manufacturing statement?
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Q: Match each definition with its related term by selecting the appropriate term in the dropdown…
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- Instruction: Write "T" if the statement is TRUE. If FALSE, write "F" and underline the word that makes the statement incorrect. 1. A knowledge of the costs of doing business is needed to estimate a job or to bid for jobs or contracts. The order generally goes to the highest bidder. 2. Cost accounting is also used in preparing a company's budget which is the overall financial plan for present activities. 3. Raw material to one manufacturer is not considered finished goods by the supplier of those materials. 4. In the manufacturing of clothing, the earnings of cutters are indirect labor costs. 5. All costs incurred in the factory that cannot be considered direct materials or direct labor are classified as factory burden. _6. Oil used for lubricating the factory machinery is an operating supply. _7. Manufacturing expenses includes costs that can be charged directly to specific products. 8. Wages and salaries of factory workers as supervisor is a direct labor cost. _9. Service firms have…DManufacturing firms must calculate their cost of goods sold based on how much they manufacture and how much it costs them to manufacture those goods. This requires manufacturing firms to prepare an additional statement before they can prepare their income statement. This additional statement is the Cost of Goods Manufactured statement. Once the cost of goods manufactured is calculated, the cost is then incorporated into the manufacturing firm’s income statement to calculate its cost of goods sold. One thing manufacturing firms must consider in their cost of goods manufactured is that, at any given time, they have products at varying levels of production: some are finished and others are still process. The cost of goods manufactured statement measures the cost of the goods actually finished during the period, whether or not they were started during that period. True / False Even though the income statements for the merchandising firm and the manufacturing firm appear very similar at…
- Which of the following is not a period cost? Group of answer choices Sales commissions. Public relations costs. The salary of a company's chief financial officer (CFO). Legal costs. Wages of assembly-line workers.please answer in detail with complete explanationRefers to the recording, presentation, and analysis of manufacturing costs. Select one: a. No correct answer O b. Financial Accounting O c. Auditing O d. Cost Accounting
- Please help with the following question and refer to data tables to answer part a, b, c, d, e, and f: Also, Present the journal entry for (f) cost of goods sold.Match each definition with its related term by selecting the appropriate term in the dropdown provided. Dropdown options: An accounting system that records all actual amounts after the expense has occurred. An accounting system that records all costs based on estimated amounts. An accounting system that records all direct materials and direct labor at actual amounts, while assigning manufacturing overhead costs using predetermined overhead rates. Difference between actual and planned results. Standards that are tight but are used to motivate individuals to work hard and achieve results. Standards that can be achieved only under perfect conditions. The difference between actual cost and the flexible budget for materials. The difference between actual labor hours and standard labor hours multiplied by the actual labor rate. The difference between actual labor hours and standard labor hours multiplied by the standard labor rate. The difference between actual price and standard price…Which statement is NOT true? a. Business activities begin with the acquisition of materials, property, and labor in exchange for cash. b. The conversion cycle includes the task of determining raw materials requirements. c. Manufacturing firms have a conversion cycle but retail firms do not. d. A payroll check is an example of a product document of the payroll system. e. A journal voucher is actually a special source document.
- Which of the following costs would be included on an income statement for both a merchandising company and a manufacturing company. Group of answer choices operating expenses direct materials direct labor incurred cost of goods manufacturedYou have been employed as a cost accountant by Pared Inc. The president, I.M. Pared, is having a hard time understanding the flow of costs through the cost accounting system. Beginning with the purchase of material and ending with the transfer to cost of goods sold briefly flow chart (draw) and describe (write out) how the costs will travel through the cost accounting system explain this for me?Match each of the terms/phrases numbered 1 through 5 with the best definition a through e. 1. Cost accounting system 2. Target cost 3. Job 4. Process operation 5. Job order production a. Production activities for a custom product. b. Production activities for a special order. c. A system that records manufacturing costs. d. The expected selling price of a job minus its desired profit. e. Mass production in a continuous flow of steps.
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