Question 1

Information about depreciation, insurance, and property taxes for the factory building of a manufacturing business would be shown in the Operating Expenses section of the income statement.

Accepted Answer

A) True 
 B)False

Question 2

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?

Accepted Answer

A)   Adjusting entries
B)   Closing Trial Balance
C)   Post Closing Trial Balance
D)   Closing entriesE) A) and D)
F) None of the above B

Question 3

The balance of the Manufacturing Summary account is closed into

Accepted Answer

A)   Income Summary.
B)   Cost of Goods Manufactured.
C)   Retained Earnings.
D)   Manufacturing Overhead.E) All of the above
F) B) and C)

Question 4

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

Accepted Answer

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

Question 5

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

Accepted Answer

The answer of On a worksheet for a manufacturing business,...

Question 6

On a worksheet for a manufacturing firm, the beginning balance of the Finished Goods Inventory account should

Accepted Answer

A)   be extended to the Cost of Goods Manufactured Debit column.
B)   be extended to the Income Statement Debit column.
C)   be extended to the Balance Sheet Debit column.
D)   not be listed.E) A) and C)
F) None of the above

Question 7

The following information appears on the Statement of Cost of Goods Manufactured for the Ethridge Company at the end of the year.   Raw Materials Used $70,000 Manufacturing Overhead 90,000 Direct Labor 60,000 Work in Process Inventory, January 1 20,000 Work in Process Inventory, December 31 30,000\begin{array} { l r } 	ext { Raw Materials Used } & \$ 70,000 \	ext { Manufacturing Overhead } & 90,000 \	ext { Direct Labor } & 60,000 \	ext { Work in Process Inventory, January 1 } & 20,000 \	ext { Work in Process Inventory, December 31 } & 30,000\end{array} Raw Materials Used  Manufacturing Overhead  Direct Labor  Work in Process Inventory, January 1  Work in Process Inventory, December 31 ​$70,00090,00060,00020,00030,000​  Cost of Goods Manufactured for the year was:

Accepted Answer

A)   $200,000.
B)   $210,000.
C)   $220,000.
D)   $240,000. Total Manufacturing Costs = Raw Material Used + Direct Labor + Manufacturing Overhead= 70,000 + 90,000 + 60,000 = 220,000.Cost of Goods Manufactured = 20,000 + 220,000 - 30,000 = 210,000. E) B) and C)
F) B) and D)

Question 8

-Calculate net income for the year.

Accepted Answer

The answer of 
-Calculate net income for the year....

Question 9

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...

Question 10

From the information given, determine total direct and total indirect costs.

Accepted Answer

Direct cos...

Question 11

The manufacturing costs incurred during the year are

Accepted Answer

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) A) and B)
F) B) and D)

Question 12

Stellar Manufacturing had a beginning raw materials inventory of $220,000. The firm had net purchases of $625,000 for the period and an ending raw materials inventory of $199,000. What was the cost of raw materials used?

Accepted Answer

The answer of Stellar Manufacturing had a beginning raw materials...

Question 13

The end-of-period adjusting entries are

Accepted Answer

A)   recorded and posted in the ledger.
B)   recorded in the journal and posted in the ledger.
C)   recorded in the ledger and posted in the journal.
D)   recorded and posted in the journal.E) C) and D)
F) None of the above B

Question 14

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

Accepted Answer

A) True 
 B)False  True

Question 15

The Balance Sheet headings and the accounts and their balances for Exemplar Manufacturing are listed in alphabetical order. Exemplar Manufacturing has a fiscal year end of June 30, 2013. 
-Using the information given, prepare the Current Assets section of the Balance Sheet for Exemplar Manufacturing. Include correct indentations, underlines, dates, and capitalization where needed.

Accepted Answer

The answer of The Balance Sheet headings and the accounts...

Question 16

Indirect labor for a manufacturing business includes the wages of

Accepted Answer

A)   factory repair and maintenance employees.
B)   employees who assemble the product.
C)   employees who sell the product.
D)   office employees.E) A) and B)
F) C) and D)

Question 17

The amounts of the raw materials used, direct labor, and manufacturing overhead for a fiscal period are reported on the statement of cost of goods manufactured.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is NOT an adjusting entry?

Accepted Answer

A)   Administrative ExpenseAllowance for Doubtful Accounts
B)   Supplies on Hand Supplies Expense
C)   Insurance-FactoryAdministrative Expense
D)   Income Tax Expense Income Tax PayableE) A) and B)
F) All 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

Under the perpetual inventory method, additions and deletions are recorded as they occur to which of the following?

Accepted Answer

A)   Finished Goods
B)   Work in Process
C)   Materials
D)   All of the aboveE) A) and B)
F) C) and D)

Exam 26: Accounting for Manufacturing Activities

Information about depreciation, insurance, and property taxes for the factory building of a manufacturing business would be shown in the Operating Expenses section of the income statement.

Correct Answer
verified

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?

Correct Answer
verified
B

The balance of the Manufacturing Summary account is closed into

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

On a worksheet for a manufacturing firm, the beginning balance of the Finished Goods Inventory account should

Correct Answer
verified

Correct Answer
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-Calculate net income for the year.

Correct Answer
verified

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

Correct Answer
verified

From the information given, determine total direct and total indirect costs.

Correct Answer
verified
Direct cos...
View Answer

The manufacturing costs incurred during the year are

Correct Answer
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Stellar Manufacturing had a beginning raw materials inventory of $220,000. The firm had net purchases of $625,000 for the period and an ending raw materials inventory of $199,000. What was the cost of raw materials used?

Correct Answer
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The end-of-period adjusting entries are

Correct Answer
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B

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

Correct Answer
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True

Correct Answer
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Indirect labor for a manufacturing business includes the wages of

Correct Answer
verified

The amounts of the raw materials used, direct labor, and manufacturing overhead for a fiscal period are reported on the statement of cost of goods manufactured.

Correct Answer
verified

Which of the following is NOT an adjusting entry?

Correct Answer
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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 Answer
verified

Under the perpetual inventory method, additions and deletions are recorded as they occur to which of the following?

Correct Answer
verified

Exam 26: Accounting for Manufacturing Activities

Information about depreciation, insurance, and property taxes for the factory building of a manufacturing business would be shown in the Operating Expenses section of the income statement.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedB

The balance of the Manufacturing Summary account is closed into

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

On a worksheet for a manufacturing firm, the beginning balance of the Finished Goods Inventory account should

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

-Calculate net income for the year.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

From the information given, determine total direct and total indirect costs.

Correct AnswerverifiedDirect cos...View AnswerShow Answer

The manufacturing costs incurred during the year are

Correct AnswerverifiedShow Answer

Stellar Manufacturing had a beginning raw materials inventory of $220,000. The firm had net purchases of $625,000 for the period and an ending raw materials inventory of $199,000. What was the cost of raw materials used?

Correct AnswerverifiedShow Answer

The end-of-period adjusting entries are

Correct AnswerverifiedB

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

Correct AnswerverifiedTrue

Correct AnswerverifiedShow Answer

Indirect labor for a manufacturing business includes the wages of

Correct AnswerverifiedShow Answer

The amounts of the raw materials used, direct labor, and manufacturing overhead for a fiscal period are reported on the statement of cost of goods manufactured.

Correct AnswerverifiedShow Answer

Which of the following is NOT an adjusting entry?

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

Under the perpetual inventory method, additions and deletions are recorded as they occur to which of the following?

Correct AnswerverifiedShow Answer

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B

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Correct Answer
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Direct cos...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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B

Correct Answer
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True

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Correct Answer
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