When the sale of finished goods is recorded, the balance in which of the following accounts will decrease? None of the listed choices are correct Work-in-Process Sales Revenue Cost of Goods Sold Raw Materials Inventory Factory Overhead Finished Goods Inventory
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When the sale of finished goods is recorded, the balance in which of the following accounts will decrease?
None of the listed choices are correct
Work-in-Process
Sales Revenue
Cost of Goods Sold
Raw Materials Inventory
Factory
Finished Goods Inventory
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- 2) Under process costing the perpetual inventory system is used account is credited to adjust for underallocated overhead costs. The OA Manufacturing Overhead OB Cost of Goods Soid Oc Sales Revenue OD. Finished Goods inventoryWhich of the following costs of conversion cannot be included in cost of inventory? A. Factory overheadB. Salaries of sales staffC. Cost of direct laborD. Factory rent and utilitiesWhich of the following statements is false? O a. Product costs are inventoriable costs O b. Product costs show up on the income statement in cost of goods sold O c. Product costs are automatically deducted and expensed during the current accou period O d. Product costs become expenses when the units are sold
- The cost of goods sold can be determined only after a physical count of inventory on hand under the a. Perpetual inventory system b. Variable costing system c. Moving average system d. Periodic systemIdentify if the transaction is Debit or Credit 1. Increase in Materials Inventory 2. Decrease in WIP Dept 1 3. Increase in Labor Payable 4. Decrease in Finish Goods 5. Increase in Labor expenseinventories at the lower of cost and net realizable value? Added to cost b. Ignored Deducted in arriving at NRV C. i Deducted in arriving at cost 3. How should prompt payment discount be dealt with when valuing inventories at LCNRV? a Added to cost b. Ignored C. Deducted in arriving at NRV d. Deducted from cost , How should sales staff commission be dealt with when valuing inventories at LCNRV? a. Added to cost b. Ignored c. Deducted in arriving at NRV d. Deducted from cost 4 How should import duties be dealt with when valuing inventories at LCNRV? a. Added to cost b. Ignored C. Deducted in arriving at NRV d. Deducted from cost 5. Net realizable value is defined as a. Current replacement cost ". Estimated selling price less estimated cost to complete and estimated cost of disposal * Expected selling price less expected cost to complete and expected cost of disposal d. Fair value less cost of disposal
- • prepare a cost of goods manufactured statement • tell me if freight out is included in the computation of COGM • and if purchases discounts & purchases returns and allowances are included too in the computation of COGM, specifically if it will be deducted to the purchases material • also, is there a manufacturing overhead?What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? What is the adjusted balance of cost of goods sold after disposing the under-or-overapplied overhead?True or False. When the underapplied overhead is assigned to Cost of Goods Sold the effect is to increase the balance on the Cost of Goods Sold account.
- b) Calculate the:- Total cost of units completed and transferred to Finished Goods inventory- Cost of abnormal losses- Cost of ending work-in-process inventory in Process 2 (c) Prepare Better Choice’s Work-In-Process Inventory - Process 2 T-account, clearly showing the ending balance.All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process Inventory, Beginning Balance O. Finished Goods Inventory, Ending Balance Cost of Goods Manufactured O Finished Goods Inventory, Beginning BalanceThe finished goods inventory account is used to record which of the following? Group of answer choices The costs of completed products that have been sold The cost of materials not yet put into production The costs of products that are complete and ready to sell The costs of products that are in production but that are not yet complete