Exam 26: Accounting for Manufacturing Activities

In adjusting entries for a manufacturing business, the beginning balance of the work in process inventory is eliminated by crediting Work in Process Inventory and debiting

For a manufacturing business, net sales minus cost of goods ____________________ equals gross profit on sales.

The beginning and ending ____________________ inventories appear in the Cost of Goods Sold section of the income statement of a manufacturing business.

The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. Raw Materials Used \ 50,000 Manufacturing Overhead 60,000 Total Manufacturing Costs 170,000 Work in Process Inventory, January 1 10,000 Cost of Goods Manufactured 150,000 The balance in Work in Process Inventory at year-end was:

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 Balance Sheet for Exemplar Manufacturing. Include correct indentations, underlines, dates, and capitalization where needed.

The raw materials inventory is shown in the ____________________ section of the balance sheet of a manufacturing business.

What are the three inventory accounts for a manufacturing firm? List the three inventory accounts and indicate for each the name(s) of the statement(s) in which it appears.

Six adjusting entries are made for inventory accounts in a manufacturing operation.

Bolton Company's total manufacturing cost for the year was $1,785,000. The firm's manufacturing overhead was $315,000, and its cost of raw materials used was $842,000. What was the direct labor cost for the year?

The balance of the Manufacturing Summary account is closed into the Income Summary account.

The Indirect Labor account is closed by crediting it and debiting

Raw Materials Used is not an element of manufacturing overhead.

The following information appears on the income statement of the Richer Company at the end of the year. Beginning finished goods inventory \ 200,000 Ending finished goods inventory 180,000 Sales 360,000 Cost of Goods Manufactured 120,000 Gross Profit on Sales was:

The three components of total manufacturing cost are

The accounts and the Adjusted Trial Balance section of Spencer Manufacturing's worksheet are given below. Instructions: (1) Enter the account names in the Account Name column and the adjusted trial balance in the Adjusted Trial Balance columns of a 12-column manufacturing worksheet. Or use a 10-column worksheet and use the last four columns, changing the column headings as needed. (2) Extend the balances to the appropriate columns and complete the worksheet for the year ended December 31, 2013. (3) Record the closing entries for all revenue and expense accounts and the Manufacturing Summary account on page 9 of a general journal. Omit descriptions.

Reversing entries are required by

The ending balance of the work in process inventory is recorded by debiting Work in Process Inventory and crediting

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.

Products that are only partially completed are called work in process.

Using only the relevant items from the information given, determine the total product cost for Donnybrook Corporation, a manufacturer of children's furniture. All materials purchased were used in inventory during the current period. There was no beginning inventory.