Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead costsNone of the above If the amount of "Cost of goodsmanufactured" during a periodexceeds the amount of "Totalmanufacturing costs" for the period,then,ending work in process is less thanthe amount of the beginning work inprocess inventory.ending work in process is greaterthan the amount of the beginningwork in process inventory.ending work in process is equal tothe cost of goods manufactured.None of the above

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Description: Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead costsNone of the above If the amount of "Cost of goodsmanufactured" during a periodexceeds the amount of "Totalmanufacturing costs" for the period,then,ending work in

Answered: Product costs are also callec Direct…

Business

Accounting

Product costs are also callec Direct costs. Overhead costs

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Which is nor needed to compute equivalent units of production? A. the percentage of completion for inventory still in process B. the number of units transferred out C. the number of units started and completed D. the material cost per unit
If some units are normally lost during the manufacturing process and the remaining good units absorb the cost, what effect does this have on the unit cost of goods finished during the period and the cost of the work in process at the end of the period?
Why are the overhead costs first accumulated in the manufacturing overhead account instead of in the work in process inventory account?
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
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses
In a job order cost system, indirect labor incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
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.
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 Inventoryand Cost of Goods Sold? a 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. The 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.
1. Under the FIFO method, the total costs transferred out include all of the following except the cost a. of the beginning work in process. b. to complete beginning work in process. c. of the units started and completed during the period. d. of the units started into production during the period 2. The FIFO method of process costing will produce the same cost of goods transferred out amount as the weighted average method when a. the goods produced are homogeneous b. there is no beginning Work in Process Inventory. c. there is no ending Work in Process Inventory. d. beginning and ending Work in Process Inventories are each 50 percent complete.
In 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 Page
What is the adjusted balance of cost of goods sold after disposing the under-or-overapplied overhead? What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead?