Finished goods inventory would normally include: Select one: a. goods partially worked on but not yet fully completed b. direct materials in stock and awaiting use in the manufacturing process C. goods fully completed but not yet sold d. products in their original form intended to be sold without changing their basic form

Finished goods inventory would normally include: Select one: a. goods partially worked on but not yet fully completed b. direct materials in stock and awaiting use in the manufacturing process C. goods fully completed but not yet sold d. products in their original form intended to be sold without changing their basic form

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please Complete the following statements with one of the terms listedbelow. A term may be used once, more than once, or not at all.• Finished goods inventory• Manufacturing organizations• Merchandising companies• Unfinished goods• Service organizations(a) All -------------- typically have a single category of inventory.(b) -------------- do not have tangible products purchased for resale.(c) -------------- resell ready-made products.(d) The inventory of a manufacturer includes raw material, ---------and ----------.(e) -------------- use their plant, machinery, and labor to convert rawmaterial into finished goods.
Items that are used in the production of an item but are not necessarily the primary items being processed are recorded as inventory. Save for Later T Submit Answer
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Manufacturing 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.
I - When direct materials are issued, the WIP Inventory account is debited. II - When indirect materials are purchased, the raw materials inventory account is debited. * A. T, F B. F, T C. T, T D. F, F
1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.
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Which of the following best defines " stockout costs"? A) They are physical goods used in operations. B) They are costs associated with retrieving inventory items from a workshop C) They are costs associated with interruptions to assembly lines D) They are associated with inventory being unavailable when needed to meet demand. E) None of the above.
12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c
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