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Question
Select the appropriate definition for each of the items listed below.a. Work in process inventory
b. Finished goods inventory
c. Cost of goods sold
d. Cost of goods manufactured
e. Total manufacturing costs
The cost of units unfinished at the end of the current period
Answer
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Information from the records of Place, Inc., for December is as follows: Sales
$820,000 Selling and administrative expenses
140,000 Direct materials purchases
176,000 Direct labor
200,000 Factory overhead
270,000 Direct materials, December 1
24,000 Work in process, December 1
50,000 Finished goods, December 1
46,000 Direct materials, December 31
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1,260 31-December
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Employees who convert direct materials into a product or who provide a service to customers are classified as indirect labor. a. True b. False
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Marketing costs would be classified as period costs. a. True b. False
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Direct materials can be directly traced to the goods or services being produced. a. True b. False
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A cost object is something for which a company wants to know the cost. a. True b. False
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A fixed cost is a cost that does not increase in total as output increases and does not decrease in total as output decreases. a. True b. False
Q:
Select the appropriate definition of each of the items listed below.
a. Income Statement
b. Cost of goods manufactured
c. Work in process
d. Gross margin
e. Operating income
Cost of partially completed goods
Q:
Select the appropriate item for each of the definitions listed below.
a. gross margin
b. selling expenses
c. sales revenue
d. cost of goods sold
e. operating income
sales revenue - cost of goods sold
Q:
Select the appropriate definition for each of the items listed below.
a. Work in process inventory
b. Finished goods inventory
c. Cost of goods sold
d. Cost of goods manufactured
e. Total manufacturing costs
Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory
Q:
Select the appropriate definition for each of the items listed below.
a. Work in process inventory
b. Finished goods inventory
c. Cost of goods sold
d. Cost of goods manufactured
e. Total manufacturing costs
The cost of units finished but not sold at the end of the current period
Q:
Select the appropriate classification of the items listed below.
a. selling expense
b. administrative expense
c. direct materials
d. direct labor
e. overhead
A professor's salary at a university