COST ACC - SET A

For a manufacturing firm, cost of goods available for sale is the?

• Beginning inventory plus purchases during the period

• Beginning inventory of raw materials plus purchases minus raw materials ending

• Beginning work in process inventory plus total cost put into process

• Beginning finished goods inventory plus total cost of good manufactured

The three primary inventory accounts in a manufacturing company are:

• Merchandise inventory, supplies inventory and finished goods inventory

• Merchandise inventory, work in process inventory, and finished goods inventory

• Supplies inventory, work in process inventory and finished goods inventory

• Raw materials inventory, work in process inventory and finished goods inventory

Cost of goods sold is an

• Unexpired product cost

• Expired product cost

• unexpired period cost

• expired period cost

Manufacturing overhead

• Consists of all costs other than direct materials

• Consists of all manufacturing costs other than direct materials

• Consists of all costs other than direct materials and direct labor

• Consists of all manufacturing costs other than direct materials and direct labor

The purchase of manufacturing supplies is normally debited to

• Raw materials inventory

• Administrative expenses

• Work in process

• Manufacturing overhead

Cost of goods manufactured should be

• Debited to finished goods

• Devited to cost of goods sold

• Debited to work in process inventory

• Credited to cost of goods manufactured

The formula for cost of goods sold for a manufacturer is

• Beginning Finished Goods Inventory plus Cost of Goods Manufactured minus ending Finished Goods Inventory

• Beginning Work in Process Inventory plus Cost of Goods Manufactured minus ending Work in Process Inventory

• Direct Materials plus direct labor plus applied overhead

• Direct materials plus direct labor plus overhead incurred plus beginning work in process inventory

All of the following items are debited to the Factory Overhead account except

• Salary and other compensation benefits paid to supervisors

• Depreciation of factory plant and equipment

• Salary and other compensation benefits paid to delivery truck drivers

• Expired insurance for the factory plant and equipment

The merchandise inventory in a merchandising business corresponds most closely to which of the following items in a manufacturing firm?

• Raw materials inventory

• Cost of goods available for sale

• Work in process inventory

• Finished goods inventory

All of the following items are debited to Work in Process account except:

• Allocated manufacturing overhead

• Completed goods being transferred out of the plant

• Direct labor consumed

• Direct materials consumed