4. As production takes place, all manufacturing costs are added to the: a. Work-in-Process Inventory account. b. Manufacturing-Overhead Inventory account. C. Cost-of-Goods-Sold account. d. Finished-Goods Inventory account.
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- For each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventoryWhich document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving documentWhat are the four steps involved in determining the cost of inventory transferred from one department to the next and the cost of work in process inventory?
- As production takes place, all manufacturing costs are added to the: O a. Production Labor account. b. Cost-of-Goods-Sold account. O c. Work-in-Process Inventory account. O d. Finished-Goods Inventory account. O e. Manufacturing-Overhead Inventory account.: Use T-accounts to show the flow of costs in g system Which accounts are the inventory accounts? (check all that apply) Direct Labor Raw Materials Work in Process Partially Finished Goods Finished Goods Cost of Goods Sold SUBMITManufacturing firms use which of the following three inventory accounts? A. Materials, Work-in-process, Transferred-out. B. Materials, Work-in-process, Finished goods. C. Materials, Finished goods, Transferred-out. D. Work-in-process, Finished goods, Transferred-out.
- a. Using FIFO method, how much cost is transferred to the next department? b. Using FIFO method, how much is the total cost of Work in Process Inventory, End?1. Compute the cost of goods completed and transferred to finished goods. 2. Tess now uses FIFO. Compute the ending inventory of work in process.Problem No. 3(Cost Accounting) Determine the inventory values using the First-In First-Out (FIFO) method of process costing:
- Q3) As production takes place, all manufacturing costs are debited to the: A. work in process inventory account.B. manufacturing overhead account.C. cost of goods sold account.D. finished goods account.The final step in recognizing the completion of production requires a company to: O a. add direct materials, direct labor, and manufacturing overhead to Work-in-Process Inventory. Ob. debit Work-in-Process Inventory and credit Finished-Goods Inventory. c. add direct materials to Finished-Goods Inventory. d. add direct labor to Work-in-Process Inventory. debit Finished-Goods Inventory and credit Work-in-Process O e. Inventory.As production takes place, all material costs are added to the: Work-in-process Inventory account Manufacturing-Overhead inventory account Cost of goods sold account Finished goods inventory account