Work-in-process inventory would normally include: Select one: a. products in their original form intended to be sold without changing their basic form b. goods partially worked on but not yet fully completed C. goods fully completed but not yet sold d. direct materials in stock and awaiting use in the manufacturing process Previous page Next

Work-in-process inventory would normally include: Select one: a. products in their original form intended to be sold without changing their basic form b. goods partially worked on but not yet fully completed C. goods fully completed but not yet sold d. direct materials in stock and awaiting use in the manufacturing process Previous page Next

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 firms use which of the following three inventory accounts? A. Materials, Work-in-process, Transferred-out. B. Materials, Work-in-process, Finished goods. C. Materials, Finished goods, Transferred-out. D. Work-in-process, Finished goods, Transferred-out.
The component of a company's inventory that is partially completed is called direct raw materials inventory. Select one: True O False
Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100
I - When direct materials are issued, the WIP Inventory account is debited. II - When indirect materials are purchased, the raw materials inventory account is debited. * A. T, F B. F, T C. T, T D. F, F
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3. The final step in recognizing the completion of production requires a company to debit Finished-Goods Inventory and credit Work-in-Process Inventory. Select one: True False
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12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c
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Multiple choice
Choose the journal entry 4. Record the cost of goods manufactured Dr Factory overhead; Cr Finished goods inventory Dr Work In process Inventory; Cr Finished goods Inventory Dr Finished goods inventory; Cr Work In process Inventory Dr Materials Inventory; Cr Work In process Inventory\ 5. Record the purchased Indirect Materials on account Dr Factory overhead inventory; Cr Accounts payable Dr Materials inventory; Cr Accounts payable Dr Factory overhead inventory; Cr Cash Dr Materials inventory; Cr Cash