Question 1 (3 points) The _______________________ summarizes the production and

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Question 1 (3 points)

The _______________________ summarizes the production and cost data for a department.

Question 1 options:

Inventory Report

Receiving Report

Cost of production report

None of the Above

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Question 2 (4 points)

Based on the predetermined factory overhead rate for Company Z, the company applied Factory Overhead totaling $4,569. Upon the completion of Job 569, it was determined that total factory overhead was $5,126. During the closeout process, Company Z should __________________________.

Question 2 options:

Debit FOH $557; Credit Cost of Goods Sold $557

Debit Cost of Goods Sold $557; Credit FOH $557

Debit FOH $5,126; Credit Cost of Goods Sold $5,126

None of the above

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Question 3 (3 points)

The cost of materials entering directly into the manufacturing process is classified as factory overhead cost.

Question 3 options:

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Question 4 (3 points)

The Davidson Company plans to increase its profits by expanding its company into 5 different states within the next 7 years. This is an example of ______________________.

Question 4 options:

Operational planning

Directing

Strategic Planning

None of the above

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Question 5 (3 points)

In the process cost system, direct labor costs are incurred by employees in each department who run the equipment and load and unload the product(s).

Question 5 options:

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Question 6 (3 points)

On the Balance Sheet, raw materials inventory is listed before finished goods inventory and work in process inventory because it is more liquid than the others.

Question 6 options:

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Question 7 (3 points)

In the process costing system, work in process inventory is transferred from Department E to Department F. The company should debit Work in Process - Department F and credit Work in Process - Department E.

Question 7 options:

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Question 8 (3 points)

When using the process costing system, the company uses one work in process account for each department.

Question 8 options:

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Question 9 (3 points)

Company A purchased $5,000 of raw materials on account for an upcoming job. The company should debit the Work in Process account and credit Accounts Payable.

Question 9 options:

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Question 10 (2 points)

Managerial accounting information includes both historical and estimated data.

Question 10 options:

A)

Inventory Report

B)

Receiving Report

C)

Cost of production report

D)

None of the Above

Explanation / Answer

Answer:

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