4. Inventoriable costs become expenses when the O manufacturing process begins. Omanufacturing process is completed. O direct materials are purchased. Ounits in inventory are sold.
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- When products and their costs are moved from one process to the next process, these costs are referred to as a. WIP inventory costs. b. unit costs. c. transferred-in costs. d. equivalent unit costs.T account for work in process, finished goods inventory and cost of sales. Please show computationsAccounting Question
- 4. Manufacturing costs flow from Work-in-Process Inventory to Cost of Goods Sold to Finished Goods Inventory. A True B FalseThe following may be included in the cost of inventories, except: a. Selling costs b. Wasted materials, labor and other production costs c. Storage costs d. Administrative overheads46.Inventoriable costs a. include only the prime costs of manufacturing a product. b. include only the conversion costs of a manufacturing a product. c. are expenses when products become part of finished goods inventory. d. are regarded as assets before the products are sold.
- A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work in Process inventory account and then into the Finished Goods inventory account beforeappearing on the income statement as part of Cost of Goods Sold.1. Use of direct and indirect materials in production requires a credit to Owork-in-process inventory. Oraw materials inventory. manufacturing overhead. O finished goods inventory.As production takes place, all manufacturing costs are added to the: O a. Production Labor account. b. Cost-of-Goods-Sold account. O c. Work-in-Process Inventory account. O d. Finished-Goods Inventory account. O e. Manufacturing-Overhead Inventory account.
- Items waiting to be used in production are considered to be * O raw materials. O work in progress. finished goods. O merchandise inventory.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 <33. compute the cost of the ending inventory of work in process ANSWER IN EXCEL FORM