FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Cost of goods manufactured is the sum of all jobs in Finished goods at the end of a period average value of the Work in process account value of all jobs transferred from Finished goods to Cost of goods sold O sum of all jobs transferred from Work in process to Finished goods
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- which of the following is typically a mixed cost? a. Rent for a factory building b. Total Manufacturing Overhead c. Hourly wages of plant workers d. Straight-line depreciation of plant machinery e. Sales commissionsarrow_forwardClassify each of the following costs as either unit-level, batch-level, product-level, or facility-level. a. Engineering costs for a new product b. Order processing c. Depreciation on factory d. Direct labor e. Shipment of an order to a customer f. Product line manager salary g. Machine setup costs that are incurred whenever a new production order is started h. Patent for new product ore help Product-level Batch-level or Unit-level or Facility-level Facility-level Unit-level Unit-level Batch-level Batch-level or Facility-level Batch-level or Unit-level Batch-level or Unit-level or Facility-level Facility-level Facility-level or Product-level Facility-level or Unit-level Product-level Unit-level allarrow_forwardThe two categories of cost comprising conversion costs are Oa. direct labor and direct materials Ob. direct labor and indirect labor Oc c. factory overhead and direct materials Od. direct labor and factory overheadarrow_forward
- In Process Costing, before you can calculate the cost to produce a product. you must determine what the: A) units that we a company produces during an accounting period. B) units that have been finished and placed in finished goods inventory. C) a method that assigns all cost to produce a product to a job during the accounting period. D) equivalent units of production.arrow_forwardHharrow_forwardThe plant manager's salary * Product Cost Period Costarrow_forward
- What term refers to a grouping of costs that consists of direct labor and factory overhead costs and is considered to be the cost of converting the materials into a finished product? Group of answer choices prime costs conversion costs allocation costs just-in-time costsarrow_forwardWhich 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 correctarrow_forwardIn a process cost system total costs are determined when the job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the unts produced during the period.arrow_forward
- Number the following in the order of the flow of manufacturing costs for a company: a. Closing under/overapplied factory overhead to cost of goods sold b. Materials purchased c. Factory labor used and factory overhead incurred in production d. Completed jobs moved to finished goods e. Factory overhead applied to jobs according to the predetermined overhead rate f. Materials requisitioned to jobs g. Selling of finished product h. Preparation of financial statements to determine gross profitarrow_forwardWhich of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.arrow_forwardIn process costing, costs are accounted for by a. year. b. process. c. job. d. batcharrow_forward
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