In a process costing system, manufacturing overhead applied is usually recordedas a debit to:7.A. Finished goods.B. Work in process.C. Manufacturing overhead.D. Cost of goods sold.

Finished goods comprises of the units completed and sold and the opening and closing inventories.…

Answered: In a process costing system,…

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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In a job order cost system, indirect labor incurred is debited to which account?A. work in process inventoryB. finished goods inventoryC. manufacturing overheadD. cost of goods sold
All the following statements about process costing is correct, EXCEPT: O a. Process costing allocates applied manufacturing overhead cost to product cost. O b. Process costing uses the manufacturing accounts, including Manufacturing Overhead, Raw Materials, Work in Process, and Finished Goods. O c. All the given answers are correct. O d. Process costing assigns direct materials cost, direct labor cost, and manufacturing overhead costs to products to compute product cost per unit. O e. Process costing is normally used by companies which constructs houses.
In a process cost system total costs are determined when the Job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the units produced during the periad.
based on the attached what is the answer?
9. The entry to record a transfer of direct materials for use in production would include a debit to which account? O finished goods inventory O materials inventory O work-in-process inventory O cost of goods manufactured
true (T) or false (F) Costs per job are computed in both job order and process costing systems.
In a process cost system total costs are determined when the job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the unts produced during the period.
Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
Manufacturing overhead consists of all Manufacturing overhead consists of all a.costs other than direct materials and direct labor. b.manufacturing costs other than direct materials. c.manufacturing costs other than direct materials and direct labor. d.costs other than direct materials.
Assign indirect labor cost is recorded with a Select one: O a. debit to Labor Cost. O b. debit to Work in Process Inventory. O C. debit to job cost sheets. d. debit to Manufacturing Overhead.
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

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In a process costing system, manufacturing overhead applied is usually recorded as a debit to: 7. A. Finished goods. B. Work in process. C. Manufacturing overhead. D. Cost of goods sold.