10) After the computation of the cost ofgoods sold, what final adjustment is requiredto compute the adjusted cost of goods sold?○ Adjustment for over- or underappliedmanufacturing overhead.Adjustment for any change in rawmaterials inventory.O Adjustment for over- or underapplieddirect labor costAdjustment for any change in work-in-process inventory.

Option a: This option is correct because after the computation of the cost of goods sold the under…

Answered: 10) After the computation of the cost…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14MC: The costs to be accounted for consist of which of the following? A. costs added during the period B....

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Similar questions

Describe costing inventory using weighted average. Address the different treatment, if any, that must be given for periodic and perpetual inventory updating.
When inventory items are highly specialized, the best inventory costing method is ________. A. specific identification B. first-in, first-out C. last-in, first-out D. weighted average
What effect would an underestimated degree of completion of ending inventory have on a.) production cost per unit, b.) equivalent units, and c.) costs transferred out
Which of the following is not considered in determining FIFO unit cost? A. Equivalent unit of production in ending inventory. B. Equivalent unit of production in beginning inventory. C. Units completed. D. Cost of beginning inventory.
What adjustment is made for underapplied overhead on the schedule of cost of goods sold? What adjustment is made for overapplied overhead?
Which one of the following inventory management approaches determines the finished goods inventory level and then works backward until the raw material needs are determined? A. Just-in-time B. Extended EOQ C. Materials requirements planning D. Economic order quantity
Which of the following statements is true? Direct costs are allocated to cost objects using a predetermined overhead rate. Period costs are allocated to inventory in order to determine the amount to be reported on the balance sheet. Indirect costs are allocated to cost objects using a predetermined overhead rate. Indirect costs are traced to costs objects based on the cost object identified on the purchase and requisition orders.
The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule. True False
The cost of the ending inventory under absorption costing is higher than the cost of ending inventory under varibale costing by 1. an amount equal to the fixed overhead cost per unit. 2. an amount computed by multiplying the units in the ending inventory by the fixed costs per unit. 3. an amount equal to the difference in the income amounts under both costing methods. 4. the amount equal to the fixed overhead cost charged to expense during the period.
All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process Inventory, Beginning Balance O. Finished Goods Inventory, Ending Balance Cost of Goods Manufactured O Finished Goods Inventory, Beginning Balance
Which formula reconciles the difference between absorption and variable-costing income? a. Change in inventory units x predetermined variable-overhead rate per unit. b. Change in inventory units / predetermined variable-overhead rate per unit. c. Change in inventory units x predetermined fixed-overhead rate per unit d. Change in inventory units / predetermined fixed-overhead rate per unit. e. Change in net income x fixed-overhead rate per unit
K Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor Depreciation Supplies Power $45,660 6,120 2,230 1,670 $55,680 Total cell costs for the period The operating plan calls for 160 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 380 speaker units. 2. Applied conversion costs to production of 360 speaker units. 3. Completed and transferred 345 speaker units to finished goods. 4. Sold 330 speaker units. There were no inventories at the beginning of the period.

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