QUESTION 7 Cost of Goods Manufactured (COGM, although the book refers to it as CGM) represents...
QUESTION 7
Cost of Goods Manufactured (COGM, although the book refers to it as CGM) represents _______________________.
-
A. Total prime costs
B. Total product cost when goods are finished and moved to finished goods inventory.
C. Total product cost when sold
D. Total amount of overhead applied
QUESTION 8
-
In following the flow of Product Costs, once completed the product costs go to Finished Goods Inventory. The Journal Entry reflects a debit to Finished Goods and a credit to ________________.
A. Marketing
B. Work-in-Process
C. Cost of Goods Sold
D. Sales
QUESTION 9
-
What is the typical Cost Behavior found with Overhead?
A. Variable
B. Fixed
C. All of the above
D. Mixed
QUESTION 10
-
Expired costs are Income Statement expenses because they are consumed or used costs.
True
False
Homework Answers
| Question 7 : |
| Answer : Option B [ Total product cost when goods are finished and moved to finished goods inventory ] |
| Explanation : |
| Total product cost = Direct materials + Direct labor + Manufacturing overhead |
| Thus it includes all cost till the time goods are moved to finished goods inventory |
| Question 8 : | ||
| Journal entry for transfer of costs to finished goods inventory : | ||
| Dr. | Cr. | |
| Finished goods inventory | XX | |
| Work in process | XX | |
| Answer : Option B [ Work-in-Process ] |
| Question 9 : |
| Overhead are of all types variable, fixed as well as mixed. |
| Answer : Option C [ All of the above ] |
| Question 10 : |
| Answer : True |
| Explanation : Expired costs includes those costs from which the benefit is fully occurred to the company and hence they are stated on income statement to fully write off the same |
Add Answer to:
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Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of
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Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):please
help me with steps in detail! thank you!
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