Costs and Correct Answer

1572 WordsSep 10, 20137 Pages
Inventoriable costs are expensed when incurred. Answer Selected Answer: False Correct Answer: False Question 2 1 out of 1 points Correct Finished goods inventory is ordinarily held for sale by a manufacturing company. Answer Selected Answer: True Correct Answer: True Question 3 1 out of 1 points Correct Indirect labor is not a component of manufacturing overhead. Answer Selected Answer: False Correct Answer: False Question 4 1 out of 1 points Correct The following equation -- Beginning finished goods + cost of goods manufactured - ending finished goods -- is used to calculate cost of goods sold during the period. Answer Selected Answer: True Correct Answer: True Question 5 1 out of 1 points Correct A…show more content…
Correct Answer: direct materials and direct labor. Question 26 1 out of 1 points Correct In a manufacturing company, the cost of goods completed during the period would include which of the following elements? Answer Selected Answer: Raw materials used. Correct Answer: Raw materials used. Question 27 1 out of 1 points Correct Work-in-process inventory is composed of: Answer Selected Answer: direct material, direct labor, and manufacturing overhead. Correct Answer: direct material, direct labor, and manufacturing overhead. Question 28 1 out of 1 points Correct Holden Industries began July with a finished-goods inventory of $48,000. The finished-goods inventory at the end of July was $56,000 and the cost of goods sold during the month was $125,000. The cost of goods manufactured during July was: Answer Selected Answer: $133,000. Correct Answer: $133,000. Question 29 1 out of 1 points Correct Carolina Plating Company reported a cost of goods manufactured of $520,000, with the firm's year-end balance sheet revealing work in process and finished goods of $70,000 and $134,000, respectively. If supplemental information disclosed raw materials used in production of $80,000, direct labor of $140,000, and manufacturing overhead of $240,000, the company's beginning work in process must have been: Answer Selected Answer: $130,000. Correct

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