The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000

Q: When direct materials are used in production, which of the following accounts is debite

A: Work in Process Inventory:Work-In-Process Inventory is simply an asset and defined as the materials…

Q: Refer to the T-account below: Debit Balance (4) (6) (9) Balance Work In Process 30,000 (12) 90,000…

A: Work in process ledger represents direct material, direct labor and manufacturing overheads. All the…

Q: cturing Overhead. credit to job cost sh

A: Overhead application is recorded with a . Credit to Manufacturing Overhead

Q: When direct materials are issued from inventory to production under a job order costing system an…

A: The journal entries are prepared to record the transactions on regular basis. The direct Costs are…

Q: The controlling account for the job cost sheets is a.Finished Goods b.Materials c.Work in Process…

A: A job cost sheet is indeed a list of a task's real expenses.  The accounting department creates the…

Q: Which of the following are basic inventories for a manufacturer ?     a. Finished goods, raw…

A: materials can be in any form during the year, it may be  Raw materials  Work in progress  Finished…

Q: Is manufacturing overhead cost given to tasks based on a precise determination of each job's…

A: Concept: Generally, overhead costs in the manufacturing industry are assigned based on a predefined…

Q: Define unit cost of a job.

A: Cost:   It is the economic value incurred by an organization for manufacturing the products or…

Q: Indicate whether each of the following costs incurred by a manufacturer would be considered a…

A: There are two type of cost-Product cost and period cost Product cost-these cost are directly related…

Q: Explain manufacturing activities and the flow of manufacturing costs

A: Manufacturing activity: Manufacturing activity comprises of materials, production and sales…

Q: When a manufacturing company uses direct labor, it assigns the cost by debiting O A. Wages Payable.…

A: Cost accounting is useful since it can show where a company spends money, how much it generates, and…

Q: Journalizing the entry for a job completed would include a debit to a.Work in Process b.Factory…

A: Businesses can keep track of the costs associated with certain jobs thanks to a system known as job…

Q: Which document shows the cost of direct materials, direct labor, and overhead applied for each…

A: A job cost sheet is a list of the actual costs of a task. The accounting department creates the…

Q: Which accounts can we find the cost of goods manufactured? (check all that apply) Direct Material…

A: Cost of goods manufacturing includes both variable and fixed manufacturing overhead. It is cost of…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.