Instruction: Identify the following:1. The amount which represents cost incurred to produce goods which are notyet completed.2. The cost of services of employees who work directly on the product._3. The cost of goods already completed and held for sale.4. Yet-to-be-used materials.5. Non-manufacturing costs incurred by a manufacturing firm in its operations._6. Alternatively called Factory Overhead or simply Overhead.7. Direct Materials plus direct labor plus factory overhead.8. Goods acquired for production but not yet requisitioned to be put intoprocess.9. Prime Costs plus Conversion Costs.10. Direct Labor plus Factory Burden.\11. The basic document to accumulate the cost of each order.12. System that collects the actual amounts of product costs.13. System that is often used by furniture manufacturers who produces varietyof products, because such producers need to keep track of each specific order toensure correct assignment of costs.14. Rate used in accumulation of factory overhead costs under normal costsystem.15. Other term for process cost system.

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Instruction: Identify the following: 1. The amount which represents cost incurred to produce goods which are not yet completed. 2. The cost of services of employees who work directly on the product. 3. The cost of goods already completed and held for sale.

Instruction: Identify the following: 1. The amount which represents cost incurred to produce goods which are not yet completed. 2. The cost of services of employees who work directly on the product. 3. The cost of goods already completed and held for sale.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 6MC: Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver...

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Question

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Instruction: Identify the following:
1. The amount which represents cost incurred to produce goods which are not
yet completed.
2. The cost of services of employees who work directly on the product.
_3. The cost of goods already completed and held for sale.
4. Yet-to-be-used materials.
5. Non-manufacturing costs incurred by a manufacturing firm in its operations.
_6. Alternatively called Factory Overhead or simply Overhead.
7. Direct Materials plus direct labor plus factory overhead.
8. Goods acquired for production but not yet requisitioned to be put into
process.
9. Prime Costs plus Conversion Costs.
10. Direct Labor plus Factory Burden.\
11. The basic document to accumulate the cost of each order.
12. System that collects the actual amounts of product costs.
13. System that is often used by furniture manufacturers who produces variety
of products, because such producers need to keep track of each specific order to
ensure correct assignment of costs.
14. Rate used in accumulation of factory overhead costs under normal cost
system.
15. Other term for process cost system.

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Assigning indirect costs to specific jobs is completed by which of the following? applying the costs to manufacturing overhead using the predetermined overhead rate using the manufacturing costs incurred applying the indirect labor to the work in process inventory
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Compute the cost of goods manufactured.
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Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver for production/estimated overhead for the activity B. estimated overhead for the product/estimated use of the cost driver for the activity C. estimated use of the cost driver for production/estimated overhead for the activity D. estimated overhead for the activity/estimated use of the cost driver for the activity