Which of the following statements regarding work in process is not correct?a.Work in process is partially completed inventory.b. None of the given answer.С.Work-in-Process Inventory appears on the year-end balance sheet.d.Work in process consists of direct labor, direct material, and applied manufacturing overhead.e.Work-in-Process Inventory is credited to record direct material used and direct labor incurred.

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Description: Which of the following statements regarding work in process is not correct?a.Work in process is partially completed inventory.b. None of the given answer.С.Work-in-Process Inventory appears on the year-end balance sheet.d.Work in process consists of

There are three types of inventory in a manufacturing firm; 1) Raw material inventory, 2) Work in…

Business

Accounting

Which of the following statements regarding work in process is not correct? a. Work in process is partially completed inventory. b. None of the given answer. С. Work-in-Process Inventory appears on the year-end balance sheet. Work in process consists of direct labor, direct material, and applied manufacturing overhead. Work-in-Process Inventory is credited to record direct material used and direct labor incurred. e.

Which of the following statements regarding work in process is not correct? a. Work in process is partially completed inventory. b. None of the given answer. С. Work-in-Process Inventory appears on the year-end balance sheet. Work in process consists of direct labor, direct material, and applied manufacturing overhead. Work-in-Process Inventory is credited to record direct material used and direct labor incurred. e.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 9Q

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Which of the following statements regarding work in process is not correct? a. Work-in-Process Inventory is credited to record direct material used and direct labor incurred. b. None of the given answer. c. Work-in-Process Inventory appears on the year-end balance sheet. O d. Work in process is partially completed inventory. e. Work in process consists of direct labor, direct material, and applied manufacturing overhead.
The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.
The opening balance in the work in process inventory controlaccount represents the costs of all jobs that _____________ in the previous accounting period.(a) were not completed(b) were completed and sold to customers(c) were completed but not sold(d) were reported on the income statement
Which of the following statements is false? Multiple Choice Work in process inventory included in the balance sheet. Work process inventory includes direct materials used in production. Work in process inventory includes direct labor costs. Work in process inventory includes actual manufacturing overhead costs assigned to jobs worked on during the period.
The amount of indirect labour is _________. A. Accumulated with manufacturing overhead and added to W.I.P. inventory B. Not accumulated with manufacturing overhead but added directly to the W.I.P. inventory C. Accumulated with manufacturing overhead but not added to W.I.P inventory D. Neither accumulated in manufacturing overhead nor added to W.I.P., instead expensed directly as and when incurred in the period
If the amount of "Cost of goods manufactured" during a period exceeds the amount of "Total manufacturing costs" for the period, the O ending work in process inventory is greater than or equal to the amount of the beginning work in process inventory. O ending work in process is equal to the cost of goods manufactured. O ending work in process is less than the amount of the beginning work in process inventory. ending work in process is greater than the amount of the beginning work in process inventory.
15. An exception to the general rule that costs should be charged to expense in the period incurred is a. Factory overhead costs incurred on a product manufactured but not sold during the current period b. interest cost for financing of inventories that are routinely manufactured c. general and administrative fixed cost incurred in connection with the purchase of inventory d. Sales commission and salary incurred in connection with the sale of inventory.
Under- or over-applied manufacturing overhead at year-end is most commonly charged or credited to Work-in-Process Inventory. Select one: True False
The journal entry to write-off a significant underapplied overhead balance at the end of an accounting period is: A. Applied Manufacturing Overhead xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx B. Applied Manufacturing Overhead xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx C. Applied Manufacturing Overhead xxx Work-In-Process Inventory xxx Finished Goods Inventory xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx D. Applied Manufacturing Overhead xxx Work-In-Process Inventory xxx Finished Goods Inventory xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx Option A Option B Option C Option D
1. Determine whether overhead was under- or overapplied during the year in the Assembly Department. 2. If the company disposes of under- or overapplied overhead as an adjustment to Cost of Goods Sold, would the company’s Cost of Goods Sold account increase or decrease?
Assuming that Sheffield prorates under- or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for the year.
The beginning work in process inventory appears on both the balance sheet and the cost of goods manufactured schedule. True False