5. (TCO 2) Match each of the following six terms with the phrase that most close
ID: 2378129 • Letter: 5
Question
5. (TCO 2) Match each of the following six terms with the phrase that most closely describes it. Each answer below may be used only once.
_____ 1. Period costs
_____ 2. Cost of goods available for sale
_____ 3. Activity-based costing
_____ 4. Process costing system
_____ 5. Work in process
_____ 6. Just-in-time system
(A) Costs assigned to the goods produced, also known as manufacturing costs
(B) Materials costs that are not traced directly to products produced
(C) System that seeks to minimize Raw Materials Inventory and Work in Process Inventory
(D) Cost of items that are completed and transferred from Work in Process Inventory to Finished Goods Inventory
(E) Costs that are identified with accounting periods rather than with goods produced
(F) Actual overhead greater than overhead that has been applied to products
(G) Method of assigning overhead costs that uses multiple allocation bases
(H) System that uses job-order sheets to collect costs for each individual job
(I) Cost of all materials and parts that are directly traced to the items produced
(J) Beginning balance in the Finished Goods Inventory plus cost of goods manufactured (Points : 6)
Explanation / Answer
A. period cost
B. Activity based costing
C. Just in time system
D. Cost of goods available for sale
E. Period cost
F. none of these
g. activity based costing
h. work in process
i. process costing system
j. cost of goods available for sale.
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