Sales commissions are classified as: Non-manufacturing costs. Product costs. Indirect labor. None of the above 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 inventory is greater than or equal to 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

Sales commissions are classified as: Non-manufacturing costs. Product costs. Indirect labor. None of the above 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 inventory is greater than or equal to 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

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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Manufacturing overhead is what is left after subtracting direct labor and direct material from total manufacturing costs. True or False True False
The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.
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?
While discovering gross benefit under ingestion costing, just that part of producing overheads is deducted from deals income which is related with the merchandise sold. a) True b) False
Which of the following is NOT correct about the classifications of costs? Select one: a. On the basis of time of computation, costs are classified into historical costs and pre-determined costs. b. Costs are classified as product costs or period costs according to their behaviour with respect to physical capacity usage of the company. c. Costs are classified into direct costs and indirect costs on the basis of their identifiability with cost units or jobs or processes or cost centres. d. Costs behave differently when level of production rises or falls, and based on this, the costs are classified as fixed, variable, or mixed costs.
Which of the following best defines " stockout costs"? A) They are physical goods used in operations. B) They are costs associated with retrieving inventory items from a workshop C) They are costs associated with interruptions to assembly lines D) They are associated with inventory being unavailable when needed to meet demand. E) None of the above.
Manufacturing costs that cannot be dassifled as either direct materials or direct labor are known as O nonmanufacturing costs. O selling and administrative expenses. O manufacturing overhead. O period costs.
Which of the following costs is NOT capitalized as inventory? a. Rent on Head Office building b. Costs of delivering finished goods c. Manufacturing overhead cost d. Factory amortization
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
Under variable costing, which of the following costs would not be included in finished goods inventory? a. electricity used by factory machinery b. steel costs for a machine tool manufacturer c. salary of factory supervisor d. wages of machine operator
A cost received by a subsequent process from a prior process is referred to as a: Select one: a. transferred-in cost. b. cost of goods transferred out. c. cost of ending work-in-process. d. cost of beginning work-in-process.