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

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 10E

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Work-in-process inventory would normally include: Select one: a. products in their original form intended to be sold without changing their basic form b. goods partially worked on but not yet fully completed c. goods fully completed but not yet sold d. direct materials in stock and awaiting use in the manufacturing process Previous page Ne Jump to... Return to: General
Work-in-process inventory would normally include: Select one: a. products in their original form intended to be sold without changing their basic form b. goods partially worked on but not yet fully completed C. goods fully completed but not yet sold d. direct materials in stock and awaiting use in the manufacturing process Previous page Jump to... Return to: General )
Match each of the following inventory classifications with its definition. Inventory Classifications Definitions Inventory Classifications Definitions 1. Raw materials 2. Work-in-process 3. Finished goods a. Cost of items not yet complete by the end of theperiod.b. Inventory that has been substantially completed.c. Basic components used to build a product.
Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?
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
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.
The finished goods inventory account is used to record which of the following? Group of answer choices The costs of completed products that have been sold The cost of materials not yet put into production The costs of products that are complete and ready to sell The costs of products that are in production but that are not yet complete
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
4. compute the cost of goods completed and transferred to finished goods inventory ANSWER IN EXCEL FORM
Prepare a cost reconciliation report using the w The costs "to account for" are ultimately accounted for in which of the following? Check al that apply. (check all that apply) 5 5 Costs in beginning inventory Costs added during the period Costs transferred out Costs in ending inventory SUBMIT W + C
True or False 1. The weighted average method includes the work in process beginning inventory cost in computing the unit cost 2. The weighted average method assumed that units in work in process beginning inventory are the first units to be transferred 3. The FIFO method assumed that units in work in process beginning inventory are the first units to be transferred.
Lean Accounting Com-Tel Inc. manufactures and assembles two models of smartphones-the Tiger Model and the Lion Model. The process consists of a lean cell for each product. The data that follow concern only the Lion Model lean cell. For the year, Com-Tel Inc. budgeted these costs for the Lion Model production cell: Conversion Cost Categories Budget $104,500 39,600 14,300 $158,400 Labor Supplies Utilities Total Com-Tel plans 2,400 hours of production for the Lion Model cell for the year. The materials cost is $56 per unit. Each assembly requires 18 minutes of cell assembly time. There was no May 1 inventory for either Raw and In Process Inventory or Finished Goods Inventory. The following summary events took place in the Lion Model cell during May: a. Electronic parts were purchased to produce 8,150 Lion Model assemblies in May. b. Conversion costs were applied for 7,750 units of production in May. c. 7,600 units were completed and transferred to finished goods in May. d. 7,370 units…