Homework Answers
Ans Raw materials
The factory is scheduled to produce finished goods for the sale to customers. Example: Toothpaste pack. The WIP (Work in process) is a part of inventory which is semi finished in nature and will be converted to end items. The sub assemblies are sub parts of the final items which are produced separately and then joined together. Example: Valve set for pipeline. Raw materials are received from suppliers outside the factory
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Which of the following items would not be scheduled or produced in the factory? End items...
Factory rent Question 18 2pts Which of the following items appears only in a manufacturing company's financial st...
Factory rent Question 18 2pts Which of the following items appears only in a manufacturing company's financial statements? Cost of goods sold Cost of goods manufactured Goods available for sale Gross profit Net income Question 19 Features of job order production include all of the following 20 * Finished goods inventory Question 17 Factory overhead costs may include all of the following oncept Indirect labor costs. Indirect material costs. Selling costs. Assembly supplies Factory rent Question 18 Which of the...
The following items are found in the ledger and accompanying data for Zed Manufacturing Company. Indicate...
The following items are found in the ledger and accompanying data for Zed Manufacturing Company. Indicate which items appear on the balance sheet as at December 31 by marking an "X" beside it. 1. Direct Labour Raw Materials Inventory (1/1) 2. 3. 4. - Work in Process Inventory (12/31) Finished Goods Inventory (1/1) 5. Prepaid Insurance 6. Work in Process Inventory (1/1) 7. Finished Goods Inventory (12/31) 8. 9. 10. 11. Factory Maintenance Salaries Cost of Goods Manufactured Cost of...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
Question 9 The following items are found in the ledger and accompanying data for Zed Manufacturing...
Question 9
The following items are found in the ledger and accompanying
data for Zed Manufacturing Company.
Indicate which items appear on the balance sheet as at December 31
by marking an “X” beside it.
1.
Direct Labour
X
2.
Raw Materials Inventory
(1/1)
X
3.
Work in Process Inventory
(12/31)
X
4.
Finished Goods Inventory
(1/1)
X
5.
Prepaid Insurance
X
6.
Work in Process Inventory
(1/1)
X
7.
Finished Goods Inventory
(12/31)
X
8.
Factory Maintenance
Salaries
X...
Which of the following is not an element of manufacturing overhead? o Factory repairman's wages. Plant manager's salary...
Which of the following is not an element of manufacturing overhead? o Factory repairman's wages. Plant manager's salary. Sales manager's salary. O Product inspector's salary. Marigold Corp. reported the following year-end information: $1080000 300000 Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead 900000 480000 1020000 820000 820000 Marigold Corp.'s cost of goods manufactured for the year is $2480000. O $2840000. $2660000. O $2300000....
1. Which of the following statements is true? A. A process costing system will have a...
1. Which of the following statements is true? A. A process costing system will have a single work in process account B. A process costing system will have a separate raw materials account for each of the major processes. C. A process costing system will have a separate work in process account for each of the major processes 2. The journal entry to record the actual Manufacturing Overhead incurred includes A. a debit to Manufacturing Overhead B. a debit to...
1. Match the phrase to the right answer. -Type of labor incurred by hands on factory...
1. Match the phrase to the right answer. -Type of labor incurred by hands on factory workers -Document for capturing labor hours -Account where jobs are born -Type of Overhead put into WIP when using Job Costing -Landing place for sold jobs -Cost of finished products for the period Location of all completed jobs awaiting sale Some Options are: Direct, Actual, Timecard, Allocated, Work in process, Cost of goods manufactured, Finished Goods, Cost of goods sold. 2. Put the following...
Azure Company predicted factory overhead for 2018 and 2019 would be $150,000 for each year. Direct...
Azure Company predicted factory overhead for 2018 and 2019 would be $150,000 for each year. Direct labor hours were predicted as 35,000 hours for 2018 and 25,000 hours for 2019. Additional data are as follows: Sales in units Selling price per unit Direct materials and direct labor per unit 2018 40,000 $30 $15 2019 40,000 $30 $15 The company assumes that the long-run normal production level is 25,000 direct labor hours per year. The actual factory overhead cost for the...
