Smart Book 3

Which of the following costs are found on the balance sheet?

Raw materials inventory represents the ________ not yet used in production.

Units of product that are only partially complete are contained in the _________ inventory

Finished goods ______.

The amount transferred from Work in Process to Finished Goods is ______.

True or false: Period costs flow from Finished Goods to Cost of Goods Sold.

The journal entry to record the purchase of materials credits ______.

A journal entry that debits Work in process and Manufacturing overhead and credits Raw materials records the ______.

Costs of partially completed units are accounted for in ______.

A journal entry that debits Raw Materials and credits Accounts Payable is recording the ______.

The journal entry to record issuing both direct and indirect materials into production debits

Units of product that are only partially completed are put in which inventory?

All the cost appearing on the job cost sheets of the jobs that are being worked on are found in the ______ account.

The journal entry that debits Work in Process and Manufacturing overhead and credits Salaries and Wages Payable is recording``

Labor costs charged to Manufacturing Overhead represent

Manufacturing overhead costs include ______..

The Manufacturing Overhead account is debited when ______.

The value of work in process is equal to ______.

A journal entry that debits Manufacturing overhead and credits Accounts payable could be made to record

When labor costs are incurred, _________ are added directly to the Work in Process account.

A journal entry that debits Manufacturing overhead and credits Property taxes payable records the

Actual manufacturing overhead costs are recorded in the Manufacturing Overhead account

A journal entry that debits Manufacturing overhead and credits Prepaid insurance records the:

The journal entry to record expired prepaid factory insurance debits

The Manufacturing Overhead account is debited when

A journal entry that debits Manufacturing overhead and credits Accounts payable would not be used to record

The journal entry to record depreciation on factory equipment debits ______.

A journal entry that debits Manufacturing overhead and credits Prepaid insurance records the

If a company incurs $2,000 of factory rent, $1,000 of factory utilities, and $5,000 of miscellaneous factory costs, the journal entry to record these transactions would be to debit

Selling and administrative costs first appear on the

Applied manufacturing overhead will most likely ______ actual manufacturing overhead.

The journal entry to record selling and administrative salaries debits ______.

The difference between the entries to record depreciation on office equipment and depreciation on factory equipment is that one ______.

Which of the following would not be charged to the Manufacturing overhead account?

When a job is completed, the job costs are transferred OUT OF ______.

A journal entry that debits Work in process and credits Manufacturing overhead is recording the

A journal entry debiting Salaries expense and crediting Salaries and wages payable could record

The journal entry to record depreciation on office equipment debits ______.

The cost of goods is the sum of all amounts transferred from Work in process to Finished goods during a period

A journal entry that debits Advertising expense and credits Cash would record the incurrence of a

When a job is completed, which account is debited?

When a job is completed, its costs are transferred into

Cost of goods manufactured is the ______.

A journal entry that debits Finished goods and credits Work in process records the ______.

The schedule of cost of goods summarizes costs that remain in Work in process inventory and that have been transferred from Work in process to Finished goods inventory.

When goods are sold on account, what accounts are credited?

To calculate total manufacturing costs, add direct materials, direct labor and ______.

A journal entry debiting Cost of goods sold and crediting Finished goods is made when ______.

Sales minus cost of goods sold equals ______

Net operating income is calculated by subtracting

Gross margin minus selling and administrative expenses equals ______. Multiple choice question. cost of goods sold

A journal entry that involves Manufacturing overhead, Work in process, Finished goods, and Cost of goods sold is recorded to ______.

Overhead is underapplied if ______.

Gross margin minus selling and administrative expenses equals ______.