The costs of direct materlals, direct labor, and overhead of completed products ready for sale are known as:Multiple CholceFactory supplies.Raw materials inventory.Finished goods inventory.Work in process inventory.Cost of goods sold.

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Description: The costs of direct materlals, direct labor, and overhead of completed products ready for sale are known as:Multiple CholceFactory supplies.Raw materials inventory.Finished goods inventory.Work in process inventory.Cost of goods sold.

Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in…

Answered: The costs of direct materials, direct…

Business

Accounting

The costs of direct materials, direct labor, and overhead of completed products ready for sale are known as:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting Question
Which of the following is the correct flow of manufacturing costs? * Raw materials, work in process, finished goods, cost of goods sold Raw materials, finished goods, cost of goods sold, work in process Work in process, finished goods, raw materials, cost of goods sold Cost of goods sold, raw materials, work in process, finished goods
Under either weighted average or FIFO, when materials are added at the beginning of a process, rather than being added uniformly throughout the process, a unit cost should be calculated for the a.materials category only b.labor category only c.materials and conversion categories d.conversion category only
Understanding cost flows is an important part of understanding process costing. Describe the flow of materials in a process costing system (including the accounts used). Similarly, describe the flow of labor in a process costing system, including accounts used.
What is the difference between a Job Order Cost System and a Process Cost System? Give an example of a product made under each system.
1. Match one or more of the following terms with each definition below: Direct labour b. Direct materials Indirect labour d. Indirect materials e. Inventoriable product costs f. Manufacturing overhead g. Period costs а. с. i) Operating costs that are expensed in the period in which they are incurred Materials that become a physical part of a finished product and whose costs are traceable to the finished product iii) All manufacturing costs other than direct materials & direct labour iv) Labour costs that are difficult to trace to specific products v) ii) Materials whose costs cannot conveniently be directly traced to particular finished products vi) Product costs included in inventory, as required by GAAP vii) The compensation of employees who physically convert materials into the company's products; labour costs that are directly traceable to finished products
The 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 overhead
Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.
Materials that enter into and become a significant part of the finished product are called a.operating expenses. b.direct materials. c.indirect materials. d.administrative expenses.
Which of the following would be both a prime cost and a conversion cost? direct labor direct materials factory overhead indirect labor
Indirect manufacturing costs can be traced to the product that created the costs generally include the cost of material and the cost of labor generally include all the fixed costs All the items listed here
When factory overheads are added to prime cost then the result will be. a. Cost of material consumed b. Cost of sales c. Works cost d. Cost of production