Homework Answers
Inventoriable costs are all costs of a product that are considered as assets in the balance sheet when they are incurred and that becomes cost of goods sold when the product is sold. Period costs are are all costs of the income statement other than cost of goods sold. Period costs are treated as expenses of the accounting period in which they are incurred because they are expected to not benefit for futire periods. Inventory is a current asset that is showing on the balance sheet. So when inventory is purchased and remain unsold, all costs related to it is recorded as asset and when they are sold, it is transferred to cost of goods sold in income statement. Period costs are costs other than cost of goods sold like electricity charges, rent expense, salary etc.
Hence, option D is the correct answer.
SUMMARY:
Option D is the correct answer.
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Distinguish between inventorieblecons and period com OA Inventore include direct manufacturing more and direct marching could...
Distinguish between inventoriable costs and period costs. O A. Inventoriable costs include direct manufacturing materials and...
Distinguish between inventoriable costs and period costs. O A. Inventoriable costs include direct manufacturing materials and direct manufacturing labor costs that are capitalized into inventory and remain on the balance sheet until sold. Period costs include indirect manufacturing (or manufacturing overhead) costs and are expensed as incurred through the cost of goods sold account. B. Inventoriable costs include material costs and are capitalized as assets to the company until the items are sold. Period costs include labor and overhead costs...
Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product...
Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc. period costs and expensed when the goods are sold Od. product costs and expensed when the goods are sold
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead,...
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead, $12,410. A total of 1,915 units were produced at a per-unit cost of Oa. $1,915 Ob $45.960 Oc. $33,550 Od $24 Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc: period costs and expensed when the goods are sold Od product costs and expensed when the goods are sold
Journalizing the entry to record a job completed would include a debit to Oa. Factory Overhead...
Journalizing the entry to record a job completed would include a debit to Oa. Factory Overhead Ob. Finished Goods Oc. Work in Process Od cost of Goods Sold Selected accounts with a credit amount omitted are as follows: Х Apr. 1 Balance 30 Direct materials 30 Direct labor 30 Factory overhead Work in Process 7,000 Apr. 30 Goods finished 78,400 195,000 136,500 Finished Goods 42,000 387,000 Apr. 1 Balance 30 Goods finished What was the balance of Work in Process...
1) 2) 3) 4) Which of the following will not be found on the balance sheet...
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Which of the following will not be found on the balance sheet of a manufacturing company? Oa. work in process Ob. cost of goods sold Oc. finished goods Od. materials Jensen Company reports the following: Direct materials used Direct labor incurred Factory overhead incurred Operating expenses $345,000 250,000 400,000 175,000 Jensen Company's period costs are Oa. $400,000 Ob. $175,000 Oc. $250,000 Od. $345,000 The direct materials costs and direct labor costs incurred by a production department...
When Job 117 was completed, direct materials totaled $42,754; direct labor, $54,414; and factory overhead, $32,390....
When Job 117 was completed, direct materials totaled $42,754; direct labor, $54,414; and factory overhead, $32,390. A total of 3,926 units were produced at a per-unit cost of On: 533 Ob 53,926 Oc. $129,558 Od 597,166 Smith Company reports the following information: $68,250 Cost of goods manufactured Direct materials used Direct labor incurred Work in process inventory, January 1 27,000 25,000 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is...
In the manufacture of 9,900 units of a product, direct materials cost incurred was $171,000, direct...
In the manufacture of 9,900 units of a product, direct materials cost incurred was $171,000, direct labor cost incurred was $106,900, and applied factory overhead was $40,900, What is the total conversion cost? Oa. $318,800 Ob. $171,000 Oc. $147,800 Od. 540.900
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Horla Co's manufacturing operations recorded the following information for the month of March 20x9: Inventories Mar....
Horla Co's manufacturing operations recorded the following information for the month of March 20x9: Inventories Mar. 7, 20x9 Mar. 31 20x9 Direct materials $ 33221 $ 26151 Work in process 15450 13078 Finished goods 47775 68616 Additional information for the month of March: Direct materials purchased $81849 Direct labour costs incurred 64020 11 Direct labour rate per hour Factory overhead rate per direct labour hour 9 What were the cost of goods sold for the month of March? Select one...
Selected financial information for Brookeville Manufacturing is presented in the following table (000s omitted). Sales revenue...
Selected financial information for Brookeville Manufacturing is presented in the following table (000s omitted). Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $5,000 S450 $540 S630 $690 $200 S190 $400 $430 $290 $270 What was cost of goods sold? OA. OB. OC. OD. $1,650 $890 $1,620 $1,580
Distinguish between inventoriable costs and period costs. O A. Inventoriable costs include direct manufacturing materials and direct manufacturing labor costs that are capitalized into inventory and remain on the balance sheet until sold. Period costs include indirect manufacturing (or manufacturing overhead) costs and are expensed as incurred through the cost of goods sold account. B. Inventoriable costs include material costs and are capitalized as assets to the company until the items are sold. Period costs include labor and overhead costs...
Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc. period costs and expensed when the goods are sold Od. product costs and expensed when the goods are sold
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead, $12,410. A total of 1,915 units were produced at a per-unit cost of Oa. $1,915 Ob $45.960 Oc. $33,550 Od $24 Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc: period costs and expensed when the goods are sold Od product costs and expensed when the goods are sold
Journalizing the entry to record a job completed would include a debit to Oa. Factory Overhead Ob. Finished Goods Oc. Work in Process Od cost of Goods Sold Selected accounts with a credit amount omitted are as follows: Х Apr. 1 Balance 30 Direct materials 30 Direct labor 30 Factory overhead Work in Process 7,000 Apr. 30 Goods finished 78,400 195,000 136,500 Finished Goods 42,000 387,000 Apr. 1 Balance 30 Goods finished What was the balance of Work in Process...
1)
2)
3)
4)
Which of the following will not be found on the balance sheet of a manufacturing company? Oa. work in process Ob. cost of goods sold Oc. finished goods Od. materials Jensen Company reports the following: Direct materials used Direct labor incurred Factory overhead incurred Operating expenses $345,000 250,000 400,000 175,000 Jensen Company's period costs are Oa. $400,000 Ob. $175,000 Oc. $250,000 Od. $345,000 The direct materials costs and direct labor costs incurred by a production department...
When Job 117 was completed, direct materials totaled $42,754; direct labor, $54,414; and factory overhead, $32,390. A total of 3,926 units were produced at a per-unit cost of On: 533 Ob 53,926 Oc. $129,558 Od 597,166 Smith Company reports the following information: $68,250 Cost of goods manufactured Direct materials used Direct labor incurred Work in process inventory, January 1 27,000 25,000 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is...
In the manufacture of 9,900 units of a product, direct materials cost incurred was $171,000, direct labor cost incurred was $106,900, and applied factory overhead was $40,900, What is the total conversion cost? Oa. $318,800 Ob. $171,000 Oc. $147,800 Od. 540.900
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Horla Co's manufacturing operations recorded the following information for the month of March 20x9: Inventories Mar. 7, 20x9 Mar. 31 20x9 Direct materials $ 33221 $ 26151 Work in process 15450 13078 Finished goods 47775 68616 Additional information for the month of March: Direct materials purchased $81849 Direct labour costs incurred 64020 11 Direct labour rate per hour Factory overhead rate per direct labour hour 9 What were the cost of goods sold for the month of March? Select one...
Selected financial information for Brookeville Manufacturing is presented in the following table (000s omitted). Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $5,000 S450 $540 S630 $690 $200 S190 $400 $430 $290 $270 What was cost of goods sold? OA. OB. OC. OD. $1,650 $890 $1,620 $1,580
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