Question

_________________________ is the accumulation of production costs for a completed good. Select one: a. Cost of...

_________________________ is the accumulation of production costs for a completed good.

Select one:

a. Cost of goods manufactured

b. Overhead

c. Cost of goods sold

d. Direct Materials

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer: a. Cost of goods manufactured

a. Cost of goods manufacture is the cost incurred for the production of a product. It includes Direct Material cost + Direct Labour cost and manufacturing overhead allocated to production.

b. Overheads alone is incorrect since production cost also includes direct materials and labour. It doesnot include all the overheads, only manufacturing overheads are included in this.

c. Cost of goods sold is incorrect since it only includes the cost related to selling and distribution.

d. Direct materials is incorrect since cost of production incudes Direct labour and manufacturing overheads also.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1.If manufacturing overhead has been under-applied, which of the following is true: Select one: a. Revenue...
1.If manufacturing overhead has been under-applied, which of the following is true: Select one: a. Revenue is understated b. Gross Profit is understated c. Cost of Goods Sold is overstated d. Gross Profit is overstated 2. Costs of manufactured inventory items are transferred from Work-In-Process to Finished Goods Inventory when: Select one: a. Goods have been sold b. Manufacturing overhead is applied c. Direct materials are requisitioned d. Goods are ready to be sold 3. The payment of a plant...
Glenville Company has the following information for April: Cost of direct materials used in production $...
Glenville Company has the following information for April: Cost of direct materials used in production $ 44,000 Direct labor 53,000 Factory overhead 33,000 Work in process inventory, April 1 32,000 Work in process inventory, April 30 44,000 Finished goods inventory, April 1 25,000 Finished goods inventory, April 30 a)  For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. 18,000 Work in process inventory, April 1 _________________ Cost of direct materials...
The following cost data relate to the manufacturing activities of Chang Company during the just completed...
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:     Manufacturing overhead costs incurred: Indirect materials $ 16,800 Indirect labor 148,000 Property taxes, factory 9,800 Utilities, factory 88,000 Depreciation, factory 295,300 Insurance, factory 11,800 Total actual manufacturing overhead costs incurred $ 569,700 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 418,000 Direct labor cost $ 78,000 Inventories: Raw materials, beginning $ 21,800 Raw materials, ending $ 31,800 Work...
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product...
1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product costs or period costs c. direct materials, direct labor, or manufacturing overhead d. direct materials, direct labor, or selling and administrative 2. Raw materials inventory, January 1 $ 12,000 Raw materials inventory, December 31 16,000 Work in process, January 1 5,000 Work in process, December 31 8,000 Finished goods, January 1 17,000 Finished goods, December 31 12,000 Raw materials purchases 118,000 Direct labor 165,000...
When manufacturing overhead costs are assigned to production in a process cost system, they are credited...
When manufacturing overhead costs are assigned to production in a process cost system, they are credited to Select one: a. a Manufacturing Overhead account. b. none of these types of accounts. c. a Work in Process account. d. a Finished Goods Inventory account. e. Cost of Goods Sold.
The following cost data relate to the manufacturing activities of Chang Company during the just completed...
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:            Manufacturing overhead costs incurred:        Indirect materials $ 16,800        Indirect labor 148,000        Property taxes, factory 9,800        Utilities, factory 88,000        Depreciation, factory 295,300        Insurance, factory 11,800           Total actual manufacturing overhead costs incurred $ 569,700       Other costs incurred:        Purchases of raw materials (both direct and indirect) $ 418,000        Direct labor cost $ 78,000   Inventories:        Raw materials, beginning $ 21,800        Raw materials, ending...
The following cost data relate to the manufacturing activities of Black Company during the just completed...
The following cost data relate to the manufacturing activities of Black Company during the just completed year: Manufacturing overhead costs incurred: Property taxes, factory $ 3,000 Utilities, factory 4,900 Indirect labor 9,900 Depreciation, factory 24,000 Insurance, factory 6,000 Total actual manufacturing overhead costs $ 47,800 Other costs incurred: Purchases of raw materials $ 31,900 Direct labor cost $ 41,000 Inventories: Raw materials, beginning $ 8,300 Raw materials, ending $ 6,300 Work in process, beginning $ 5,300 Work in process, ending...
11. Direct Materials cost is debited to:    a. Raw Materials Inventory    b. Manufacturing Overhead     c. Cost...
11. Direct Materials cost is debited to:    a. Raw Materials Inventory    b. Manufacturing Overhead     c. Cost of Goods Sold     d. Direct Materials    e. Work in Process ____12. Beginning Finished Goods Inventory + X – Ending Finished Goods Inventory = Cost of Goods Sold.   What is X?    a. Direct Materials    b. Manufacturing Overhead   c. Cost of Goods Manufactured    d. Beginning Work in Process Inventory ____13. One way to calculate the Predetermined Overhead Rate is: a. estimated MO divided by estimated Direct...
5) The journal entry for cost of goods manufactured includes the costs of units that are...
5) The journal entry for cost of goods manufactured includes the costs of units that are partially completed. 6) Advertising costs should NOT be charged to the Manufacturing Overhead account. 7) The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production: Direct Materials 40,000 Indirect Materials 10,000 Raw Materials 50,000 8) Entry (16) in the below T-account represents the cost of goods manufactured transferred to...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 80% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,435 $16,427 Work in process inventory 241,437 234,424 Finished goods inventory 312,841 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $ Cost...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT