Which of the following is the primary source of revenue for a manufacturing business?A. the production of products from raw materialsB. the purchase and resale of finished productsC. the provision of intangible goods and servicesD. both the provision of services and the sale of finished goods

Q: Direct material cost refer to: cost of the raw materials used to produce goods and directly become…

A: A direct material cost is a form of direct cost which is included in the calculation of product…

Q: Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of…

A: Manufacturing companies are those companies which are engaged in conversion of raw material into…

Q: Explain how business activities and inventories for a manufacturing company, a merchandising…

A: Manufacturing company:   Manufacturing companies produce their own goods and sell it to the…

Q: Bledsoe Corporation has provided the following data for the month of November: Beginning $ 25,200 $…

A: The Cost of Goods Manufactured is the total manufacturing costs of goods that are finished during a…

Q: Classify the following manufacturing costs of Business Solutions as either (a) variable (V) or fixed…

A: Introduction:   We can separate expenses of a company into different categories. These are termed…

Q: Who among the following is not a cost of a product? The expense of the company's fuel. The cost of…

A: Product cost: Product cost is the cost which incurred to manufacture a product. It means it is a…

Q: Distinguish between manufacturing-, merchandising-, and service-sector companies?

A: Manufacturing companies are the  ones which procure raw materials and carry out manufacturing…

Q: Which of the following costs would be included on an income statement for both a merchandising…

A: Merchandising concern - This entity deals with buying and selling inventory from the supplier to the…

Q: Below is a table showing the various costs incurred by various companies. In each column, indicate…

A: Solution: Classification and explanation of each cost are as under:

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: What role do standard costs play in controlling the operations of a business? How are standard costs…

A: Cost Accounting -Cost accounting is a commercial activity in which we track, analyze, compile, and…

Q: QUESTION 11 Indicate whether each of the following costs incurred by a manufacture would be…

A: The product costs are the costs that are directly or indirectly related to production process, such…

Q: From the following list of Value Chain activities, identify the order in which these activiites…

A: The value chain activities consists of the steps that are incurred in order to deliver a valuable…

Q: Which of the following inventories would a company ordinarily hold for sale? O a. Work in process.

A: Inventory- An essential current asset for a manufacturing company is its inventory. The tangible…

Q: Direct cost is the cost incurred by the organization while performing their core business activity…

A: Lets understand the basics. Cost are dividend into two parts which are, (1) Direct cost (2) Indirect…

Q: A manufacturing company's income statement and balance sheet vary from a merchandising company's…

A: The income statement and balance sheet of a manufacturing firm are different from a retailing…

Q: Intangible resources include: a. Financial assets b. Raw materials O c. Machinery and buildings Od.…

A: The objective of the question is to identify which of the given options can be classified as…

Q: Managerial Accounting - TRUE OR FALSE Manufacturing costs include rent on a factory, direct and…

A: Direct costs are those costs which are directly involved in the production of the goods. Indirect…

Q: Which of the following is the primary source of revenue for a service business?A. the production of…

A: A service business seems to be a firm that offers professional services to its customers. The…

Q: Indirect costs in the construction business are also calle a. Total money earned b. Gross profit c.…

A: Indirect Cost -Any expense incurred by the company that cannot be directly attributed to a specific…

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: organiza 47. Which of the following is an example of a direct cost an organization might incur in…

A: The cost of the Raw Materials that go into the product is an example of a direct cost an…

Q: how the aborption costing method and the activity based costing method impact business oganizations

A: Absorption costing and activity-based costing (ABC) are two methods of determining the cost of…

Q: State and classify the items as per Theory of constraints: 1.Depreciation of a machinery 2.Rental…

A: Theory of constraints is a method which was used to identify the constraints which is a key limiting…

Q: For a manufacturing business, products that are in the process of being manufactured are referred to…

A: Work-in-Process Inventory:-These are those inventory that is partially completed in the production…

Q: What are inventories and what would they be the same for a company selling finished goods and for a…

A: Manufacturing company, manufacturers goods in various process and then make it ready to sale. The…

Q: The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank…

A: Cost accounting information includes the information related to: Total Cost of producing the…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: How does a manufacturing company calculate the cost of goods sold? How is this different from a…

A:

Q: What are the difference between the cost of goods sold of manufacturing and service type businesses…

A: Introduction:

Q: What is the primary distinction between a service company and a manufacturing or merchandising…

A:

Q: Which of the following is classified as an item that is used in the creation of a product?   Work…

A: Product costs:  Product costs are those which are incurred in the production of goods. This shall…

Q: Give the journal entry for raw materials product on account. Explain how this transaction affects…

A: The raw material inventory is a general ledger account. The details of raw material purchased and…

Q: In the expenditure cycle documents, who is responsible for custodial function of the company and the…

A: Expenditure Cycle includes all the activities starting from Acquisition of goods and services to the…

Q: Explain Operating Cycle of a Typical Merchandising or Manufacturing Company.

A: Operating cycle: The operating cycle is the period of time which is required to meet the initial…

Q: Which income statement is most appropriate for a manufacturing business

A: >Income Statement can be prepared as a:--#1: Single Step Income Statement, or--#2: Multi Step…

Q: compare service concern from merchandising business as a far as the manner of generating income and…

A: Different types of business organizations includes manufacturing business, service business, and…

Q: How do commercial businsses support the work of industrial business

A: Gaining profits is a primary motive for trading businesses mostly which can be treated as commercial…

Q: Inventory for a manufacturer consists of raw materials, work in process, and finished goods.…

A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods products…