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Exam 26: Accounting for Manufacturing Activities

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Question 31

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The manufacturing costs incurred during the year are

A) shown by the expense accounts such as Wages Expense and Utilities Expense that are listed in the Operating Expenses section of the income statement.
B) shown as Direct Labor,Raw Materials,and Manufacturing Overhead in the Operating Expenses section of the income statement.
C) used in the computation of cost of goods manufactured.
D) shown in the Cost of Goods Sold section of the income statement.

E) All of the above
F) A) and B)

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Question 32

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Compute cost of goods manufactured from the information given:

A) $13,400.
B) $11,500.
C) $19,900.
D) $18,000.

E) None of the above
F) B) and C)

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Question 33

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The salary paid to a factory supervisor would be classified as ____________________ labor.

The following information appears on the income statement of the Richer Company at the end of the year. Cost of Goods Manufactured was:

Wages paid to the factory maintenance and repair personnel of a manufacturing business are shown

Raw materials purchased during the month were $66,000.During that same period,$95,000 was used and ending inventory was $35,000.The beginning raw material inventory must have been $60,000.

The balance sheet of a manufacturing firm will include Raw Materials,Work in Process,Manufacturing Overhead and Finished Goods inventory accounts.

In adjusting entries for a manufacturing business,the beginning balance of the work in process inventory is eliminated by crediting Work in Process Inventory and debiting

The balance of the Manufacturing Summary account is closed into the Income Summary account.

Bolton Company's total manufacturing cost for the year was $1,785,000.The firm's manufacturing overhead was $315,000,and its cost of raw materials used was $842,000.What was the direct labor cost for the year?

The cost of goods manufactured is computed by

On a worksheet for a manufacturing business,the beginning inventory of finished goods is extended to the ____________________ Debit column.

Amounts paid to factory repair and maintenance employees are considered direct labor.

The beginning and ending balances of the finished goods inventory are not used in the computation of cost of goods manufactured.

The following information appears on the Statement of Cost of Goods Manufactured for the Ethridge Company at the end of the year. Cost of Goods Manufactured for the year was:

The total component costs of a manufactured item include direct materials,direct labor and manufacturing overhead.

The beginning and ending ____________________ inventories appear in the Cost of Goods Sold section of the income statement of a manufacturing business.

Which of the following is NOT an adjusting entry?

Once the financial statements have been prepared,the steps in the accounting cycle are complete.Which of the following is NOT one of the steps in the accounting cycle?

Reversing entries are required by