Which of the following is used when raw materials are purchased to be used in the manufacturing process? Group of answer choices Materials Cost of Goods Sold Finished Goods Work in Process

Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacturer would be…

A: Direct material cost is cost incurred in relation to material purchased for the process of…

Q: Direct material cost refer to: cost of the raw materials used to produce goods and directly become…

A: A direct material cost is a form of direct cost which is included in the calculation of product…

Q: What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of…

A: inventoriable product costs consists of costs incurred in producing the goods. all the direct and…

Q: The three basic elements of the cost of a manufactured product are:      a. indirect materials,…

A: Solution: The three basic elements of the cost of a manufactured product are "direct materials,…

Q: When will cost of goods sold will equal the cost of goods manufactured?   when work-in-process…

A: Particulars Amount Ending finished goods inventory xxxx Add: Cost of goods sold xxxx…

Q: Which of the following is the correct flow of manufacturing cost? Raw materials, work in process,…

A: Solution: Flow of manufacturing cost means, sequence in which costs are converted such as finished…

Q: Which of the following will be included in manufacturing overhead costs? O A. Salaries of salesmen O…

A: Manufacturing overhead cost refers to those indirect factory related cost which is incurred in order…

Q: Identify each of the preceding costs as either a product or a period cost. If the cost is a product…

A: The question is based on the concept of Cost Accounting.

Q: The cost of a manufactured product (product cost) generally consists of which of the following?…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: Direct Material Used Factory Overhead Prime Cost

A: Prime cost means the addition of direct material and direct labor and other direct expenses.…

Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacturer would be…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: Indicate whether the following costs of Procter & Gamble, a maker of consumer products, would be…

A: Direct Material Cost Direct material cost is the cost of the raw materials and components used to…

Q: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of…

A: In cost accounting, the cost sheet is prepared for tracking the level of cost and cost allocation at…

Q: A schedule of the cost of finished goods manufactured is a helpful tool in determining the per-unit…

A: Explain several ways in which information about per-unit manufacturing costs is used by (a)…

Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacture would be…

A: The cost to deliver finished product to customer It is a unit cost hence it is Product- MOH

Q: Explain Process costing income statement? Hypothetical example of Process costing income statement…

A: Process costing system: It is a method of costing in which production costs related to a product are…

Q: Which of the following are basic inventories for a manufacturer ?     a. Finished goods, raw…

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

Q: Which of the following is a period cost     Administrative expenses     Factory utilities…

A: Period costs are those cost which cannot be assigned to the product.

Q: Which of the following does not accurately describe the application of job-order costing? a.…

A: Job costing includes the aggregation of the expenses of materials, overhead and labor for a…

Q: Process costing: a. assigns direct materials cost, direct labor cost, and manufacturing overhead…

A: Process costing is a form of operations costing which is used where standardized homogeneous goods…

Q: Job order costing and process costing both: a. All the given answers are correct. b. both allocate…

A: Job cost accounting accumulates prices by individual jobs. Method cost accounting accumulates prices…

Q: Direct labor and direct materials are   a. period costs and expensed when the goods are sold   b.…

A: The different costs related to productions and selling are classified as product and period cost…

Q: Which of the following is the correct flow of manufacturing costs? a.raw materials, finished goods,…

A: flow of Production process generally begins with raw material and converted to work in process then…

Q: traditional enterprise, the flow of costs through the system is a.work-in-process inventory,…

A:

Q: "ABC is a costing method that allocates overhead and indirect costs to related products and…

A: Answer:

Q: Different between raw materials, work in process and finished goods inventories

A: A manufacturing company generally have three types of inventories in its stock: Raw Materials Work…

Q: What term refers to a grouping of costs that consists of direct labor and factory overhead costs and…

A: Conversion cost is the total of labour cost and factory overhead cost/manufacturing Overhead cost.…

Q: Match one or more of the following terms with each definition below: a. Direct labour e.…

A: Introduction: The expenditures spent to sustain your company's day-to-day operations are referred to…

Q: In backflush costing, the journal entry to record direct-labor costs incurred would include a? A.…

A: Solution In backflush costing, the journal entry to record direct-labor costs incurred would include…

Q: Direct material costs are recorded: O Indirectly to Goods in Process account. O Indirectly to a…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: KB. Which are the three product costs that are added to work in process? O Direct materials, direct…

A: In this question, we have been asked three costs to be used in work in process, for which we have…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER).…

A:

Q: Starting from Raw Materials, beginning discuss the Detailed formula of Cost of Goods Sold under…

A: The cost of goods sold includes the cost of goods that are sold during the period.

Q: Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in…

A: Introduction: Employees' direct labour is the amount of effort they put in to turn raw resources…

Q: This question is a true or false.  When the manufactured goods mar eventually sold the cost of the…

A: Work in process comprises of raw material  cost wages and overhead  at various  production  levels

Q: Cost that arises during manufacturing maybe classified according to element, nature, function or…

A: Lets understand the basics. On the basis of nature, cost is divided into two types. (1) Direct cost…

Q: How do you compute the unit varible cost for an item in manufacturing?

A: Variable costs: Variable costs are costs that vary in direct proportion with changes in production…

Q: Explain the process costing income statement and provide a hypothetical example of process costing…

A: Process Costing Process costing is a term used in cost accounting to describe one method for…

Q: When direct materials are used, which of the following accounts increases? Finished Goods Inventory…

A: Material is the item which is required to be used to manufacture the product in which the firm…

Q: A furniture manufacturer who follows ABC, will treat painting of furniture as A. Manufacturing…

A: Activity-Based Costing:-It is a method of costing that identifies the Activities of an organization…

Q: What manufacturing cost term is used to describe the cost of materials that are an integral part of…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

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: 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…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.