What is the flow of inventoriable and periodcosts in manufacturing and merchandisingsettings?

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

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: How is the cost of goods manufactured calculated?

A: Cost of Goods Manufactured, also known to as COGM, is a term used in managerial accounting that…

Q: Explain the type of inventory in the manufacturing companies, service companies and merchandise…

A: Classification and uses of inventories in manufacturing companies, service companies and the…

Q: Requirements: fill up the question marks and find out the cost of goods manufactured.

A: Cost of goods manufactured can be defined as the total cost being accumulated over the goods beings…

Q: Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of…

A: Manufacturing companies are those companies which are engaged in conversion of raw material into…

Q: What is the link that connects the schedule of cost of goods manufactured to the schedule of cost of…

A: Schedule of Cost of goods manufactured:   Cost of goods manufactured can be defined as the total…

Q: Which of the following best describes the activities of the production function?a. maintenance,…

A:

Q: Why is it important to consider the relationship among cost, quality, and selling prices when…

A: The question has covered the relationship between Cost, Quality , and Selling Price For setting up…

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: What are the objectives of inventory control in the production process?

A:

Q: Distinguish between manufacturing-, merchandising-, and service-sector companies?

A: Manufacturing companies are the  ones which procure raw materials and carry out manufacturing…

Q: Which of the following is used when raw materials are purchased to be used in the manufacturing…

A: The raw materials are purchased for the production purpose in the business.

Q: How does a merchandising company calculate unit cost per item?

A: A Merchandising company is a type of company  who purchases goods from one company and sells the…

Q: What is the purpose served by cost information illustrating it in relation to manufacturing business

A: A manufacturing company is an entity engaged in the production of goods. Manufacturing is about the…

Q: What is the journal entry to record raw materials used in production?

A: When raw materials are purchased, they are entered into inventory ledger account named raw material…

Q: Compare management accounting with financial accounting Understand the important roles and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

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

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: The equivalent of finished goods inventory for a merchandising firm is referred to as • a)…

A: Merchandising firm means a firm which only deals in sale and purchase of a commodity but do not…

Q: A). What are inventories? Why are they important to manufacturing companies?

A:

Q: What costs are incurred when making a product? How are they recorded when incurred?

A: Cost to create a product is know as product cost. These cost include all direct cost like direct…

Q: How do manufacturing companies differ from merchandising companies?

A: Manufacturing Companies: Merchandiser is a person or organization who buys goods with the purpose of…

Q: How do you compute the raw materials used in production?

A: The raw material consumed in the production is both by way of direct material consumed and indirect…

Q: Explain Operating Cycle of a Typical Merchandising or Manufacturing Company.

A: Operating cycle: The operating cycle is the period of time which is required to meet the initial…

Q: What is the purpose of the raw materials subsidiary ledger? How is it related to the general ledger?

A: Definition:   Raw material subsidiary ledger: This ledger refers to the individual account, which…

Q: Inventory for a manufacturer consists of raw materials, work in process, and finished goods.…

A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods products…

Q: Distinguish between service and merchandising operations.

A: Merchandise inventory refers to business which deals in trading of goods such as purchase and sale…

Q: What is the distinction between merchandising and manufacturing companies?

A:

Q: When trying to identify product and period costs, is cash, work inprocess, and raw materials…

A: Product cost:The product cost relates to the manufacturing costs such as direct material, direct…

Q: Considering the cost method to utilize in any given manufacturing setting, what considerations…

A: The cost method to utilize in any given manufacturing setting, what considerations should be…

Q: Process Costing - Assem ding inventory production for

A: Work in progress inventory refers to the inventory which is still being in process of converting…

Q: Which of the following best describes the activities of the materials management function?a.…

A:

Q: Starting from Raw Materials, beginning discuss the Detailed formula of Cost of Goods Sold under…

A: The cost of goods sold includes the cost of goods that are sold during the period.

Q: Describe a merchandising company's operational cycle.

A: The Answer:

Q: How do you compute the unit varible cost for an item in manufacturing?

A: Variable costs: Variable costs are costs that vary in direct proportion with changes in production…

Q: Describe the operating cycle of a merchandising company.

A: An operating cycle can be defined as the process of obtaining merchandise inventory, selling the…

Q: What steps or activities are involved in developing standards for the materials that are used in…

A: Direct or indirect material are types of materials, direct materials includes those materials which…

Q: Prepare an REA model depicting the issuance of raw materials into the manufacturing process.…

A: The REA model for manufacturing process is given below as, For any of the manufacturing process, the…

Q: Describe a merchandising company, and give an example.

A: Merchandising firms, also called merchandising companies, are more commonly known as retail…

Q: Understand the components of a merchandising company’s income statement.

A: Preparations of income statements help the merchandise company to know how much gross profit or net…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.