48.
Which of the following is
not
one of the three types of inventories of a manufacturing
company?
49.
A product cost is deducted from revenue in the period in which:
50.
Until the related goods are sold, product costs are viewed as:
51.
Which of the following is a period cost?
52.
Which of the following is a period cost?
53.
The following information is available about the August transactions of the Helpful Tool
Company:
The product costs to be deducted from revenue in August amount to:
54.
Manufacturing companies normally have three types of inventory:
55.
Herb Company manufactured more product than it was able to sell during the current year.
If the salaries of the sales staff of Herb Company are improperly recorded as a product
cost, what will be the likely effect on net income of the period in which the error occurs?
56.
When a manufacturing company purchases raw materials or component parts to be used in
manufacturing finished goods, these costs are initially debited to:
57.
The wages paid to employees working directly on a company’s products would be shown as
a:
58.
When goods are completed and transferred from the assembly line:
59.
Goods that are still in the production process would be in which account?
60.
Determine the amount of manufacturing overhead given the following information:
61.
When products are completed:
16–28
62.
When products held in inventory are sold:
63.
The ending inventory of a merchandising company corresponds most closely to which of
the following amounts of a manufacturer?
64.
Amounts debited to the Work in Process Inventory account may best be described as:
65.
Amounts credited to the Work in Process inventory account may best be described as:
66.
The placing of direct materials into the production process is recorded by an entry
debiting:
67.
The placing of direct materials into the production process is recorded by an entry
crediting:
68.
The accountant for Eric’s Plumbing Equipment Company recently made a journal entry
consisting of a debit to Work in Process and a credit to Raw Materials Inventory. This entry
recorded:
69.
When direct materials are used:
70.
The payment of raw materials previously purchased on account is recorded by an entry
debiting:
71.
The payment of wages to factory employees who work directly on the goods being
manufactured is recorded by an entry crediting:
72.
When direct labor employees contribute to the production process, the cost of their labor is
recorded by debiting:
73.
If the end of the fiscal year is not a payroll date, the Direct Labor account normally has:
74.
In the year-end financial statements, the Manufacturing Overhead account should have:
75.
Since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the
process of manufacturing units of product, these costs are debited to:
76.
Since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the
process of manufacturing units of product, these costs are credited to:
77.
The completion of a computer by First Wireless, Inc. would require a debit to which of the
following accounts?
The following information has been taken from the perpetual inventory system of Elite Mfg.
Co. for the month ended August 31:
78.
Refer to the above data. The total amount of inventory to be included in Elite’s August 31st
balance sheet amounts to:
79.
Refer to the above data. Total manufacturing costs charged (debited) to Work in Process
during August amount to:
80.
Refer to the above data. The cost of finished goods manufactured in August is:
16–38
81.
Refer to the above data. The cost of goods sold in August is:
The following information has been taken from the perpetual inventory system of Imperial
Mfg. Co. for the month ended September 30:
82.
Refer to the above data. The total amount of inventory to be included in Imperial’s
September 30th balance sheet amounts to:
83.
Refer to the above data. Total manufacturing costs charged (debited) to Work in Process
during September amount to:
84.
Refer to the above data. The cost of finished goods manufactured in September is:
85.
Refer to the above data. The cost of goods sold in September is: