traditional enterprise, the flow of costs through the system is a.work-in-process inventory, materials inventory, finished goods. b.materials inventory, work-in-process inventory, cost of goods sold, finished goods inventory. c.work-in-process inventory, materials inventory, finished goods inventory, cost of goods sold. d.materials inventory, work-in-process inventory, finished goods inventory, cost of goods sold.

Q: Inventoriable costs:     include administrative and marketing costs     are particularly useful in…

A: Inventoriable costs: These include all the expenses that are directly related to the manufacturing…

Q: Direct material cost refer to: cost of the raw materials used to produce goods and directly become…

A: A direct material cost is a form of direct cost which is included in the calculation of product…

Q: What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of…

A: inventoriable product costs consists of costs incurred in producing the goods. all the direct and…

Q: The three basic elements of the cost of a manufactured product are:      a. indirect materials,…

A: Solution: The three basic elements of the cost of a manufactured product are "direct materials,…

Q: The credit that appears in the account of goods or articles in process represents A. direct…

A: Process costing is a method of cost allocation where the cost is assigned to each function or a…

Q: Which account is not used in JIT costing? a. Finished Goods Inventory b. Raw and In-Process…

A: The JIT is a management strategy that minimizes the inventory and increases efficiency. JIT is to…

Q: manufacturing costs (direct and indirect, fixed and variable) which can contribute to the production…

A: Option A is wrong because job order costing refers to allocating manufacturing costs to specific…

Q: Which of the following is the correct flow of manufacturing cost? Raw materials, work in process,…

A: Solution: Flow of manufacturing cost means, sequence in which costs are converted such as finished…

Q: As production takes place, all manufacturing costs are added to the: O a. Production Labor account.…

A: Manufacturing costs are the cost incurred during the process of production of a product. It includes…

Q: As production takes place, all manufacturing costs are added to the: Work-in-Process Inventory…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The basic similarities between job order cost and process cost systems indude all of the following…

A: Job order cost system is suitable for the business which produces the produced based on customer…

Q: The total cost of direct material, direct labor, and manufacturing overhead transferred from…

A: Inventory- The things that a business keeps on hand in order to make money are referred to as…

Q: Which of the following are basic inventories for a manufacturer ?     a. Finished goods, raw…

A: materials can be in any form during the year, it may be  Raw materials  Work in progress  Finished…

Q: The product cost that is most difficult to associate with a product is. advertising direct materials…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: When actual manufacturing overhead costs are incurred in a process cost system, they are debited to…

A: Applied manufacturing overhead cost is debited Work in process Account. Actual manufacturing…

Q: In a process costing system, which account shows the overhead assigned to the department? Group of…

A: Process Costing: Process costing is a method of cost accounting in which all the costs that are…

Q: What are the difference between manufacturing cost and non-manufacturing cost, provide example of…

A: The total cost of all resources used in the production of a commodity is known as the manufacturing…

Q: When a manufacturing company uses indirect materials, it accumulates the cost by debiting…

A: Definition: Manufacturing overhead costs: The cost which does not relate directly with the…

Q: When a manufacturing company uses indirect materials, it accumulates the cost by debiting a.…

A: Manufacturing company is a company that uses raw material by converting them into finished goods.

Q: Which of the following does not accurately describe the application of job-order costing? a.…

A: Job costing includes the aggregation of the expenses of materials, overhead and labor for a…

Q: Direct labor and direct materials are   a. period costs and expensed when the goods are sold   b.…

A: The different costs related to productions and selling are classified as product and period cost…

Q: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…

A: Inventory in a production will go through different stages which is as follows: Raw…

Q: Which of the following is the correct flow of manufacturing costs? a.raw materials, finished goods,…

A: flow of Production process generally begins with raw material and converted to work in process then…

Q: The entry to record a transfer of direct materials for use in production would include a debit to…

A: On the issue of direct material for use in production, the work-in-process inventory is debited…

Q: Identify whether each of the following costs should be classified as product costs or period costs.…

A: Product Costs: Product Costs means the direct costs incurrend for production of a product. Product…

Q: In a manufacturing business, inventory that is ready for sale is called * O raw materials inventory.…

A: The inventory can be recorded as work in process, raw materials and finished goods in the…

Q: Indicate whether the accounts below are used in the cost flow for a manufacturer, a service…

A: The cost of service is part of the service provider and the Cost of goods sold, Factory overhead,…

Q: Explain the importance of Activity Based Costing for Selling and Administrative Expenses on a…

A: Activity-based costing is a method of determining product costs that take into account indirect…

Q: In backflush costing, the journal entry to record direct-labor costs incurred would include a? A.…

A: Solution In backflush costing, the journal entry to record direct-labor costs incurred would include…

Q: In a process costing system, which account shows the overhead assigned to the department?A. cost of…

A: Process costing appears to be an accounting approach often used by organizations that mass produce…

Q: The three major components of cost of goods sold are: a. Direct labor, direct material, and profit…

A: Cost of goods sold means cost of producing the goods which are being sold by the organisation. This…

Q: Which of the following is a cost behavior-oriented approach to production costing a. Absorption…

A: Lets understand the meaning of marginal costing. Marginal costing as the name suggest consider the…

Q: Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b)…

A: Cost of Goods Sold=Finished goods inventory, Beginning+Goods added-Finished goods inventory, Ending

Q: s production takes place, all material costs are added to the: Work-in-process Inventory account…

A: Under production process, various manufacturing costs are added. These include direct materials,…

Q: Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in…

A: Introduction: Employees' direct labour is the amount of effort they put in to turn raw resources…

Q: During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to…

A: Cost accounting is one of the useful branch of accounting that is being used for the purpose of…

Q: The entry to record the cost of raw materials placed in production is: a. Dr Work-In-Process;…

A:

Q: When a manufacturing company uses direct labor, it assigns the cost by debiting Work-in-Process…

A: Option a.

Q: What are the difference between raw material, work in process, and finished goods inventories?

A: Inventory represents finished goods or goods in different stages of production.   The 3 Types of…

Q: In a process cost system, factory depreciation expense incurred is debited to ________.A. finished…

A: Process costing seems to be a way of aggregating manufacturing costs by the process. It illustrates…

Q: Which of the following is a prime cost? A.Factory maintenance expenses B.Administrative labor…

A: Prime cost of the business means cost of direct material and direct labour. Direct material and…