Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead costsNone of the above If the amount of "Cost of goodsmanufactured" during a periodexceeds the amount of "Totalmanufacturing costs" for the period,then,ending work in process is less thanthe amount of the beginning work inprocess inventory.ending work in process is greaterthan the amount of the beginningwork in process inventory.ending work in process is equal tothe cost of goods manufactured.None of the above

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Description: Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead costsNone of the above If the amount of "Cost of goodsmanufactured" during a periodexceeds the amount of "Totalmanufacturing costs" for the period,then,ending work in

Answered: Product costs are also callec Direct…

Business

Accounting

Product costs are also callec Direct costs. Overhead costs

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6MC: Which is nor needed to compute equivalent units of production? A. the percentage of completion for...

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If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, then, ending work in process is greater than O the amount of the beginning work in process inventory. ending work in process is less than O the amount of the beginning work in process inventory. ending work in process is equal to the cost of goods manufactured. O None of the above
If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, the O ending work in process inventory is greater than or equal to the amount of the beginning work in process inventory. O ending work in process is equal to the cost of goods manufactured. O ending work in process is less than the amount of the beginning work in process inventory. ending work in process is greater than the amount of the beginning work in process inventory.
The product must be sold O None of the above If the amount of "cost of goods manufactured" during a period exceeds the amount of "total manufacturing costs" for the period, then, ending work in process is greater than the amount of the beginning work in process inventory. O ending work in process is equal to the cost of goods manufactured. ending work in process is less than the amount of the beginning work in process inventory. O None of the above norted tnt manufactuuring costs of $300 000 manufacturinc
If the amount of "cost of goods manufactured" during a period exceeds the amount of "total manufacturing costs" for the period, then, *
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.
Beginning work in process is equal to a.cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period b.cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period c.manufacturing costs incurred during the current period minus ending work in process d.ending work in process plus manufacturing costs incurred during the current period
Beginning work in process is equal to a.ending work in process plus manufacturing costs incurred during the current period b.cost of goods manufactured plus ending work in process minus manufacturing costs incurred during the current period c.cost of goods manufactured minus ending work in process plus manufacturing costs incurred during the current period d.manufacturing costs incurred during the current period minus ending work in process
TRUE OR FALSE STATEMENT 1: If the ending inventory of finished goods is understated, net income will be overstated. STATEMENT 2: Manufacturing overhead combined with direct materials is known as conversion cost.
If the cost of goods manufactured is less than the cost of goods sold, which of the following is correct? a) Finished Goods Inventory has increased. b) Work in Process Inventory has increased. ) Finished Goods Inventory has decreased. d) Work in Process Inventory has decreased.
If the cost of goods manufactured is less than the cost of goods sold, which of the following is correct? a) Finished Goods Inventory has increased. b) Work in Process Inventory has increased. c) Finished Goods Inventory has decreased. d) Work in Process Inventory has decreased.
Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? O a. None of given answer is correct. O b. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. O c. The balance in the Work-in-Process account after allocation will be the same under either method. O d. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. O e.
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