Direct and indirect materials may physically become part of the finished product
True
False
False Only direct materials may become the part of the finished product. Indirect materials do not physically become part of or cannot be traced directly to any finished product |
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Direct and indirect materials may physically become part of the finished product True False
Direct materials are the ___ materials that become a physical part of the finished product and are a major category of product costs. Indirect materials include materials used in the plant that aren't easily traced to individual products and/or any physical components of the product that are very _ and not worth the effort to directly trace. Indirect materials are part of the cost category called _. Both types of raw materials (direct and direct) are classified as _ costs...
Raw materials that become part of a product and are identified with specific units or batches of a product are called direct materials. (True or False)
True or False: Job shops have three types of inventory accounts: Direct Materials, Work-in-Process, and Finished Goods. True or False: Normal costing uses the actual allocation base activity to apply manufacturing overhead costs to jobs during the period.
The production budget is typically prepared before the direct materials budget. True or False True False Petrini Corporation makes one product and it provided the following information to help prepare the master budget for the next four months of operations: a. The budgeted selling price per unit is $110. Budgeted unit sales for January, February, March, and April are 7,500, 10,600, 12,000, and 11,700 units, respectively. All sales are on credit. b. Regarding credit sales, 30% are collected in the...
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all costs that are not product costs, such as office supplies. True False A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned. True False The valve chain is the set of activities that increase the value of an organization's product and services. True False Direct costs can be economically and easily traced...
In a manufacturing plant, indirect materials costs from lubricants and cleaning fluids are product costs. True or false. In a manufacturing plant, indirect materials costs from lubricants and cleaning fluids are product costs O True O False
Indirect materials are any materials needed to make a product that can be directly traced to the product. True False Journalizing the entry to record a job completed would include a debit to a.Finished Goods b.Factory Overhead c.Work in Process d.Cost of Goods Sold The direct labor and overhead costs of providing services to clients are accumulated in a.Work in Process b.Administrative Salaries Expense c.Overhead d.Finished Services Expense The journal entry to record the transfer of 1,040 units of part...
The cost of all direct materials used on a job is debited to the Finished Goods Inventory account. Select one: True False
The requisition of indirect materials AND the cost of direct labor both increase work in process, True False
2. On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory. a. True b. False The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company. a. True b. False 4. Managers use managerial information to evaluate performance of a company's operation. a. True b. False 5. Managerial information is for...