Question 1

Match between columns
                        Premises: The account to which all items on the statement of cost of goods manufactured are close
The materials placed into production
Costs attributable to personnel who support production but are not directly involved in the manufacture of a product; for example, supervisory, repair and maintenance, and janitorial staff
All manufacturing costs that are not classified as direct materials or direct labor
Materials used in manufacturing a product that do not become a part of the product
The costs attributable to personnel who work directly on the product being manufacture
All items that go into a product and become a part of it
A financial report showing details of the cost of goods completed for a manufacturing business
The cost of completed products ready for sale; corresponds to the Merchandise Inventor account of a merchandising business
Partially completed units in the production process

Accepted Answer

The Answer of Work in Process and Direct Labor and is...

Question 2

Immediately before it is closed, the balance of the Manufacturing Summary account represents the cost of goods manufactured.

Accepted Answer

A) True 
 B)False

Question 3

Under the perpetual inventory method, additions and deletions of inventory items are recorded as they occur to which of the following?

Accepted Answer

A) Finished Goods 
B) Work in Process 
C) Materials 
D) All of these 
A) Finished Goods 
B) Work in Process 
C) Materials 
D) All of these

Question 4

Fill in the missing line items on the Statement of Cost of Goods Manufactured given. Include corre indentations, underlines, dates, and capitalization when needed.
Natant Products
Statement of Cost of Goods Manufactured 
Year Ended December 31, 2019

Accepted Answer

Natant Products
Stat

Question 5

Gross profit for a manufacturing business is calculated by:

Accepted Answer

A) deducting cost of goods manufactured from net sales. 
B) deducting cost of goods sold from net sales. 
C) deducting the ending finished goods inventory from the total goods available for sale. 
D) deducting operating expenses from the costs of goods sold. 
A) deducting cost of goods manufactured from net sales. 
B) deducting cost of goods sold from net sales. 
C) deducting the ending finished goods inventory from the total goods available for sale. 
D) deducting operating expenses from the costs of goods sold.

Question 6

Labor costs in manufacturing can be:

Accepted Answer

A) direct or indirect. 
B) indirect or sunk. 
C) direct or operating expense. 
D) indirect or operating expense. 
A) direct or indirect. 
B) indirect or sunk. 
C) direct or operating expense. 
D) indirect or operating expense.

Question 7

Describe the process for adjusting entries for inventory in a manufacturing firm. How many adjustments are made for inventory? To what account are the adjustments to inventory made?

Accepted Answer

There are six adjustments made for inven

Question 8

Use the following information for the questions.
The Balance Sheet headings and the accounts and their balances for Exemplar Manufacturing are listed in alphabetical order. Exemplar Manufacturing has a fiscal year end of June 30, 2019.
    
-Using the information given, prepare the Current Assets section of the Balance Sheet for Exemplar Manufacturing. Include correct indentations, underlines, dates, and capitalization where needed.

Accepted Answer

Exemplar Manufacturi

Question 9

Use the following information for the problems.
  
-Calculate the Cost of Goods Manufactured.

Accepted Answer

Schedule of Cost of

Question 10

Information about depreciation, insurance, and property taxes for the factory building of a manufacturing business would be shown in the Operating Expenses section of the income statement.

Accepted Answer

A) True 
 B)False

Question 11

If the ending finished goods inventory is greater than the beginning finished goods inventory, the cost of goods sold will be higher than the cost of goods manufactured.

Accepted Answer

A) True 
 B)False

Question 12

Once the financial statements have been prepared, the steps in the accounting cycle are complete. Which of the following is NOT one of the steps in the accounting cycle?

Accepted Answer

A) Adjusting entries 
B) Post Closing Trial Balance 
C) Closing Trial Balance 
D) Closing entries 
A) Adjusting entries 
B) Post Closing Trial Balance 
C) Closing Trial Balance 
D) Closing entries

Question 13

Cleaning materials and lubricants used in factory operations and maintenance are considered manufacturing overhead.

Accepted Answer

A) True 
 B)False

Question 14

The manufacturing summary account is a temporary account used to close out manufacturing costs before transferring the balance to Finished Goods.

Accepted Answer

A) True 
 B)False

Question 15

The balance sheet of a manufacturing business shows:

Accepted Answer

A) the finished goods inventory and the cost of goods manufactured. 
B) the cost of goods manufactured rather than inventory figures. 
C) a single inventory figure-the amount of the finished goods inventory. 
D) the raw materials inventory, the work in process inventory, and the finished goods inventory. 
A) the finished goods inventory and the cost of goods manufactured. 
B) the cost of goods manufactured rather than inventory figures. 
C) a single inventory figure-the amount of the finished goods inventory. 
D) the raw materials inventory, the work in process inventory, and the finished goods inventory.

Question 16

The salary paid to a factory supervisor is classified as ----------.

Accepted Answer

The answer of The salary paid to a factory supervisor...

Question 17

Use the following information for Hardy Co.
Raw Materials Used $ 5,000
 
Hardy, Co.'s cost of goods manufactured for the current year is:

Accepted Answer

A) $12,000. 
B) $16,100. 
C) $17,100. 
D) $18,100. 
A) $12,000. 
B) $16,100. 
C) $17,100. 
D) $18,100.

Question 18

The following information appears on the income statement of the Richer Company at the end of th year:
$\begin{array}{lr}
\text { Beginning finished goods inventory } & \$ 152,000 \
\text { Ending finished goods inventory } & 137,000 \
\text { Sales } & 475,000 \
\text { Gross Profit on Sales } & 142,000
\end{array}$

Accepted Answer

A) $318,000. 
B) $127,000. 
C) $157,000. 
D) $348,000. 
A) $318,000. 
B) $127,000. 
C) $157,000. 
D) $348,000.

Question 19

Match between columns
                        Premises:    Costs attributable to personnel who support production but are not directly involved in the manufacture of a product; for example, supervisory, repair and maintenance, and janitorial staff
   The cost of completed products ready for sale; corresponds to the Merchandise Inventor account of a merchandising business
   The materials placed into production
   Partially completed units in the production process
   The costs attributable to personnel who work directly on the product being manufacture
   All items that go into a product and become a part of it
   Materials used in manufacturing a product that do not become a part of the product
   All manufacturing costs that are not classified as direct materials or direct labor
   A financial report showing details of the cost of goods completed for a manufacturing business
   The account to which all items on the statement of cost of goods manufactured are close

Accepted Answer

The Answer of Direct Labor and Direct Materials and Finished is...

Question 20

As part of the adjusting entries, the beginning inventory of work in process is closed into the-----------account.

Accepted Answer

Manufactur

Exam 26: Accounting for Manufacturing Activities

Immediately before it is closed, the balance of the Manufacturing Summary account represents the cost of goods manufactured.

Under the perpetual inventory method, additions and deletions of inventory items are recorded as they occur to which of the following?

Fill in the missing line items on the Statement of Cost of Goods Manufactured given. Include corre indentations, underlines, dates, and capitalization when needed. Natant Products Statement of Cost of Goods Manufactured Year Ended December 31, 2019

Gross profit for a manufacturing business is calculated by:

Labor costs in manufacturing can be:

Describe the process for adjusting entries for inventory in a manufacturing firm. How many adjustments are made for inventory? To what account are the adjustments to inventory made?

Use the following information for the problems. -Calculate the Cost of Goods Manufactured.

Information about depreciation, insurance, and property taxes for the factory building of a manufacturing business would be shown in the Operating Expenses section of the income statement.

If the ending finished goods inventory is greater than the beginning finished goods inventory, the cost of goods sold will be higher than the cost of goods manufactured.

Once the financial statements have been prepared, the steps in the accounting cycle are complete. Which of the following is NOT one of the steps in the accounting cycle?

Cleaning materials and lubricants used in factory operations and maintenance are considered manufacturing overhead.

The manufacturing summary account is a temporary account used to close out manufacturing costs before transferring the balance to Finished Goods.

The balance sheet of a manufacturing business shows:

The salary paid to a factory supervisor is classified as ----------.

Use the following information for Hardy Co. Raw Materials Used $ 5,000 Hardy, Co.'s cost of goods manufactured for the current year is:

The following information appears on the income statement of the Richer Company at the end of th year: Beginning finished goods inventory \ 152,000 Ending finished goods inventory 137,000 Sales 475,000 Gross Profit on Sales 142,000

As part of the adjusting entries, the beginning inventory of work in process is closed into the-----------account.

Accounting: The Language of Business

Analyzing Business Transactions

Analyzing Business Transactions Using T Accounts

The General Journal and the General Ledger

Adjustments and the Worksheet

Closing Entries and Teh Postclosing Trial Balance

Accounting for Sales and Accounts Receivable

Accounting for Purchases and Accounts Payable

Cash Receipts, Cash Payments, and Banking Procedures

Payroll Computations, Records, and Payment

Payroll Taxes, Deposits, and Reports

Accruals, Deferrals, and the Worksheet

Financial Statements and Closing Procedures

Accounting Principles and Reporting Standards

Accounts Receivable and Uncollectible Accounts

Notes Payable and Notes Receivable

Merchandise Inventory

Property, Plant, and Equipment

Accounting for Partnerships

Corporations: Formation and Capital Stock Transactions

Corporate Earnings and Capital Transactions

Long-Term Bonds

Financial Statement Analysis

The Statement of Cash Flows

Departmentalized Profit and Cost Centers

Job Order Cost Accounting

Process Cost Accounting

Controlling Manufacturing Costs: Standard Costs

Cost-Revenue Analysis for Decision Making

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