Question 1

As part of the adjusting entries,the beginning inventory of finished goods is closed into the ____________________ Summary account.

Accepted Answer

The answer of As part of the adjusting entries,the beginning...

Question 2

The balance sheet of a manufacturing business shows

Accepted Answer

A)   the finished goods inventory and the cost of goods manufactured.
B)   the cost of goods manufactured rather than inventory figures.
C)   a single inventory figure-the amount of the finished goods inventory.
D)   the raw materials inventory,the work in process inventory,and the finished goods inventory.E) None of the above
F) B) and C)

Question 3

If there are no errors,the amount needed to balance the Cost of Goods Manufactured columns of a worksheet will also be the amount required to balance the Balance Sheet columns.

Accepted Answer

A) True 
 B)False

Question 4

The three components of total manufacturing cost are

Accepted Answer

A)   cost of goods manufactured,cost of goods sold,and work in process.
B)   raw materials used,direct labor,and manufacturing overhead.
C)   selling expenses,administrative expenses,and manufacturing overhead.
D)   raw materials used,direct labor,and cost of goods sold.E) None of the above
F) B) and C)

Question 5

Raw Materials Used is not an element of manufacturing overhead.

Accepted Answer

A) True 
 B)False

Question 6

Calculate the Cost of Goods Manufactured.

Accepted Answer

The answer of  Calculate the Cost of Goods Manufactured....

Question 7

All of the items that are purchased for manufacturing operations,that go into a product and become part of it,are called ____________________ materials.

Accepted Answer

The answer of All of the items that are purchased...

Question 8

The Indirect Labor account is closed by crediting it and debiting

Accepted Answer

A)   Wages Payable.
B)   Income Summary.
C)   Manufacturing Summary.
D)   Wages Expense.E) None of the above
F) All of the above

Question 9

As part of the adjusting entries,the beginning inventory of work in process is closed into the ____________________ Summary account.

Accepted Answer

The answer of As part of the adjusting entries,the beginning...

Question 10

The raw materials inventory,the work in process inventory,and the finished goods inventory are all shown in the Current Assets section of the balance sheet.

Accepted Answer

A) True 
 B)False

Question 11

A statement of cost of goods manufactured supports the income statement.

Accepted Answer

A) True 
 B)False

Question 12

Using only the relevant items from the information given,determine the total product cost for Donnybrook Corporation,a manufacturer of children's furniture.All materials purchased were used in inventory during the current period.There was no beginning inventory.

Accepted Answer

The answer of Using only the relevant items from the...

Question 13

Gross profit for a manufacturing business is computed by deducting cost of goods manufactured from net sales.

Accepted Answer

A) True 
 B)False

Question 14

Fill in the missing line items on the Statement of Cost of Goods Manufactured given.Include correct indentations,underlines,dates,and capitalization when needed.

Accepted Answer

The answer of Fill in the missing line items on...

Question 15

Compute cost of goods manufactured from the information given:

Accepted Answer

A)   $38,000.
B)   $50,000.
C)   $24,000.
D)   $18,000.E) A) and B)
F) C) and D)

Question 16

Immediately before it is closed,the balance of the Manufacturing Summary account represents the cost of goods manufactured.

Accepted Answer

A) True 
 B)False

Question 17

Factory-related costs that cannot be cost-effectively traced to a product,like direct material or direct labor,are considered manufacturing overhead.

Accepted Answer

A) True 
 B)False

Question 18

Gross profit for a manufacturing business is computed by

Accepted Answer

A)   deducting cost of goods sold from net sales.
B)   deducting cost of goods manufactured from net sales.
C)   deducting the ending finished goods inventory from the total goods available for sale.
D)   deducting operating expenses from the costs of goods sold.E) A) and B)
F) None of the above

Question 19

The adjusting entry to close out the beginning work in process inventory includes a debit to Income Summary and a credit to Work in Process Inventory.

Accepted Answer

A) True 
 B)False

Question 20

To compute the cost of goods ___________________,it is necessary to subtract the ending work in process inventory from the sum of the beginning work in process inventory and the total manufacturing cost.

Accepted Answer

The answer of To compute the cost of goods ___________________,it...

Exam 26: Accounting for Manufacturing Activities

Fill in the missing line items on the Statement of Cost of Goods Manufactured given.Include correct indentations,underlines,dates,and capitalization when needed.

Correct AnswerverifiedShow Answer

The adjusting entry to close out the beginning work in process inventory includes a debit to Income Summary and a credit to Work in Process Inventory.

Correct AnswerverifiedShow Answer

Immediately before it is closed,the balance of the Manufacturing Summary account represents the cost of goods manufactured.

Correct AnswerverifiedShow Answer

To compute the cost of goods ___________________,it is necessary to subtract the ending work in process inventory from the sum of the beginning work in process inventory and the total manufacturing cost.

Correct AnswerverifiedShow Answer

All of the items that are purchased for manufacturing operations,that go into a product and become part of it,are called ____________________ materials.

Correct AnswerverifiedShow Answer

Gross profit for a manufacturing business is computed by deducting cost of goods manufactured from net sales.

Correct AnswerverifiedShow Answer

A statement of cost of goods manufactured supports the income statement.

Correct AnswerverifiedShow Answer

The three components of total manufacturing cost are

Correct AnswerverifiedShow Answer

The balance sheet of a manufacturing business shows

Correct AnswerverifiedShow Answer

Gross profit for a manufacturing business is computed by

Correct AnswerverifiedShow Answer

Calculate the Cost of Goods Manufactured.

Correct AnswerverifiedShow Answer

The Indirect Labor account is closed by crediting it and debiting

Correct AnswerverifiedShow Answer

Factory-related costs that cannot be cost-effectively traced to a product,like direct material or direct labor,are considered manufacturing overhead.

Correct AnswerverifiedShow Answer

Using only the relevant items from the information given,determine the total product cost for Donnybrook Corporation,a manufacturer of children's furniture.All materials purchased were used in inventory during the current period.There was no beginning inventory.

Correct AnswerverifiedShow Answer

Compute cost of goods manufactured from the information given:

Correct AnswerverifiedShow Answer

The raw materials inventory,the work in process inventory,and the finished goods inventory are all shown in the Current Assets section of the balance sheet.

Correct AnswerverifiedShow Answer

As part of the adjusting entries,the beginning inventory of finished goods is closed into the ____________________ Summary account.

Correct AnswerverifiedShow Answer

As part of the adjusting entries,the beginning inventory of work in process is closed into the ____________________ Summary account.

Correct AnswerverifiedShow Answer

Raw Materials Used is not an element of manufacturing overhead.

Correct AnswerverifiedShow Answer

If there are no errors,the amount needed to balance the Cost of Goods Manufactured columns of a worksheet will also be the amount required to balance the Balance Sheet columns.

Correct AnswerverifiedShow Answer

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