7-1 A batch-level driver is consumed by a product each and every time that a. a batch of products is produced. b. a unit is produced. c. a purchase order is issued. d. a customer complains. e. None of these.
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7-1 A batch-level driver is consumed by a product each and every time that
a. a batch of products is produced.
b. a unit is produced.
c. a purchase order is issued.
d. a customer complains.
e. None of these.
Step by step
Solved in 2 steps
- If a product is made to customers’ orders or specifications or if products are made in separate identifiable “lots” or “batches”, the appropriate accounting system is: a. periodic b. process c. perpetual d. job orderTB MC Qu. 3-30 (Static) The final step in recognizing the... The final step in recognizing the completion of production requires a company to: Multiple Choice add direct materials to Finished-Goods Inventory. add direct labor to Work-in-Process Inventory. add direct materials, direct labor, and manufacturing overhead to Work-in-Process Inventory. debit Finished-Goods Inventory and credit Work-in-Process Inventory. debit Work-in-Process Inventory and credit Finished-Goods Inventory.26. Which of the following sentence not related to ‘purchasing by requirement’? a.Purchasing goods, which are not regularly required. b.Market situation is constantly studied. c.Purchase of emergency goods. d.Knowledge of the suppliers of such goods. 28. Identify the journal entry for normal wastage. a.Dr.Material inventory, Cr.Work in process inventory b.Dr.Material inventory, Cr.Production overheads c.Dr.Costing profit and loss account, Cr.Work in process inventory d.Dr.Production overheads, Cr.Work in process inventory
- 36-Placing of a purchase order, setting up of a machine, after sales service, etc. are the examples of O a. activities O b. Cost centers O c. Cost objects O d. Cost driversAs production takes place, all manufacturing costs are added to the: a. Finished-Goods Inventory account. O b. Manufacturing-Overhead Inventory account. O C. Production Labor account. O d. Work-in-Process Inventory account. е. Cost-of-Goods-Sold account. US PAGE NEXT PAGE MAR 18 tv MacBook Air DII F5 F6 F7 F8Just-in-time manufacturing is a system based on purchasing inventory and then producing finished products only when needed for an order. + TRUE FALSE
- Question 13 A debit to Materials Inventory indicates materials were O ordered and requisitioned. O purchased, received, and invoiced by the supplier. O No response is correct O put into production. O ordered.A company must decide which one of the following four products to manufacture Product sale price variable cost direct labor hrs/unit --------- ---------------- -------------- ---------- M $10 $7 1.5 N 20 12 2.0 O 5 2 0.5 P 8 4 1.0 Which product will result in the highest contribution margin per hour? M N O P6-Identify the journal entry for indirect material return to supplier. a. Dr.Material inventory, Cr.Accounts payable b. Dr.Production overheads, Cr.Work in process inventory c. Dr.Material inventory, Cr.Work in process inventory d. Dr.Accounts payable, Cr.Material inventory
- 11. Diorio Corporation keeps careful track of the time required to fill orders. The times recorded for a particular order appear below. What was the manufacturing cycle efficiency (MCE) closest to? Hours Move time 2.7 Wait time 21.1 Queue time 5.3 Process time 1.4 Inspection time 0.1 A. 0.05 В. 0.45 С. 0.18 D. 0.15Problem 2 Instruction: Indicate what particular column in the worksheet where the following items are to be extended. Place a "check mark" Items Manufacturing Income Statement Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. FG, beg. FG, end. Goods in Process, beg Goods in Process, 1. 2. 3. 4. end RM, beg RM, end Factory Supplies Inv. Factory Supplies Used 5. 6. 7. 8. 9. Salaries-Office 10. Salaries-Factory 11. Repairs-Office Eqpt. 12. Repairs-Factory Eqpt. 13. Light and Water- Office 14. Light and Water- Factory 15. Tools Used 16. Patents 17. Amortization of Patents 18. Purchases - RM 19. Freight-in 20. SalesRevenue Cycle is:Select one:a. None of the aboveb. A recurring set of business activities and related to the process starting from finalizing product design and finishing off at cost accounting.c. A recurring set of business activities and related data processing operations associated with the purchase of and payment for goods and services.d. A recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales.