What type of inventory does paint that has been colored but not yet put into cans...
- Class C
- Finished goods
- Raw materials
- Work in process
Homework Answers
The correct answer is Work in Process.
Raw material is the material purchased.
Goods which are half done becomes work in process.
And completed goods are known as Finished goods.
Hence, the answer is work in process.
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What type of inventory does paint that has been colored but not yet put into cans...
Goods that have been started in the manufacturing process but are not yet complete are included...
Goods that have been started in the manufacturing process but are not yet complete are included in the A. Raw Materials Inventory account B. Cost of Goods Sold account OC. Finished Goods Inventory account D. Work-in-Process Inventory account
What types of inventory does microsoft corporation hold: raw materials, work in process, finished goods…. Please...
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The following data has been taken from the accounting records of Chase Corporation for the year...
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1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a...
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. • Raw Materials - • Work in Process - • Finished Goods- 2. What are the accounts that you will see in an Income Statement for a manufacturing company that you do not see in an Income Statement for a merchandising company? 3. What is the basic equation for inventory accounts?
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $28,100 21.900 79,900 Ending Inventory $25,600 46,800 68,500 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling general, and administrative expenses Sales revenue 40,500 1,900 62,900 35.200 23,200 236,500 Required: 1. Based on the above information, prepare a cost of...
Paint by Number prepares and packages paint products. Paint by Number has two departments: Blending and...
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The following has been provided: Sales $1,974,000 Direct Materials Inventory. 1/1 54,000 Direct Materials Inventory, 12/31...
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1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. Raw Materials - . Work in Process - Finished Goods-
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What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
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