Which of the following are basic inventories for a manufacturer ? a.Finished goods, raw materials and direct materials. b.Raw materials, factory overhead, and direct labour. c.Indirect materials, goods in process, and raw materials. d.Raw materials, goods in process, and finished goods.

materials can be in any form during the year, it may be Raw materials Work in progress Finished…

Answered: Which of the following are basic…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 3MC: Which of the following is the primary source of revenue for a manufacturing business? A. the...

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Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
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 process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods sold
How would you describe the following accounts: Finished Goods, Work in Process, and Materials?
In a process costing system, which account shows the overhead assigned to the department? A. cost of goods sold B. finished goods inventory C. raw material inventory D. work in process inventory
Which of the following is a conversion cost? raw materials direct materials administrative expenses factory depreciation expenses
Which of the following is the step in which materials, labor, and overhead are detailed? A. determining the units to which costs are assigned B. determining the equivalent units of production C. determining the cost per equivalent units D. allocating the costs to the units transferred out and the units partially completed
Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expenses
From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B. raw materials inventory C. finished goods inventory D. work in process inventory
What are factory overhead expenses, and what distinguishes them from other manufacturing costs? What other terms are used to describe factory overhead expenses?
Which of the following production characteristics is better suited for process costing and not job order costing? Each product batch is distinguishable from the prior batch. The costs are easily traced to a specific product. Costs are accumulated by department. The value of work in process is the direct material used, the direct labor incurred, and the overhead applied to the job in process.

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	a.	Finished goods, raw materials and direct materials.
	b.	Raw materials, factory overhead, and direct labour.
	c.	Indirect materials, goods in process, and raw materials.
	d.	Raw materials, goods in process, and finished goods.

Which of the following are basic inventories for a manufacturer ? a. Finished goods, raw materials and direct materials. b. Raw materials, factory overhead, and direct labour. c. Indirect materials, goods in process, and raw materials. d. Raw materials, goods in process, and finished goods