Homework Answers
Question 12: All of the following are direct costs except:
Factory rent
Question 15: Completed and ready to be sold are called:
Finished goods inventory
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Question 12 2 Flash Company produces lamps. All of the following are direct costs acest Wages for assembly Electri...
Managerial accounting is mainly used to stadion Question 8 An approach to managing inventories and production ope...
Managerial accounting is mainly used to stadion Question 8 An approach to managing inventories and production operations such products are obtained and provided only as they are needed is called Continuous improvement Customer orientation Just-in-time manufacturing Theory of constraints Total quality management Question 9 A direct cost is a cost that is: Question 12 Flash Company produces lamps. All of the following Wages for assembly Electrical cord Factory rent Lampshade Switch Question 13 For product costs associated with a particular...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: the Finished Goods Inventory account. the Cost of Goods Sold account. the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. one must be able to reasonable Question 33 201 Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the...
Question 14 Costs that flow directly to the income statements per weet Period costs Product costs...
Question 14 Costs that flow directly to the income statements per weet Period costs Product costs General costs Balance sheet costs Capitalized costs the Question 15 Products that have been completed and ready to be Finished goods inventory Š Cated costs Question 15 Products that have been completed and are ready to be sold by the man Finished goods inventory Work in process inventory Raw materials inventory Cost of goods sold Factory supplies ched Question 16 Products that are in...
Question 8 The following costs were incurred by a manufacturing company Materials used in product Depreciation...
Question 8 The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant $120,100 6,280 870 Property taxes on plant Labour costs Factory supplies used Advertising expense Factory insurance Factory supervisor's salary of assembly-line workers 2,500 4,950 21,250 50,050 Work in process inventory was $5,700 at January 1 and $6,600 at December 31. Finished goods inventory was $30,900 at January 1 and $29,600 at December 31 Calculate cost of goods manufactured Cost of goods ma...
Question 8 The following costs were incurred by a manufacturing company: Materials used in product $121,700...
Question 8 The following costs were incurred by a manufacturing company: Materials used in product $121,700 Depreciation on plant 6,500 Property taxes on plant 920 Labour costs of assembly-line workers 150,500 Factory supplies used 2,800 Advertising expense 5,200 Factory insurance 21,500 Factory supervisor’s salary 50,250 Work in process inventory was $5,100 at January 1 and $6,300 at December 31. Finished goods inventory was $30,700 at January 1 and $30,400 at December 31. Find cost of manufactured goods and cost of...
ABC Company incurs the following labor costs: • $88,000 of labor related directly product assembly •...
ABC Company incurs the following labor costs: • $88,000 of labor related directly product assembly • $37,000 of labor related to product finishing, and $24,000 of labor for the assembly and finishing supervisors' salaries. The journal entries to record the labor costs for ABC Company would include: . Multiple Choice a debit to Work in Process for $125,000 and a debit to Factory Overhead for $24,000. a debit to Work in Process for $149,000. a debit to Work in Process...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost,...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost, but not part of factory overhead b. a product cost that is also part of factory overhead c. neither a product cost nor part of factory overhead 2. Manufacturing overhead does not include: the cost of thread used in making upholstered furniture of b. depreciation on factory equipment wages paid to a factory security guard a) the cost of shipping finished products to customers...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
please help with the following. oport Schrager Company has two production departments: Cutting and Assembly. July...
please help with the following.
oport Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5.200, Work in Process-Cutting $3.900, Work in Process-Assembly $10,800, and Finished Goods $32,600. During July, the following transactions occurred. 1. Purchased $63.100 of raw materials on account. 2. Incurred $60,200 of factory labor. (Credit Wages Payable) 3. Incurred $72.000 of manufacturing overhead: $42.900 was paid and the remainder isung 4. Requisitioned materials for Cutting $17.200 and Assembly $9.500. 5....
Managerial accounting is mainly used to stadion Question 8 An approach to managing inventories and production operations such products are obtained and provided only as they are needed is called Continuous improvement Customer orientation Just-in-time manufacturing Theory of constraints Total quality management Question 9 A direct cost is a cost that is: Question 12 Flash Company produces lamps. All of the following Wages for assembly Electrical cord Factory rent Lampshade Switch Question 13 For product costs associated with a particular...
Question 24 2p When direct labor costs are recorded in a job costing O Factory Wages Payable is debited and Work in Process Inventory is credited O Work in Process Inventory is debited and Factory Wages Payable is credited Cost of Goods Manufactured is debited and Direct Labor is credited ODirect Labor and Indirect Labor are debited and Factory Wages Payable is credited O Work in Process Inventory is debited and Factory Overhead is credited costs How much overhead Question...
2 pts Question 34 In a process costing system, when manufacturing overhead costs are applied to the cost of production, they are debited to: the Finished Goods Inventory account. the Cost of Goods Sold account. the Work in Process Inventory account. the Manufacturing Overhead account. the Raw Materials Inventory account. one must be able to reasonable Question 33 201 Wilturner Company incurs $82,000 of labor related directly to the product in the Assembly Department, $31,000 of labor related to the...
Question 14 Costs that flow directly to the income statements per weet Period costs Product costs General costs Balance sheet costs Capitalized costs the Question 15 Products that have been completed and ready to be Finished goods inventory Š Cated costs Question 15 Products that have been completed and are ready to be sold by the man Finished goods inventory Work in process inventory Raw materials inventory Cost of goods sold Factory supplies ched Question 16 Products that are in...
Question 8 The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant $120,100 6,280 870 Property taxes on plant Labour costs Factory supplies used Advertising expense Factory insurance Factory supervisor's salary of assembly-line workers 2,500 4,950 21,250 50,050 Work in process inventory was $5,700 at January 1 and $6,600 at December 31. Finished goods inventory was $30,900 at January 1 and $29,600 at December 31 Calculate cost of goods manufactured Cost of goods ma...
ABC Company incurs the following labor costs: • $88,000 of labor related directly product assembly • $37,000 of labor related to product finishing, and $24,000 of labor for the assembly and finishing supervisors' salaries. The journal entries to record the labor costs for ABC Company would include: . Multiple Choice a debit to Work in Process for $125,000 and a debit to Factory Overhead for $24,000. a debit to Work in Process for $149,000. a debit to Work in Process...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost, but not part of factory overhead b. a product cost that is also part of factory overhead c. neither a product cost nor part of factory overhead 2. Manufacturing overhead does not include: the cost of thread used in making upholstered furniture of b. depreciation on factory equipment wages paid to a factory security guard a) the cost of shipping finished products to customers...
please help with the following.
oport Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $5.200, Work in Process-Cutting $3.900, Work in Process-Assembly $10,800, and Finished Goods $32,600. During July, the following transactions occurred. 1. Purchased $63.100 of raw materials on account. 2. Incurred $60,200 of factory labor. (Credit Wages Payable) 3. Incurred $72.000 of manufacturing overhead: $42.900 was paid and the remainder isung 4. Requisitioned materials for Cutting $17.200 and Assembly $9.500. 5....
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