Product flashcard pts 6 9

Front

In a manufacturing company how many inventory categories will be on the balance sheet?

Back

3

Front

Which costs start on the balance sheet and are not expensed until product is sold? Options: Period costs i.e. advertising, sales people, office and administrative expenses; Product costs i.e. direct materials, direct labor, factory overhead

Back

Product costs i.e. direct materials, direct labor, factory overhead

Front

The following are examples of__________
Glue to assemble a chair, bolts to assemble a car, hourly wages for factory janitors

Back

Variable overhead

Front

What is the term for the number of jeans and dresses on hand to sell to customers at Sarah's boutique?

Back

Inventory

Front

What type of account is Merchandise Inventory?

Back

asset

Front

I purchased material that will become an integral part of my product. What account do I record this entry? What are the the debits and credits?

Back

Raw material inventory
Db raw material
Cr cash or AP

Front

When I start assembly of the product what two accounts will I record an entry? Options: Db raw material inventory, Cr work in process, Db work in process, Cr finished goods, Db work in process, Cr raw material inventory, Db finished goods, Cr COGS

Back

Db work in process, Cr raw material inventory

Front

When a product is fully assembled what accounts are used? Options: Reduce work in process, Increase finished goods, Decrease finished goods, Increase COGS, increase sales, Decrease finished goods, Increase cash, Decrease COGS

Back

Reduce work in process, Increase finished goods