Work in progress refers to:machine parts in a parts-manufacturing businessincomplete units of a subassembly for radiosmixing of ingredients to make the cake mixture for cake productionconverting raw materials into finished goods

Name: Work in progress refers to:machine parts in a parts-manufacturing bus
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Description: Work in progress refers to:machine parts in a parts-manufacturing businessincomplete units of a subassembly for radiosmixing of ingredients to make the cake mixture for cake productionconverting raw materials into finished goods

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Business

Accounting

Work in progress refers to: O machine parts in a parts-manufacturing business O incomplete units of a subassembly for radios Omixing of ingredients to make the cake mixture for cake production O converting raw materials into finished goods

Work in progress refers to: O machine parts in a parts-manufacturing business O incomplete units of a subassembly for radios Omixing of ingredients to make the cake mixture for cake production O converting raw materials into finished goods

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter7: The Conversion Cycle

Section: Chapter Questions

Problem 1MCQ

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Similar questions

A product requires processing in two departments, the Baking Department and then, the Packaging Department, before it is completed. Costs completed and transferred out of the Baking Department will be transferred to O Manufacturing Overhead. O Cost of Goods Sold. O Work in Process Inventory-Packaging Department. O Finished Goods Inventory.
Provide proper solution.
Which of the following is classified as an item that is used in the creation of a product? Work in progress Raw materials Cash Finished goods
To record the transfer of costs from a prior process to a subsequent process, the following entry would be made: a. debit Finished Goods and credit Work in Process. b. debit Work in Process (subsequent department) and credit Transferred-In Materials. c. debit Work in Process (prior department) and credit Work in Process (subsequent department). d. debit Work in Process (subsequent department) and credit Work in Process (prior department) e. None of these.
Explain how each activity in this list can be associated with the corresponding unit or batch level provided. A. Assembling products: batch level B. Issuing raw materials: unit level C. Machine setup: unit level D. Inspection: batch level E. Loading the labeling machine: unit level F. Equipment maintenance: unit level G. Printing a banner: batch level H. Moving material: unit level i. ordering a part: unit level
In a process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods sold
Can process costing be used for a service organization? Explain. Describe how process costing can be used for JIT manufacturing firms.
Nonunit-level drivers are prominent in activity-based coting systems. Which of the following is a nonunit-level driver? a. Machine hours b. Direct materials c. Assembly hours d. Setup hours
The following items are associated with a traditional cost accounting information system, an activity-based cost accounting information system, or both (that is, some elements are common to the two systems): a. Usage of direct materials b. Direct materials cost assigned to products using direct tracing c. Direct labor cost incurrence d. Direct labor cost assigned to products using direct tracing e. Setup cost incurrence f. Setup cost assigned using number of setups as the activity driver g. Setup cost assigned using direct labor hours as the activity driver h. Cost accounting personnel i. Submission of a bid, using product cost plus 25 percent j. Purchasing cost incurrence k. Purchasing cost assigned to products using direct labor hours as the activity driver l. Purchasing cost assigned to products using number of orders as the activity driver m. Materials handling cost incurrence n. Materials handling cost assigned using the number of moves as the activity driver o. Materials handling cost assigned using direct labor hours as the activity driver p. Computer q. Costing out of products r. Decision to continue making a part rather than buying it s. Printer t. Customer service cost incurred u. Customer service cost assigned to products using number of complaints as the activity driver v. Report detailing individual product costs w. Commission cost x. Commission cost assigned to products using units sold as the activity driver y. Plant depreciation z. Plant depreciation assigned to products using direct labor hours Required: 1. For each cost system, classify the relevant items into one of the following categories: a. Interrelated parts b. Processes c. Objectives d. Inputs e. Outputs f. User actions 2. Explain the choices that differ between the two systems. Which system will provide the best support for the user actions? Explain. 3. Draw an operational model that illustrates each cost accounting systemwith the items that belong to the system used as examples for each component of the model. 4. Based on the operational models, comment on the relative costs and benefits of the two systems. Which system should be chosen?
Choose the best answer A route sheet: Specifies the types and quantities of the raw material used. Describes the specific products to be made. Records work done in each work center Shows the product ion path that a particular batch of product follows during manufacturing
Explain how a sales order, a production order, a materials requisition form, and a labor time ticketare involved in producing and costing products.
The costs of direct materlals, direct labor, and overhead of completed products ready for sale are known as: Multiple Cholce Factory supplies. Raw materials inventory. Finished goods inventory. Work in process inventory. Cost of goods sold.