Which one of the following is NOT correct about manufacturing statement? Select one: a. It includes direct and indirect labor cost. b. It reports Cost of Goods Manufactured and Cost of Goods Sold. c. It shows the financial position of a company on a specific date. d. It includes the adjustments for the opening and closing stocks of WIP and Finished Goods

Which one of the following is NOT correct about manufacturing statement? Select one: a. It includes direct and indirect labor cost. b. It reports Cost of Goods Manufactured and Cost of Goods Sold. c. It shows the financial position of a company on a specific date. d. It includes the adjustments for the opening and closing stocks of WIP and Finished Goods

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 1CE

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Which of the following represents the components of the income statement for a manufacturing business? A. Sales Revenue - Cost of Goods Sold = gross profit B. Service Revenue - Operating Expenses = gross profit C. Service Revenue - Cost of Goods Manufactured = gross profit D. Sales Revenue - Cost of Goods Manufactured = gross profit
From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B. raw materials inventory C. finished goods inventory D. work in process inventory
Explain how the income statement of a manufacturing company differs from the income statement of a merchandising company.
A manufacturing company reports cost of goods manufactured as a(n) current asset on the balance sheet. component of the raw materials inventory on the balance sheet. administrative expense on the income statement. component in the calculation of cost of goods sold on the income statement
2. A manufacturing company reports cost of goods manufactured as an) a. current asset on the balance sheet. b. administrative expense on the income statement. e. component in the caleulation of cost of goods sold on the income statement. d. component of the raw materials inventory on the balance sheet.
Which one of the following is NOT correct about manufacturing statement? Select one: O a. It includes the adjustments for the opening and closing stocks of WIP and Finished Goods. O b. It includes direct and indirect labor cost. O c. It shows the financial position of a company on a specific date. O d. It reports Cost of Goods Manufactured.
A production cost report aids in preparing an income statement by providing data for? of goods sold during the period B. period costs incurred during the period C. various inventory accounts D. revenues generated during the period A. cost
Indicate whether the following items would appear on the cost of goods manufactured schedule, balance sheet, income statement, or retained earnings statement. Raw Materials Inventory, Beginning Interest Expense Dividends Employee Salaries Payable Utilities used in the factory for production [ Select ] Cost of Goods Manufactured Schedule Retained Earnings Statement Balance Sheet Income Statement
12. A manufacturing company reports cost of goods manufactured as a(n) a. current asset on the balance sheet. b. component in the calculation of cost of goods sold on the income statement. C. component of the raw materials inventory on the balance sheet. d. administrative expense on the income statement.
1. Which one of the following could not be used to describe a summary of a company's assets, liabilities, and capital at a specific date?a. Profit and loss accountb. Balance sheetc. Position statementd. Statement of financial condition 2. All indirect factory costs are recorded under the costing head?a. Prime costb. FOH costc. Direct labor costd. None of the above
Describe the schedule of cost of goods manufactured. How does it tie into the income statement?
Which of the following accounts would be a period cost rather than a product cost? a Freight out. b Depreciation on manufacturing machinery. c Maintenance on factory machines. d Production manager's salary.