Question

Matching Referring to the items listed below, place the appropriate letter next to the corresponding description. a. Product Cost b. Period Cost c. Material Inventory d. Work in Process Inventory e. Finished Goods Inventory f. Cost of Goods Sold 8. Cost of Goods Manufactured h. Cost to Manufacture i. Converstion Cost j. Administrative Costs k. Direct Labor 1. Direct Materials m. Manufacturing Overhead n. Cost Driver 0. Process Costing p. Job Costing q. Underapplied Overhead r. Overapplied Overhead s. Predetermined Overhead Rate 1. 2. 3. 4. 5. 6. 7. 8. A cost that "attaches" to the product as the product moves through the operating cycle. The total cost of all resources put into production during the period, whether completed or not. The amount shown on the balance sheet that represents the cost incurred to produce goods that are not yet completed. The cost of services of employees who work directly on the product. A cost that is not directly related to production of the product. The amount that represents the cost of goods made available for sale in the current period. Product costs. Direct labor plus manufacturing overhead. An activity that causes costs to be incurred. Debit balance remaining in the Manufacturing Overhead account after all entries have been recorded prior to the closing entries. An alternative to the job order cost system for accumulating costs. A cost accounting system in which the costs incurred to produce a product are accumulated for each individual job. Estimated manufacturing overhead divided by the expected level of activity. Amount by which the overhead applied to production exceeds the actual overhead costs incurred in the same period. 9. 10. 11. 12. 13. 14.

Answer 1

Matching Referring to the items listed below, place the appropriate letter next to the corresponding description. a. Product Cost b. Period Cost c. Material Inventory d. Work in Process Inventory e. Finished Goods Inventory f. Cost of Goods Sold 8. Cost of Goods Manufactured h. Cost to Manufacture i. Converstion Cost j. Administrative Costs k. Direct Labor I. Direct Materials m. Manufacturing Overhead n. Cost Driver 0. Process Costing p. Job Costing 4. Underapplied Overhead r. Overapplied Overhead s. Predetermined Overhead Rate 1. 2. a, j, k, m, 1 h d 3. 4. 6. k 5. bij g 7. kelim i 9. n 8. A cost that "attaches" to the product as the product moves through the operating cycle. The total cost of all resources put into production during the period, whether completed or not. The amount shown on the balance sheet that represents the cost incurred to produce goods that are not yet completed. The cost of services of employees who work directly on the product. A cost that is not directly related to production of the product. The amount that represents the cost of goods made available for sale in the current period. Product costs. Direct labor plus manufacturing overhead. An activity that causes costs to be incurred. Debit balance remaining in the Manufacturing Overhead account after all entries have been recorded prior to the closing entries. An alternative to the job order cost system for accumulating costs. A cost accounting system in which the costs incurred to produce a product are accumulated for each individual job. Estimated manufacturing overhead divided by the expected level of activity. Amount by which the overhead applied to production exceeds the actual overhead costs incurred in the same period. 10. 9 11. o 12. P 13. S 14.