Question

Which of the following is/are true regarding the Work-in-Process Inventory account? A. Accumulates the cost of...

Which of the following is/are true regarding the Work-in-Process Inventory account?

A.

Accumulates the cost of raw materials transferred to the factory floor
B.

Accumulates the cost of direct labor used in production
C.

Accumulates the manufacturing overhead costs.
D.

The Work-in-Process Inventory account is reduced for the manufacturing costs assigned to the finished units transferred to the finished goods storeroom
E.

All of the above
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The correct answer is D) The Work-in-Process Inventory account is reduced for the manufacturing costs assigned to the finished units transferred to the finished good storeroom

EXPLANATION

The Work-in-Process Inventory account is reduced for the manufacturing costs assigned to the finished units transferred to the finished good storeroom , this a true statement regarding work in process inventory.

(In case of any query, please leave a comment below, if the answer was helpful, please leave a thumbs up)

Thanks!

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
Which of the following statements is true? A. The work in Process Inventory account is the...
Which of the following statements is true? A. The work in Process Inventory account is the focal point of process costing. B. To compute unit costs using the FIFO costing method, total costs of direct materials, direct labor, and overhead that have been accumulated in the Work in Process Inventory account or accounts are divided by the units worked on during the period C. Equivalent units usually are computed for direct materials and manufacturing overhead combined D. Labor costs are...
13. Wasson Company reported the following year-end information: Beginning work in process inventory                          &nbsp
13. Wasson Company reported the following year-end information: Beginning work in process inventory                             $ 35,000 Beginning raw materials inventory                                    18,000 Ending work in process inventory                                     38,000 Ending raw materials inventory                                         15,000 Raw materials purchased                                                560,000 Direct labor                                                                      180,000 Manufacturing overhead                                                 120,000 How much is Wasson’s total cost of work in process for the year? Select one: a. $898,000 b. $608,000 c. $863,000 d. $860,000 14. When a job is completed and all costs have been accumulated on a job...
Tyare Corporation had the following inventory balances at the beginning and end of May: Eppich Corporation...
Tyare Corporation had the following inventory balances at the beginning and end of May: Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance $ 25,000 Work in process, beginning balance $ 34,600 Finished Goods, beginning balance $ 52,600 Transactions: (1) Raw materials purchases $ 78,200 (2) Raw materials used in production (all direct materials) $ 78,800 (3) Direct labor $ 54,600 (4) Manufacturing overhead costs incurred $ 97,000 (5) Manufacturing overhead applied $...
5a) Which of the following statements is true? a. Advertising is a period cost and a...
5a) Which of the following statements is true? a. Advertising is a period cost and a plant manager’s salary is a manufacturing overhead cost. b. Advertising is a product cost and a plant manager’s salary is a period cost. c. Advertising is a product cost and a plant manager’s salary is a manufacturing overhead cost. d. Advertising is a period cost and a plant manager’s salary is a period cost. 5b) Which beginning and ending inventories appear on a cost...
The Work in Process Inventory account of a manufacturing company has a $3,750 debit balance. The...
The Work in Process Inventory account of a manufacturing company has a $3,750 debit balance. The company applies overhead using direct labor cost. The cost sheet of the only job still in process shows direct material cost of $1,730 and direct labor cost of $790. Therefore, the amount of applied overhead is: $790. $1,230. $2,520. $2,020. $2,960. 2. Using the following accounts and a predetermined overhead rate of 150% of direct labor cost, compute the amount of applied overhead. Work...
9) Entry (11) in the below T-account could represent overhead cost applied to Work in Process....
9) Entry (11) in the below T-account could represent overhead cost applied to Work in Process. Work In Process Bal. 40,000 (11) 330,000 (2) 100,000 (3) 90,000 (7) 120,000 Bal. 20,000 10) Entry (1) in the below T-account represents the purchase rather than use of raw materials. Raw Materials Bal. 10,000 (2) 60,000 (1) 70,000 Bal. 20,000 11) In a job-order costing system, indirect labor cost is usually recorded as a debit to: A) Manufacturing Overhead. B) Finished Goods. C)...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 2,000 units, 25% completed 4,100 To Finished Goods, 46,000 units ? Direct materials, 47,000 units @ $1.4 65,800 Direct labor 92,900 Factory overhead 36,180 Bal. ? units, 20% completed ? a. Based on the above data, determine the...
Basil Industries reported the following information for December: Please show work Beginning balance, Raw Materials Inventory...
Basil Industries reported the following information for December: Please show work Beginning balance, Raw Materials Inventory $187,500 Beginning balance, Work in process Inventory 300,000 Beginning balance, Finished Goods Inventory 106,250 Purchases of raw materials 337,500 Factory electricity 62,500 Direct labor payroll 200,000 Depreciation on factory equipment 218,750 Insurance on factory building 50,000 Indirect materials used in production 43,750 Total raw materials used in production 406,250 Indirect labor payroll 150,000 Cost of goods manufactured 1,250,000 Cost of goods sold 1,312,500 Required:...
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel...
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $577,800 from the Casting Department. The conversion cost for the period in the Rolling Department is $112,500 ($68,500 factory overhead applied and $44,000 direct labor). The total cost transferred to Finished Goods for the period was $692,700. The Rolling Department had a beginning inventory of $28,000. a1. Journalize the cost of transferred-in materials. Work in Process-Rolling Accounts Payable Cash Factory Overhead-Casting Factory...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 3,000 units, 60% completed 9,840 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.3 92,300 Direct labor 175,600 Factory overhead 68,350 Bal., ? units, 50% completed ? Cost per equivalent units of $1.30 for Direct...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT