Exam 26: Accounting for Manufacturing Activities

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?

The end-of-period adjusting entries are

The beginning and ending balances of the finished goods inventory are not used in the computation of cost of goods manufactured.

Which of the following is NOT an adjusting entry?

Fill in the missing line items on the Income Statement given. Include correct indentations, underlines, dates, and capitalization when needed.

The following information appears on the Statement of Cost of Goods Manufactured for the Ethridge Company at the end of the year. Raw Materials Used \ 70,000 Manufacturing Overhead 90,000 Direct Labor 60,000 Work in Process Inventory, January 1 20,000 Work in Process Inventory, December 31 30,000 Cost of Goods Manufactured for the year was:

The manufacturing costs incurred during the year are

As part of the adjusting entries, the beginning inventory of finished goods is closed into the ____________________ Summary account.

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.

Stellar Manufacturing had a beginning raw materials inventory of $220,000. The firm had net purchases of $625,000 for the period and an ending raw materials inventory of $199,000. What was the cost of raw materials used?

The balance of the Manufacturing Summary account is closed into

On a worksheet for a manufacturing business, the beginning inventory of finished goods is extended to the ____________________ Debit column.

Indirect labor for a manufacturing business includes the wages of

The adjusting entry to close out the beginning work in process inventory includes a debit to Income Summary and a credit to Work in Process Inventory.

From the information given, determine total direct and total indirect costs.

On a worksheet for a manufacturing firm, the beginning balance of the Finished Goods Inventory account should

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

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, 2013. -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.

-Calculate net income for the year.

The amounts of the raw materials used, direct labor, and manufacturing overhead for a fiscal period are reported on the statement of cost of goods manufactured.