Homework Answers
FALSE
The sum of all amounts transferred from work in process account to
Finished goods account represents The cost of Goods
Manufactured.
Cost of goods sold includes selling and distributions expenses
which are incurred in order to make the goods available to
consumers. This cost is not a part of Cost of goods manufactured
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Question 5 The sum of all amounts transferred from the Work in Process account to the...
Units to account for options: Beginning work-in process, Completed and transferred out, Ending work-in process, and...
Units to account for options: Beginning work-in process,
Completed and transferred out, Ending work-in process, and
Transferred in
AquaMate uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. AquaMate uses weighted average process costing. Read the requirements. Requirement 1....
As goods are completed their cost is transferred from the Work in Process account to the...
As goods are completed their cost is transferred from the Work in Process account to the Finished Goods account where they await sale to customer. true or false
Process Cost Soumalis in July, the cost of materials transferred into the Rolling Department from the...
Process Cost Soumalis in July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Steel Company is $85,000. The conversion cost for the period in the Rolling Department is $114,200 (165,100 factory overhead applied and $48, 100 direct labor). The total cost transferred to Finished Goods for the period was $570,000. The Rolling Department had a beginning inventory of $20,700 al. Joumalize the cost of transferred in materials. Work in Process Rolling Work in...
During March, Zea Inc. transferred $59,000 from Work in Process to Finished Goods and recorded a...
During March, Zea Inc. transferred $59,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $65,000. The journal entries to record these transactions would include a: Multiple Choice credit to Cost of Goods Sold of $65,000. debit to Finished Goods of $65,000. credit to Work in Process of $59,000. credit to Finished Goods of $59,000.
During March, Zea Inc. transferred $52,000 from Work in Process to Finished Goods and recorded a...
During March, Zea Inc. transferred $52,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $58,000. The journal entries to record these transactions would include a: Multiple Choice debit to Finished Goods of $58,000. credit to Finished Goods of $52,000. O O credit to Work in Process of $52,000. credit to Cost of Goods Sold of $58,000. O
Included in the Vanes Company’s Work in Process t-account is a credit for $250,000. This $250,000...
Included in the Vanes Company’s Work in Process t-account is a credit for $250,000. This $250,000 represents which of the following: a. the cost of goods completed and transferred to finished goods. b. the cost of goods sold to customers. c. raw materials put into production. d. the amount of manufacturing overhead applied to production
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...
Included in the Vanes Company’s Cost of Goods Sold t-account is a credit for $25,000. This...
Included in the Vanes Company’s Cost of Goods Sold t-account is a credit for $25,000. This $25,000 represents which of the following: a. an adjustment to cost of goods sold for manufacturing overhead over-applied during the period. b. the cost of finished goods sold to a customer. c. the cost of goods completed and transferred in from work in process. d. an adjustment to cost of goods sold for manufacturing overhead under-applied during the period.
Entry (16) in the below T-account represents the cost of goods manufactured transferred to Finished Goods...
Entry (16) in the below T-account represents the cost of goods manufactured transferred to Finished Goods from Work in Process 520,000 Bal. (15) Bal. Finished Goods 40,000 (16) 540,000 60,000 True or False True False
Costs are transferred from the balance sheet to the income statement as cost of goods sold...
Costs are transferred from the balance sheet to the income statement as cost of goods sold when A. direct materials, direct labor and manufacturing overhead are transferred to the beginning Work-in-Process Inventory account. B. the total of Cost of Goods Manufactured is determined. C. goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account. D. finished goods are sold. Which of the following companies is most likely to use process costing? A. a music studio B....
Units to account for options: Beginning work-in process,
Completed and transferred out, Ending work-in process, and
Transferred in
AquaMate uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lift. (Click the icon to view additional information.) The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. AquaMate uses weighted average process costing. Read the requirements. Requirement 1....
Process Cost Soumalis in July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Steel Company is $85,000. The conversion cost for the period in the Rolling Department is $114,200 (165,100 factory overhead applied and $48, 100 direct labor). The total cost transferred to Finished Goods for the period was $570,000. The Rolling Department had a beginning inventory of $20,700 al. Joumalize the cost of transferred in materials. Work in Process Rolling Work in...
During March, Zea Inc. transferred $52,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $58,000. The journal entries to record these transactions would include a: Multiple Choice debit to Finished Goods of $58,000. credit to Finished Goods of $52,000. O O credit to Work in Process of $52,000. credit to Cost of Goods Sold of $58,000. O
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...
Entry (16) in the below T-account represents the cost of goods manufactured transferred to Finished Goods from Work in Process 520,000 Bal. (15) Bal. Finished Goods 40,000 (16) 540,000 60,000 True or False True False
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