Which of the following represents the accumulated costs of incomplete ?jobs Finished Goods Inventory .a O Raw Materials Inventory .b O Cost of Goods Sold .c O Work in Process Inventory .d O None of the given answer is correct .e O الصقحة التالية
Q: Which of the following would most likely be a product cost? O A. Salary of VP of sales O B.…
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A: Ending inventory is the value of goods lying in the stock on the date of closing the books.
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A: Solution: "Costs of delivering finished goods" is not capitalized as inventory.
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A: Cost of goods manufactured means total cost incurred in manufacturing of goods like direct…
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A: Cost of goods sold = Cost of goods manufactured + Beginning finished goods - Ending finished goods
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A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product
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A: Particulars Amount Ending finished goods inventory xxxx Add: Cost of goods sold xxxx…
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A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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A: T account is a T shaped format in which the journal entries related to a specific account are…
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A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: If the cost of goods manufactured is less than the cost of goods sold, which of the following is…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Which of the following represents the accumulated costs of incomplete jobs? O a. None of the given…
A: Following is the answer to the given questions
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A: In job costing, Indirect labor cost is usually debited to manufacturing overheads.
Q: Which of the following is not a product cost? O a. Insurance on the plant O b. Raw materials used O…
A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…
Q: Which of the following journal entries correctly records the cost of the jobs delivered to a…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Which of the following accounts would be a period cost rather than a product cost? a Freight out.…
A: Variable costs: These costs are incurred in conjunction to the volume of goods produced or sold. It…
Q: In a job order cost system, a credit to Finished Goods will be accompanied by a debit to: * Cost of…
A:
Q: Which of the following represents the accumulated costs of incomplete jobs? О а. None of the given…
A: The WIP (work in process) inventory refers to incomplete goods and materials and it includes the…
Q: given ansvwers is FALSE De Applied manufacturing overhead costs are included in job cost sheets.…
A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…
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A: Product cost includes all the direct expenses and overheads concerned with the product. for example…
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A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…
Q: nder the job-cost system using periodic inventory system, issues of direct materials from warehouse…
A: Solution: Issue of materials to production results in debit to work in process and credit to…
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A: Journal is the recording or financial transactions which are to be posted in the T accounts in order…
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A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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: If the cost of goods manufactured is less than the cost of goods sold, which of the following is…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Which of following is not correct about normal costing? Select one: a. Predetermined rate is used to…
A: Normal Costing used actual data in order to calculate the cost of the product. This costing drives…
Q: Which of the following costs is NOT capitalized as inventory? a. Rent on Head Office building…
A: The IFRS applicable for Inventory is stating that "The cost of inventories includes all costs of…
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
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A: Underapplied overhead occurs when a business’s expenses have increased than the budgeted expenses.…
Q: Which one of the following is NOT correct about manufacturing statement? Select one: a. It includes…
A: Manufacturing statement is prepared to report the costs incurred by the organization due to its…
Q: Under the job-cost system using periodic inventory system, issues of direct materials from warehouse…
A: Job-cost system: Job-cost system is a method of costing used by companies that produce unique…
Q: תתוחוsכסו Which of the following is correct with respect to closing out overapplied manufacturing…
A: The Correct option is d.
Q: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production…
A:
Q: Which of the following is correct with respect to closing out overapplied manufacturing overhead to…
A: If overhead is overapplied, more overhead has been applied to inventory than has actually been…
Q: Which of the following represents the cost of the jobs sold during the period? a. Raw Materials…
A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…
Q: r the amount of "Cost of goods manufactured" during a pertod exceeds the amount of "Total…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
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- Blue Corporation uses the FIFO cost flow assumption. Presented below is information related to Blues inventory: Determine (a) the net realizable value for each item and (b the inventory value of each item using the lower of cost or net realizable value rule.d. What was the cost of products completed during Febuary? e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary? f. What was the operating profit for Febuary? Any over- or underapplied overhead is written off to Cost of Goods Sold? Please provide an explanation it would be of great help with my learning. Thank you <3Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2?
- 12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/cWhich of the following costs is NOT capitalized as inventory? a. Rent on Head Office building b. Costs of delivering finished goods c. Manufacturing overhead cost d. Factory amortizationb) Calculate the:- Total cost of units completed and transferred to Finished Goods inventory- Cost of abnormal losses- Cost of ending work-in-process inventory in Process 2 (c) Prepare Better Choice’s Work-In-Process Inventory - Process 2 T-account, clearly showing the ending balance.
- 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 utilities1. Inventory should be stated at (a) Lower of cost and fair value. (b) Lower of cost and net realizable value. (c) Lower of cost and nominal value. (d) Lower of cost and net selling price. 2. Which of the following costs of conversion cannot be included in cost of inventory? (a) Cost of direct labor. (b) Factory rent and utilities. (c) Salaries of sales staff (sales department shares the building with factory supervisor). (d) Factory overheads based on normal capacity. 3. Inventories are assets (a) Used in the production or supply of goods and services for administrative purposes. (b) Held for sale in the ordinary course of business. (c) Held for long-term capital appreciation. (d) In the process of production for such sale. (e) In the form of materials or supplies to be consumed in the production process or the rendering of services. (f) Choices b and d. (g) Choices b, d, and e. 4. The cost of inventory should not include (a) Purchase price. (b) Import duties and other taxes. (c)…TRUE OR FALSE STATEMENT 1: If the ending inventory of finished goods is understated, net income will be overstated. STATEMENT 2: Manufacturing overhead combined with direct materials is known as conversion cost.
- 26. Which of the following sentence not related to ‘purchasing by requirement’? a.Purchasing goods, which are not regularly required. b.Market situation is constantly studied. c.Purchase of emergency goods. d.Knowledge of the suppliers of such goods. 28. Identify the journal entry for normal wastage. a.Dr.Material inventory, Cr.Work in process inventory b.Dr.Material inventory, Cr.Production overheads c.Dr.Costing profit and loss account, Cr.Work in process inventory d.Dr.Production overheads, Cr.Work in process inventoryThe cost of the ending inventory under absorption costing is higher than the cost of ending inventory under varibale costing by 1. an amount equal to the fixed overhead cost per unit. 2. an amount computed by multiplying the units in the ending inventory by the fixed costs per unit. 3. an amount equal to the difference in the income amounts under both costing methods. 4. the amount equal to the fixed overhead cost charged to expense during the period.1. Which of the following would not be considered as a component of the "cost" of Goods Sold?a. Salesforce salariesb. Transportation purchasec. Import duties or raw materiald. Factory electricity expense 2. Revenue minus all direct costing of making the goods or supplying the service is known as?a. Gross profitb. Cost of salesc. Expensesd. Net profit 3. During the costing process, to arrive at the gross profit of a trading business, which one of the following formulas is applied?a. Sales - (Beginning Inventory - Purchases - Ending Inventory)b. Sales - (Beginning Inventory + Purchases + Ending Inventory)c. Sales - (Beginning Inventory + Purchases - Ending Inventory)d. Sales - (Beginning Inventory - Purchases + Ending Inventory)