 Beginning raw materials inventory $17,400 Beginning work in process inventory $33,600 Beginning finished goods inventory $35,300 Predetermined manufacturing overhead rate (as % of direct laborcost) 120% The journal entry to record the cost...
13) When goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account,...
13) When goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account, A) total assets and total liabilities increase by the same amount B) total equity and total assets increase by the same amount C) total assets of the company remain constant D) total liabilities increase and total equity decreases by the same amount 15) Which of the following correctly describes Just-in-Time (JIT) Management? A) It is a production approach that maintains surplus goods at each...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 $30,600 $33,700 140% What is the balance in work in process inventory at the end of the...
5. The first type of inventory account for a manufacturing company: a. Work in Process b....
5. The first type of inventory account for a manufacturing company: a. Work in Process b. Finished Goods c. Raw materials d. Cost of goods sold
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
31. When using a perpetual inventory system, a. no Purchases account is used. b. a Cost of Goods Sold account is used. c. two entries are required to record a sale. d) All of these answer choices are correct sold for 2017, net income for 2017, and assets at December 31, 2018, respectively, are a. overstatement, understatement, overstatement. 32. If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods overstatement, understatement, no effect....
Under the perpetual inventory system the Merchandise inventory account is continuously updated as purchases, sales, and relurns occur and under periodic inventory system the Merchandise inventory account slays as its beginning balance unti the physical inventory is recorded at the and of the accounting period. True False Under the perpetual inventory systerm, in addition to making the entry to record a sala, a company wouid: A. Debit Marchandise Inventory and credit Cost of Goods Sold B. Debit Cost of Goods...
I need the answers ASAP
5. Which of the following is true regarding the use of LIFO for inventory valuation? A) If LIFO is used for external financial reporting, then it must also be used for internal reports. B) For purposes of external financial reporting, LIFO may not be used with the lower of cost or market approach. C) IF LIFO is used for external financial reporting, then it cannot be used for tax purposes. None of these answers are...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
13) When goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account, A) total assets and total liabilities increase by the same amount B) total equity and total assets increase by the same amount C) total assets of the company remain constant D) total liabilities increase and total equity decreases by the same amount 15) Which of the following correctly describes Just-in-Time (JIT) Management? A) It is a production approach that maintains surplus goods at each...
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $68,800 $51,800 $77,400 $97,600 $223,400 $151,800 $15,100 $30,600 $33,700 140% What is the balance in work in process inventory at the end of the...
Cost of materials purchases on account Cost of materials requisitioned (includes $2,300 of indirect) Direct labor costs incurred Manufacturing overhead costs incurred, including indirect materials Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Predetermined manufacturing overhead rate (as % of direct labor cost) $77,900 $45,300 $80,300 $98,800 $276,900 $149,000 $19,600 $35,300 $25,700 115% The journal entry to record actual manufacturing overhead costs includes a O A. debit...
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