FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
What costs are considered conversion costs?
a. Steel in a car factory
b.
c. Monthly advertising expenses
d. Sales commissions
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- When does the cost of purchasing raw materials become an expense? When the goods being produced with that inventory are finished. When the company pays for the raw materials purchased. When the goods are moved into the inventory production process. When the finished good produced with those materials is sold.arrow_forwardUnder variable costing, which of the following costs would not be included in finished goods inventory? a. electricity used by factory machinery b. steel costs for a machine tool manufacturer c. salary of factory supervisor d. wages of machine operatorarrow_forwardInsurance expense incurred on a factory building would be treated as a a.period cost b.selling cost c.direct cost d.product costarrow_forward
- 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 & Barrow_forward1 For each of the following costs, identify the cost behavior as variable, mixed, or fixed: 1. Wages of assembly line workers 2. President's salary. 3. Plant utilities, 4. Sales force commissions 5. Shipping costs 6. Factory rent. 7. Research and development expenses 8. Property taxes 9. Advertising. 10. Supplies used in productionarrow_forward
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