11. The following data pertain to ABC Corporation operations in April: April 1 April 31 12,000 Work in Process 7,000 Raw materials 15,000 ? Finished goods ? 20,000 Other data: Cost of goods manufactured Factory overhead cost Gross margin P135,000 60,000 60,000 30,000 40,000 200,000 Raw materials purchases Raw materials used Sales

Q: What is the Finished Goods Inventory account generally described as? a. Costs strictly associated…

A: Inventory is the value of goods available with an entity. It can be in the form of raw material,…

Q: Total cost + Profit:____   O a. Selling price   O b. Cost of goods sold   O c. Selling and…

A: The selling price has two components total cost and profit marked upon cost.

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: 1.a. In what ways are the inventory accounts of a merchandising company different from those of a…

A: We have to provide difference between inventory accounts of merchandising company and manufacturing…

Q: How you get the gross profit and cost of goods sold

A: Gross Profit -Gross Profit is a Profit earned by the entity from the customer. It is the profit…

Q: Compute(a)the cost of goods purchased and (b) the cost of goods sold

A: Cost of Goods Purchased is the net cost of merchandise acquired. It is that situation when business…

Q: What are the inventory accounts used in JIT costing?

A: JIT (Just-In-Time) inventory system is usually implemented in an organization to reduce the amount…

Q: Is (freight-in, materials) included in the cost of goods manufactured statement

A: The cost of having goods or materials delivered to a business for manufacture or resale is known as…

Q: Define cost of goods sold. How is it computed? What two financial reports does it impact and how?

A: Cost of goods sold or COGS is the direct cost of the products sold/manufactured by the entity. It…

Q: The finished goods inventory account is used to record which of the following? Group of answer…

A: Finished goods are materials or products which have received the final increments of value through…

Q: a. Total product cost a. Average cost per unit b. Cost of good sold c. Ending inventory d. Net…

A: Working note:Calculation of depreciation on manufacturing equipment:Depreciation = (cost - salvage…

Q: is computed as: ting income minus operating expenses. revenue minus cost of goods sold. materials…

A: The income statement is prepared to record the revenue and expenses for the current period. The net…

Q: Where can yo find information about the cost of goods sold

A: Financial statements are defined as the records that are prepared by the business entities as per…

Q: Selling Expense is an example of     Period cost     Product cost     Cost of sales     Cost of…

A: Selling expense are those expense that incurred on selling the product after manufacturing. For…

Q: The ending inventories for materials, work in process, and finished goods are reported on the…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. Deduction…

Q: -Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model.…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: when goods are sold their costs are transferred to finished goods inventory. True or False?

A: The inventory accounts are classified as Work in process, finished goods inventory, raw materials.…

Q: 4. Manufacturing costs flow from work-in-Process Inventory to Cost of Goods Sold to Finished Goods…

A: SOLUTION- The manufacturing cost flow begins when costs are incurred for direct materials, direct…

Q: What is the relationship between process costing and the FIFO method of inventory

A: Accounting uses both process costing and the FIFO (First-In, First-Out) technique of inventory, but…

Q: Explain the difference between a product cost and a period cost. How does the product cost of a…

A: The cost that is linked to the product, i.e. the cost that can be traced back to the product and is…

Q: Requirement 3. Calculate the cost of goods sold for each company Begin by calculating the cost of…

A: Cost of merchandise sold can be defined as the direct cost of producing the products or services. It…

Q: Product costs … a. are costs that are included in the determining the value of the inventory. b. are…

A: The costs can be classified as product cost and period cost.  The product costs are the costs that…

Q: Product costs are: * Treated in the same manner as period costs Subtracted from cost of goods sold O…

A: Product costs : Product costs are also known as inventoriable costs. These costs that are incurred…

Q: For a merchandiser, the term "inventory" refers to O A. raw materials that are used for production O…

A: A. Raw materials utilized in production: Usually handled by the supply chain team or by the…

Q: carrying cost?

A: Which one of the following is a carrying cost Correct answer :-  Cost of obsolescence.

Q: Product costs are:     Treated in the same manner as period costs Subtracted from cost of goods sold…

A: There are two types of costs that are incurred in business. One is product costs and other is Period…

Q: This cost includes the purchase price of goods and the related expenses incurred to prepare the…

A: Answer: cost of goods sold includes the cost that are incurred for the any goods.

Q: purchase discounts and purchase returns and allowances included in the calculation of cost of goods…

A: Discounts are of three types trade discounts, cash discounts, and purchases discounts. A trade…

Q: Under FIFO method, what was the actual units of the Work in Process beginning inventory?

A: Normal wastage or material loss is the loss that is unavoidable due to the fundamental character of…

Q: The purpose of costing are as follows EXCEPT: a) Value inventory b) Record costs c) Price products…

A: The purpose of costing is. 1. To Formulate cost of a product 2.  To facilitate decision making 3. To…