The product must be soldO None of the aboveIf the amount of "cost of goods manufactured" during a period exceeds theamount of "total manufacturing costs" for the period, then,ending work in process is greater than the amount of the beginning work in processinventory.O ending work in process is equal to the cost of goods manufactured.ending work in process is less than the amount of the beginning work in processinventory.O None of the abovenorted tntmanufactuuring costs of $300 000 manufacturinc

Requirement is to solve an mcq: If the amount of "Cost of goods manufactured" during a period…

If the amount of "cost of goods manufactured" during a period exceeds amount of "total manufacturing costs" for the period, then, ending work in process is greater than the amount of the beginning work in p inventory. O ending work in process is equal to the cost of goods manufactured. ending work in process is less than the amount of the beginning work in pro inventory. None of the above

If the amount of "cost of goods manufactured" during a period exceeds amount of "total manufacturing costs" for the period, then, ending work in process is greater than the amount of the beginning work in p inventory. O ending work in process is equal to the cost of goods manufactured. ending work in process is less than the amount of the beginning work in pro inventory. None of the above

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 8Q: If some units are normally lost during the manufacturing process and the remaining good units absorb...

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If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, then, ending work in process is less than the amount of the beginning work in process inventory. ending work in process is greater than the amount of the beginning work in process inventory. ending work in process is equal to the cost of goods manufactured. None of the above
r the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, the ending work in process inventory is greater than or equal to the amount of the beginning work in process inventory. ending work in process is equal to the cost of goods manufactured. ending work in process is less than the amount of the beginning work in process inventory. ending work in process is greater than the amount of the beginning work in process inventory.
TRUE OR FALSE STATEMENT 1: If the ending inventory of finished goods is understated, net income will be overstated. STATEMENT 2: Manufacturing overhead combined with direct materials is known as conversion cost.
Cost of Goods manufactured is equal to: A. Beginning W.I.P. + Manufacturing Cost less indirect cost applied – Ending W.I.P B. Beginning W.I.P. + Direct material used during current period + Direct Labour cost for current period + Manufacturing overhead applied for current period – Ending W.I.P C. Beginning W.I.P. less indirect manufacturing overhead + Direct material used during current period + Direct Labour cost for current period + Manufacturing overhead applied for current period – Ending W.I.P D. Beginning W.I.P. less period cost + Manufacturing Cost less indirect cost applied – Ending W.I.P
Beginning work in process is equal to a.cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period b.cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period c.manufacturing costs incurred during the current period minus ending work in process d.ending work in process plus manufacturing costs incurred during the current period
Beginning work in process is equal to a.ending work in process plus manufacturing costs incurred during the current period b.cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period c.cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period d.manufacturing costs incurred during the current period minus ending work in process
If some units are normally lost during the manufacturing process and the remaining good units absorb the cost, what effect does this have on the unit cost of goods finished during the period and the cost of the work in process at the end of the period?
Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expense
With nonuniform inputs, the cost of EWIP is calculated by a. adding the materials cost to the conversion cost. b. subtracting the cost of goods transferred out from the total cost of materials. c. multiplying the unit cost in each input category by the equivalent units of each input found in EWIP. d. multiplying the total unit cost by the units in EWIP. e. None of these.
This question is a true or false. When the manufactured goods mar eventually sold the cost of the related sold goods are then transferred from work in process to finished goods.
Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. a. b. None of given answer is correct. С. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. d. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. e. The balance in the Work-in-Process account after allocation will be the same under either method. Clear my choice
Which of the following would not generally be considered a fixed overhead cost?a. Straight line depreciation (No); Factory insurance (No); Units of production depreciation(No)b. Straight line depreciation (Yes); Factory insurance (No); Units of production depreciation(Yes)c. Straight line depreciation (Yes); Factory insurance (Yes); Units of productiondepreciation (No)d. Straight line depreciation (No); Factory insurance (Yes); Units of production depreciation(No)