2. Distinguish between direct and indirect costs.
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- Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work in Process inventory account and then into the Finished Goods inventory account beforeappearing on the income statement as part of Cost of Goods Sold.
- Under variable costing, which of the following costs would not be included in finished goods inventory? a. electricity used by factory machinery b. steel costs for a machine tool manufacturer c. salary of factory supervisor d. wages of machine operatorIn the cost reconciliation report under the weighted-average method, the "Costs to be accounted for" section contains which of the following items? Question 27 options: Cost of ending work in process inventory Cost of units transferred out Cost of ending finished goods inventory Cost of beginning work in process inventory Previous PageNext PageReferring to the question E2-26A in the textbook named Managerial Accounting by Pearson- 5th edition. The expenses named “ insurance on plant, depreciation-plant building and equipment and repairs and maintenance-plant “, how can we identify they are not a kind of indirect costs of manufacturing? For instance, insurance on plant is obvious an expenses because of manufacturing the product. Plus, What is the purpose of the question mention- Assume that the RM inventory contains only direct materials? Please instruct. Appreciated
- Which 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 utilitiesRequired: Compute the ending inventory of WIP Compute the cost transferred to finish goodsUnder absorption costing, which of the following costs would not be included in finished goods inventory? a.direct labor cost b.direct materials cost c.variable and fixed selling and administrative expenses d.variable and fixed factory overhead cost
- Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory Finished Goods Inventory, and Cost of Goods Sold? Oa Cost of Goods Sold will be lower if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. balance in the Work- in-Process account after allocation will be the same under either method. None of given answer is correct. d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. e. The balance in the Work-in-Process account after allocation will be lower if the underapplied overhead is closed out by allocating it to all appropriate accounts.iv. How you passed the entry of scrape material for: Transfer scrape to inventory ,Sold scrape to inventory market value. v. What is meant by the statement that “labor costing is related to motion costing” vi. Is motion time table are same for all industry? How time study expert help in finding the motion study. vii. Differentiate between the straight piece rate and piece rate with guaranteed time rates. viii. Briefly discuss the drawbacks of differential piece rate system in labor costing.Which of the following statements is correct using the direct costing concept? a. All manufacturing costs are included in the calculation of cost of goods manufactured. b. All manufacturing costs are considered period costs. c. Only variable manufacturing costs are included in the calculation of cost of goods manufactured while fixed costs are considered period costs. d. Only fixed costs are included in the calculation of cost of goods manufactured while variable costs are considered period costs. Mason Corporation had $650,000 in invested assets, sales of $700,000, income from operations amounting to $99,000, and a desired minimum rate of return of 15%.The residual income for Mason is a. $1,500 b. $0 c. $84,150 d. $(6,000)