Match the Col and write the answer in the front column. Column A Column B 1.Prime cost a. Cost of Production plus opening stock minus closing stock 2.Factory Cost b. Work cost plus Office and admin overhead 3.Cost of Production c. Cost of Goods sold plus selling and distribution overhead 4.Cost of Goods Sold d. Direct Material and Direct labour 5.Cost of Sales e. Prime Cost plus Factory Over head

Match the Col and write the answer in the front column. Column A Column B 1.Prime cost a. Cost of Production plus opening stock minus closing stock 2.Factory Cost b. Work cost plus Office and admin overhead 3.Cost of Production c. Cost of Goods sold plus selling and distribution overhead 4.Cost of Goods Sold d. Direct Material and Direct labour 5.Cost of Sales e. Prime Cost plus Factory Over head

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

2
What is the effect on the cost of goods sold and net operating income, if the cost of factoryoverhead applied are greater than the cost actual factory overhead?
Prime cost is the (Total )summation of Select one: a. Direct material +Direct Labour +Direct Expenses b. Direct material +Direct Labour + Selling Overheads c. Direct material +Direct Labour +Factory overheads d. Direct material +Direct Labour +Office Overheads
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.
Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions.
The cost of a manufactured product (product cost) generally consists of which of the following? Group of answer choices selling and administrative expenses direct material, direct labor, applied factory overhead direct labor and applied factory overhead direct material and direct labor
A typical indirect labor cost for a manufacturer is: a. factory insurance b. sales office salaries c. sales commissions d. materials handling
Required: 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. (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold
Oriole Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths. All are of white oak wood. Budgeted manufacturing overhead costs for the year 2025 are as follows. Overhead Cost Pools Purchasing Handling materials Production (cutting, milling, finishing) Setting up machines Inspecting Inventory control (raw materials and finished goods) Utilities Total budgeted overhead costs Purchasing Handling materials Production (cutting, milling, finishing) Setting up machines For the last 4 years, Oriole Stairs Co. has been charging overhead to products on the basis of machine hours. For the year 2025, 100,000 machine hours are budgeted. Activity Cost Pools Inspecting Inventory control (raw materials and finished goods) Utilities Jeremy Nolan, owner-manager of Oriole Stairs Co., recently directed his accountant, Bill Seagren, to…
Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Rent on factory building.
An allocation base: a. can be units of output if the company has a single product O b. is determined before the period begins. O c. All the given answers are correct. O d. can be direct labor cost e. is a measure used to assign manufacturing overhead costs to products and services PAGE NEXT PAGE IZ TWO Jump CQURSE OUTLINE_SPRING2021 ► tv MacBook Air
1 For each of the following costs, identify the cost behavior as variable, mixed, or fixed: 1. Wages of assembly line workers 2. President's salary. 3. Plant utilities, 4. Sales force commissions 5. Shipping costs 6. Factory rent. 7. Research and development expenses 8. Property taxes 9. Advertising. 10. Supplies used in production