Purchases of raw materials Maintenance, factory Direct labour Depreciation, factory equipment Indirect materials, factory Selling and...
Purchases of raw materials Maintenance, factory Direct labour Depreciation, factory equipment Indirect materials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment Advertising expenses Rent, factory building $ 187,000 42,700 36,300 62,600 3,950 48,200 29,800 19,400 4,950 23, 800 117,000 ? The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows: Raw materials Work in process Finished goods Beginning of Month $...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials 33000 inventory Ending work in process inventory 54000 Ending raw materials inventory 17000 Raw materials purchased 850000 Direct labor 440000 Manufacturing overhead 100000 How much is Sheffield's cost of goods manufactured for the year? $866000 $1408000 $1404000 $1406000 O O Crane Company reported the following year-end information: Beginning work in process $32000 inventory Beginning raw materials inventory 14000 Ending work in process inventory 34000...
Factory rent Question 18 2pts Which of the following items appears only in a manufacturing company's financial statements? Cost of goods sold Cost of goods manufactured Goods available for sale Gross profit Net income Question 19 Features of job order production include all of the following 20 * Finished goods inventory Question 17 Factory overhead costs may include all of the following oncept Indirect labor costs. Indirect material costs. Selling costs. Assembly supplies Factory rent Question 18 Which of the...
The following items are found in the ledger and accompanying data for Zed Manufacturing Company. Indicate which items appear on the balance sheet as at December 31 by marking an "X" beside it. 1. Direct Labour Raw Materials Inventory (1/1) 2. 3. 4. - Work in Process Inventory (12/31) Finished Goods Inventory (1/1) 5. Prepaid Insurance 6. Work in Process Inventory (1/1) 7. Finished Goods Inventory (12/31) 8. 9. 10. 11. Factory Maintenance Salaries Cost of Goods Manufactured Cost of...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
Question 9
The following items are found in the ledger and accompanying
data for Zed Manufacturing Company.
Indicate which items appear on the balance sheet as at December 31
by marking an “X” beside it.
1.
Direct Labour
X
2.
Raw Materials Inventory
(1/1)
X
3.
Work in Process Inventory
(12/31)
X
4.
Finished Goods Inventory
(1/1)
X
5.
Prepaid Insurance
X
6.
Work in Process Inventory
(1/1)
X
7.
Finished Goods Inventory
(12/31)
X
8.
Factory Maintenance
Salaries
X...
Which of the following is not an element of manufacturing overhead? o Factory repairman's wages. Plant manager's salary. Sales manager's salary. O Product inspector's salary. Marigold Corp. reported the following year-end information: $1080000 300000 Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead 900000 480000 1020000 820000 820000 Marigold Corp.'s cost of goods manufactured for the year is $2480000. O $2840000. $2660000. O $2300000....
Azure Company predicted factory overhead for 2018 and 2019 would be $150,000 for each year. Direct labor hours were predicted as 35,000 hours for 2018 and 25,000 hours for 2019. Additional data are as follows: Sales in units Selling price per unit Direct materials and direct labor per unit 2018 40,000 $30 $15 2019 40,000 $30 $15 The company assumes that the long-run normal production level is 25,000 direct labor hours per year. The actual factory overhead cost for the...
Purchases of raw materials Maintenance, factory Direct labour Depreciation, factory equipment Indirect materials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment Advertising expenses Rent, factory building $ 187,000 42,700 36,300 62,600 3,950 48,200 29,800 19,400 4,950 23, 800 117,000 ? The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows: Raw materials Work in process Finished goods Beginning of Month $...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials 33000 inventory Ending work in process inventory 54000 Ending raw materials inventory 17000 Raw materials purchased 850000 Direct labor 440000 Manufacturing overhead 100000 How much is Sheffield's cost of goods manufactured for the year? $866000 $1408000 $1404000 $1406000 O O Crane Company reported the following year-end information: Beginning work in process $32000 inventory Beginning raw materials inventory 14000 Ending work in process inventory 34000...
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