What affect would closing an OVERAPPLIED Manufacturing Overhead account to Cost of Goods Sold have on the accounting records? Group of answer choices A. Cost of Goods Sold would increase B. Net Income would decrease C. Cost of Goods Sold would decrease Both A & B
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- Which of the following statements is false? O a. Product costs are inventoriable costs O b. Product costs show up on the income statement in cost of goods sold O c. Product costs are automatically deducted and expensed during the current accou period O d. Product costs become expenses when the units are soldWhen closing overapplied manufacturing overhead to Cost of Goods Sold, which of the following would be true? Net income will decrease. Cost of Goods Sold will increase. Gross profit will increase. O Work in Process will decrease.The adjustment of overapplied manufacturing overhead cost results in: a. none of the given answers O b. decrease in net operating income. c. decrease in cost of goods sold O d. increase in cost of goods sold
- In the immediate write-off approach, under-applied overhead is regarded as: a. an increase in current income b. an increase in the cost of inventory c. a decrease in cost of goods sold d. an increase in cost of goods soldWhich product costs appear on the balance sheet?a. goods that are partially completed at end of periodb. goods that are unsold at end of periodc. goods of merchandising business onlyd. A and B are correctL. What is the ending balance in Finished Goods ? (Show T-Account ) M. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? N. What is the gross margin for the year ? O. What is the net operating income for the year ?
- 1. Which of the following would not be considered as a component of the "cost" of Goods Sold?a. Salesforce salariesb. Transportation purchasec. Import duties or raw materiald. Factory electricity expense 2. Revenue minus all direct costing of making the goods or supplying the service is known as?a. Gross profitb. Cost of salesc. Expensesd. Net profit 3. During the costing process, to arrive at the gross profit of a trading business, which one of the following formulas is applied?a. Sales - (Beginning Inventory - Purchases - Ending Inventory)b. Sales - (Beginning Inventory + Purchases + Ending Inventory)c. Sales - (Beginning Inventory + Purchases - Ending Inventory)d. Sales - (Beginning Inventory - Purchases + Ending Inventory)Which of the following relate(s) to gross profit margin? O a. the profit margin after subtracting variable manufacturing costs O b, a term often used in manufacturing businesses Oc a through c O d. the profit margin after subtracting direct costs. from wholesale revenue O e. a and bWhen overhead is overapplied, is the balance of Cost of Goods Sold, before adjustment, too low ortoo high? Why?
- If manufacturing overhead has been over-applied, the adjusting entry will- O increase cost of goods sold O increase finished goods O decrease finished goods O decrease cost of goods sold1. What type of cost includes product ingredients and materials? a. fixed c. total b. revenue d. variable 2. What type of cost includes the rental of space? a. fixed c. total b. revenue d. variable 3. What type of cost is the product of the price and the quantity sold? a. fixed c. total b. revenue d. variable 4. What concept is being described when the business will neither earn a profit nor suffer a loss? a. break-even c. profit b. loss d. summit 5. What type of analysis shows equal revenue and total cost? a. break-even c. profit-loss b. cost of variable d. volume of sales Read the selection for questions 6-10. Junedyl is planning to run a coffee shop where he plans to sell each cup of coffee at 50.00. The ₱ fixed cost that is amounting to 40,000.00 includes all his expenses for the rent, wages, basic needs and others. ₱ So even if Junedyl will not be able to sell, he is still obliged to pay this amount. If it costs Junedyl an average of 10.00 for every cup of coffee which is allotted…The adjustment of underapplied manufacturing overhead cost results in all the following , EXCEPT a. increase in net operating income . b . increase in cost of goods c. sold decrease in net operating income . d. none of the given answers