Kindly answer the two question. NO EXPLANATION NEEDED. Thankyou 1. Choose the right answer. No 1. When raw materials are issued to production, these will become part of work in process inventory. Raw materials Inventory account reflects the cost of materials and factory supplies that will be used in the manufacturing process. No 2. Conversion cost is composed of direct labor and overhead cost a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is true 2. Choose the right answer. No 1. When goods are sold, their cost is debited to Cost of goods sold. No 2. Work in process account pertains to inventory not yet completed or needs further processing. When completed, Work in process account is debited. a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is tru

Kindly answer the two question. NO EXPLANATION NEEDED. Thankyou 1. Choose the right answer. No 1. When raw materials are issued to production, these will become part of work in process inventory. Raw materials Inventory account reflects the cost of materials and factory supplies that will be used in the manufacturing process. No 2. Conversion cost is composed of direct labor and overhead cost a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is true 2. Choose the right answer. No 1. When goods are sold, their cost is debited to Cost of goods sold. No 2. Work in process account pertains to inventory not yet completed or needs further processing. When completed, Work in process account is debited. a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is tru

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 3MC: Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B....

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Which of the following is/are true for the cost flow process? (check all that apply) Cost of goods sold is what leaves work in process When a company buys raw materials, the raw materials purchased will be recorded as an expense on the income statement at the time of purchase. A company doesn't need to have balances greater than $0 in all three accounts: raw materials, work in process, finished goods O Work in process, raw materials, and finished goods are all under 'inventory' in the asset section on the balance sheet Question 9 Assume Tsoi Company has the following sales and production budget for a line of shoes: January March 5,000 pair of shoes 6,500 pair of shoes 5,200 pair of shoes 6,700 pair of shoes Sales Production February 7,000 pair of shoes 7,400 pair of shoes Assume Tsoi Company uses 3 feet of string for laces per pair of shoes. Tsoi Company wants to have direct materials on hand at the end of each month equal to 7% of the following month's production needs. How many feet…
A. Multiple Choice:Write the letter of the correct answer in the given worksheet. When the amount of overapplied manufacturing overhead as significant, the netry to close Overapplied Manufacturing Overhead will most likely require: a. A debit to Cost of Goods Sold b. Debits to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory C. A credit to Cost of Goods Sold d. Credit to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory. An objection to the use of predetermined overhead rate based on direct labor costs is that a. These items are difficult to measure. b. A job is charged with more overhead when a highly paid operator works on the job than when a low paid operator performs the work. C. Overhead is allocated in relation to units produced by workers. d. Overhead rate will be distributed inequitable when there are no wage differentials in the department. 3. All of the following phrases are used as alternate terminology for manufacturing…
Instruction: Identify the following: 1 The ameut ont unuct. IN fo 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.
PLease answer question bolded. ‘Process costing is a term used in cost accounting to describe one method for collecting and assigning manufacturing costs to the units produced.’ There are some statements about the process costing: An abnormal loss occurs when expected output exceeds actual output. The scrap value of an abnormal loss is credited to the process account. The allocated cost of an abnormal gain is credited to the process account. The inputs to a process less the normal loss is the expected output. The normal loss in a process is allocated a cost in order to reconcile the costs of inputs and outputs. The FIFO method assumes opening WIP is the first group of units to be completed. Therefore, opening WIP is charged separately to completed production and CPU is based on current period costs. Please identify which of the above statements are false and explain the reasons. In Management Accounting, there are some investment appraisal methods to analyse the performance of…
Cost of goods manufactured is calculated as follows: Select one: a. Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. O b. None of the answers are correct O c. Beginning WIP + direct materials used + direct labor + manufacturing overhead - ending WIP. d. Direct materials used + direct labor + manufacturing overhead - ending WIP - beginning WIP. O e. Direct materials used + direct labor + manufacturing overhead - beginning WIP + ending WIP.
Which of the following statements is true? (You may select more than one answer.)a. Conversion costs include direct materials and direct labor.b. Indirect materials are included in manufacturing overhead.c. Prime costs are included in manufacturing overhead.d. Selling costs are considered period costs
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 hp 10 & 7 V 6. 8. 9. { Y' G K 近

3. What accounts are debited/credited for overhead costs incurred vs overhead costs applied? 4. What types of products would most likely be manufactured using the process cost system? 5. How are costs assumed to flow through the manufacturing process? No hand written and fast answer with explanation
Which of the following represents the cost of jobs completed but not yet sold? O a. Raw Materials Inventory O b. Cost of Goods Sold O c. Work in Process Inventory O d. Finished Goods Inventory O e. None of the given answer is correct
(b) x Your answer is incorrect Following the weighted-average method of process costing, determine the following 1. Total costs to account for in this assembly department. $ 2. The cost per equivalent unit for DM. 3. The cost per equivalent unit for conversion costs. w Transcribed Text No. Account Titles and Explanation (2) WIP Inventory-Assembly RM Inventory WIP Inventory-Assembly Salaries and Wages Payable MOH Control w Transcribed Text Total equivalent units of work done DM J 3,310 $ $ C Conversion Costs 2.750 226660 32 Debit per unit per unit 120,990 42750 Credit As Nash Manufacturing produced bookshelves this month, its accountants were in contact with production managers to keep tabs on costs. The WIP Inventory-Assembly account had a beginning balance as follows: DM costs of $41,200 and conversion costs of $31,500. Additional DM costs were added to this assembly department this month totaling $120.990, along with conversion costs of $42.750. Direct materials were pulled from RM…
Which of the following statement(s) islare correct? I. Manufacturing overhead includes all manufacturing costs except direct labor and direct materials II. Prime costs consist of direct material and direct labor. Conversion cost is essentially direct labor O A. I only O B. Il only O C. Both I & II D. Neither I nor II
[S1] A cost is either direct or indirect. The classification changes if the costs object changes. [S2] Manufacturing overhead is an indirect cost with respect to units of product. a. both are trueb. both are falsec. S1 is trued. S2 is true