Homework Answers
Solution:
Th correct statement regarding Manufacturing Overhead out of all the given options is:
Answer: Option 3: Manufacturing overhead is a clearing account and is neither shown on the balance sheet or income statement in published financial statements.
Explanation: Manufacturing overhead does not represent an asset, liability, expense or any other element of the financial statements. Manufacturing overhead is a clearing account since the amount in manufacturing overhead account is transferred to other accounts like Work in Process for overheads applied to jobs and Cost of Goods Sold for under or over applied overheads. Thus it is neither shown on the balance sheet or income statement in published financial statements. Rest all other options given in question regarding manufacturing overhead are incorrect.
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Select the correct statement below regarding Manufacturing Overhead: Multiple Choice Manufacturing overhead is an expense account...
Select the correct statement below: Multiple Choice Manufacturing overhead includes all costs associated with running the...
Select the correct statement below: Multiple Choice Manufacturing overhead includes all costs associated with running the business, including factory costs. Manufacturing costs are expensed on the income statement when the associated products are sold. None of the answers are correct. Manufacturing costs are capitalized and depreciated using the straight-line method over the useful life. All Manufacturing costs are captured in the Manufacturing Overhead account as a debit.
Which statement regarding the Manufacturing Overhead Cost is incorrect? 12 Multiple Choice 00:30:21 It consists of...
Which statement regarding the Manufacturing Overhead Cost is incorrect? 12 Multiple Choice 00:30:21 It consists of both fixed and variable costs It consists of only manufacturing costs. It is a direct cost to the products produced by a manufacturing company it includes Indirect materials and indirect labor costs Heat, water, and power consumed in the factory are examples of the manufacturing overhead cost.
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs. The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead. The Manufacturing Overhead Budget is prepared after the Sales Budget. The basic idea underlying responsibility accounting is that a manager should be...
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied....
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
Which of the following statements about manufacturing overhead costs is not correct? All manufacturing costs other...
Which of the following statements about manufacturing overhead costs is not correct? All manufacturing costs other than direct materials and direct labor are classified as manufacturing overhead costs. All manufacturing costs other than direct materials and direct labor are entered directly into the Manufacturing Overhead account. Depreciation on factory equipment is recorded with a debit to Depreciation Expense. Manufacturing overhead costs are recorded with a debit to Manufacturing Overhead account as they are incurred.
Prime cost consists of: Multiple Choice direct labor and manufacturing overhead. direct materials and manufacturing overhead....
Prime cost consists of: Multiple Choice direct labor and manufacturing overhead. direct materials and manufacturing overhead. direct materials and direct labor. direct materials, direct labor and manufacturing overhead.
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The...
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,580 and direct labor cost of $860. Therefore, the amount of applied overhead is: Multiple Choice Ο Ο $1,920. Ο $2,440. Ο $1,060. Ο $860. Ο $2,640. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the...
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...
Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on...
Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $50,100 and its total manufacturing overhead cost to be $90,180. Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in second requirement. Required: 1. Calculate the predetermined overhead rate. Predetermined...
(3) Manufacturing Overhead Accounts Payable 52,200 (4) Manufacturing Overhead Accumulated Depreciation-Equipment 16,750 (5) Depreciation Expense 5,000...
(3) Manufacturing Overhead Accounts Payable 52,200 (4) Manufacturing Overhead Accumulated Depreciation-Equipment 16,750 (5) Depreciation Expense 5,000 Accumulated Depreciation-Buildings 'OTDTGLETHU 15,000 X! (6) Work in Process Inventory Manufacturing Overhead (7) Finished Goods Inventory Ex Work in Process Inventory Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. Try again. Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1....
Select the correct statement below: Multiple Choice Manufacturing overhead includes all costs associated with running the business, including factory costs. Manufacturing costs are expensed on the income statement when the associated products are sold. None of the answers are correct. Manufacturing costs are capitalized and depreciated using the straight-line method over the useful life. All Manufacturing costs are captured in the Manufacturing Overhead account as a debit.
Which statement regarding the Manufacturing Overhead Cost is incorrect? 12 Multiple Choice 00:30:21 It consists of both fixed and variable costs It consists of only manufacturing costs. It is a direct cost to the products produced by a manufacturing company it includes Indirect materials and indirect labor costs Heat, water, and power consumed in the factory are examples of the manufacturing overhead cost.
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
The Work in Process Inventory account of a manufacturing company has a $3,500 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,580 and direct labor cost of $860. Therefore, the amount of applied overhead is: Multiple Choice Ο Ο $1,920. Ο $2,440. Ο $1,060. Ο $860. Ο $2,640. Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the...
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...
(3) Manufacturing Overhead Accounts Payable 52,200 (4) Manufacturing Overhead Accumulated Depreciation-Equipment 16,750 (5) Depreciation Expense 5,000 Accumulated Depreciation-Buildings 'OTDTGLETHU 15,000 X! (6) Work in Process Inventory Manufacturing Overhead (7) Finished Goods Inventory Ex Work in Process Inventory Click if you would like to Show Work for this question: Open Show Work Your answer is partially correct. Try again. Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter's production. 1....
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