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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:### Cost Accounting Questions
#### Question 13
**Direct material costs are recorded:**
- O Indirectly to Goods in Process account.
- O Indirectly to a Finished Goods account.
- O Directly to a Goods in Process account.
- O Directly to a Finished Goods account.
- O Directly to a Cost of Goods Sold account.
#### Question 14
**The purchase of raw materials on account in a process costing system is recorded:**
- O Debit to Purchases and credit to Cash.
- O Debit to Purchases and a credit to Accounts Payable.
- O Debit to Raw Materials Inventory and a credit to Accounts Payable.
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- The cost of a manufactured product (product cost) generally consists of which of the following? Group of answer choices selling and administrative expenses direct material, direct labor, applied factory overhead direct labor and applied factory overhead direct material and direct laborarrow_forwardWhich of the following is the correct flow of manufacturing costs? Oa. work in process, finished goods, raw materials, cost of goods sold Ob. raw materials, finished goods, cost of goods sold, work in process Oc. raw materials, work in process, finished goods, cost of goods sold Od. cost of goods sold, raw materials, work in process, finished goodsarrow_forwardThis question is a true or false. When the manufactured goods mar eventually sold the cost of the related sold goods are then transferred from work in process to finished goods.arrow_forward
- the costs transferred to finished goods inventory are called ?arrow_forwardManufacturing overhead applied is added to direct labor incurred and to what other item to equal total manufacturing costs for the period? OA) Goods available for sale B) Raw materials purchased OC) Work in Process inventory D) Direct materials usedarrow_forwardWhich of the following is a prime cost? A.Factory maintenance expenses B.Administrative labor C.Direct labor D.Work in process inventoryarrow_forward
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