Which of the following is not used in assigning manufacturing costs to work in process inventory?a. Actual manufacturing overheadb. Time ticketsc. Materials requisitionsd. Predetermined overhead rate

Q: Which of the following is correct with respect to closing out underapplied manufacturing overhead to…

A: Overapplied manufacturing overhead occurs when applied overhead exceeds actual overhead.   The entry…

Q: Identify the journal entry for abnormal wastage. a. Dr.Material inventory, Cr.Production overheads…

A: There are two types of loss in process costing  1. Normal loss and  2. Abnormal loss Normal Loss…

Q: Identify the journal entry for normal wastage. a. Dr.Material inventory, Cr.Production overheads b.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: A debit balance in Overhead Control: a. indicates applied overhead exceeds actual overhead. b.…

A: OVERHEAD ARE ALL COSTS ON THE INCOME STATEMENT EXCEPT THE DIRECT MATERIALS , DIRECT LABOR AND DIRECT…

Q: Which of the following is correct with respect to closing out underapplied manufacturing overhead to…

A: Manufacturing Overhead can be termed as a fixed cost that is incurred as a result of normal…

Q: Which is not a step in analyzing the cost driver for manufacturing overhead?A. identify the costB.…

A: All indirect expenses involved during in the manufacturing process are referred to as manufacturing…

Q: The credit that appears in the account of goods or articles in process represents A. direct…

A: Process costing is a method of cost allocation where the cost is assigned to each function or a…

Q: Which account is not used in JIT costing? a. Finished Goods Inventory b. Raw and In-Process…

A: The JIT is a management strategy that minimizes the inventory and increases efficiency. JIT is to…

Q: What is the TOTAL cost assigned to the ending work in process inventory?

A: Process costing: process costing is a costing method used by companies that produce homogeneous…

Q: Which of the following statements regarding work in process is not correct? O a. Work in process…

A: Raw materials, labor, and overhead costs for goods in different stages of the manufacturing process…

Q: Which one of the following is not correct regarding the predetermined overhead rate? O a. The…

A: The predetermined overhead rate is used to allocate manufacturing overhead costs during current…

Q: If selling and administrative expenses are allocated to different products, they should be reported…

A: Period costs: These costs are not related to inventory, hence, they are not added to inventory…

Q: The journal entry to record actual manufacturing overhead for indirect labor debits Manufacturing…

A: Work in progress Inventory: It refers to the organisation's goods which are not completely finished…

Q: Identify the journal entry for indirect material return to supplier. a. Dr.Material inventory,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: In what way does the accounting treatment of direct materials and direct labor costs differ from…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: In what way does the accounting treatment of factory overhead differ from that of direct materials…

A: Factory overheads include all indirect costs incurred during the manufacturing process to maintain…

Q: For the purpose of calculating overapplication or overapplication of overheads, the applied…

A: In cost accounting, budgeting plays a key role in the control of the cost of the goods in the…

Q: c) Calculate the balance in ending work in process and cost of goods sold before any adjustments…

A: Overhead cost allocation: It is the process of allocating the estimated overhead of a company to its…

Q: What is the adjusted balance of cost of goods sold after disposing the under-or-overapplied…

A: The balance of the manufacturing overhead control account is credit which means it is overapplied.

Q: Which account is not used in JIT costing? Finished Goods Inventory Raw and In-Process Inventory…

A:

Q: In a job-order costing system, manufacturing overhead applied is recorded as a credit to: a.…

A: Applied manufacturing overhead costs is the application of overhead costs to various jobs or…

Q: Which of the following is correct with respect to closing out underapplied marufacturing overhead to…

A: A predetermined overhead rate is calculated by dividing the estimated overhead by the estimated…

Q: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…

A: Inventory in a production will go through different stages which is as follows: Raw…

Q: Explain how the analysis of fixed manufacturing overhead costs differs for (a) planning and control…

A: Fixed Cost:The cost which does not fluctuate on the basis of the output level produced. It remains…

Q: When a manufacturing company uses direct labor, it assigns the cost by debiting O A. Wages Payable.…

A: Cost accounting is useful since it can show where a company spends money, how much it generates, and…

Q: In a process cost system, machinery depreciation expense incurred is debited to a. manufacturing…

A: Process costing is a part of cost analysis which is used by organizations that have more than 1…

Q: Which of the following is correct with respect to closing out overapplied manufacturing overhead to…

A: The Over Applied or Under applied Manufacturing Overhead is Difference between Manufacturing…

Q: direct labor costs are debited to work in process inventory true false

A: The direct labor cost is the part of manufacturing cost that would be part of inventory or WIP…

Q: Which of the following would be included in the journal entry to record the requisition of indirect…

A: The correct answer is  D. Debit to Work in process inventory

Q: uring Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold

A: The correct answer is  D) credit to cost of good sold .

Q: "Vhat is the adjusted balance of work in process inventory after disposing the under- er…

A: Applied overhead : applied Overhead is a cost assigned to production using the estimated overhead…

Q: In what way does the accounting treatment of factory overhead differ from that of direct materials…

A: Factory overhead is defined as cost incurred during the process of manufacturing but not including…

Q: In a job-order costing system, manufacturing overhead applied is recorded as a credit to: a. None of…

A: Job costing means where actual direct cost is included in specific cost and overhead is applied on…

Q: When a manufacturing company uses direct labor, it assigns the cost by debiting a. Work-in-Process…

A:

Q: Which of the following statements is false? Multiple Choice Work in process inventory is included in…

A: Work in Process inventory is included in the balance sheet and it includes all the costs incurred to…

Q: What is the adjusted balance of work in process inventory after disposing the under- or over-applied…

A: Under or overapplied overhead: when a company allocate or apply its overhead cost to production it…

Q: When a manufacturing company uses direct labor, it assigns the cost by debiting Work-in-Process…

A: Option a.

Q: Which of the following represents the cost of materials purchased but not yet issued to production?…

A: Introduction: Finished goods : After completion of all the stages of manufacturing the product…

Q: Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare…

A: When the overheads are underapplied, it means that COGS is understand hence we  need to adjust by…

Q: True or False. Over/under applied overhead must be closed and allocated to Cost of Goods Sold,…

A: Overheads are a part of the cost incurred during the manufacturing process, which are estimated in…

Q: In a process cost system, factory depreciation expense incurred is debited to ________.A. finished…

A: Process costing seems to be a way of aggregating manufacturing costs by the process. It illustrates…

Q: The applied overhead is compared to the actual overhead, with any discrepancy going into one of the…

A: Under-applied overhead: When there is a debit balance in the manufacturing overhead account during…

Q: Which of the following is correct with respect to closing out underapplied manufacturing overhead to…

A: Cost of Goods Sold = Beginning Inventory + Purchases During the Period – Ending Inventory.

Q: Which of the following is a prime cost? A.Factory maintenance expenses B.Administrative labor…

A: Prime cost of the business means cost of direct material and direct labour. Direct material and…