Question 1

The balance of the manufacturing summary account is closed to Income Summary.

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

The answer of The raw materials inventory is shown in...

Question 3

Raw materials and work in process are costs incurred while manufacturing a product and are considered period expenses and thus appear on the income statement.

Accepted Answer

A) True 
 B)False

Question 4

A statement of cost of goods manufactured supports the income statement.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is NOT an adjusting entry?

Accepted Answer

A)  
B)  
C)  
D)  E) B) and D)
F) None of the above B

Question 6

The manufacturing costs incurred during the year are:

Accepted Answer

A)  shown as expense accounts, such as Wages Expense and Utilities Expense, that are listed in the Operating Expenses section of the income statement.
B)  shown as Direct Labor, Raw Materials, and Manufacturing Overhead in the Operating Expenses section of the income statement.
C)  shown in the Cost of Goods Sold section of the income statement.
D)  used in the calculation of cost of goods manufactured.E) B) and C)
F) A) and C)

Question 7

Fill in the missing line items on the Income Statement given. Include correct indentations, underlines, dates, and capitalization when needed.
Panache Manufacturing Income Statement
Year Ended March 31, 2019

Accepted Answer

Panache Manufacturin...

Question 8

Keyes Company manufactured 1,000 widgets for $37.00 per unit. The material cost assigned to each unit is $13. Direct labor accounts for 25% of the total manufacturing cost. What is the
Per-unit cost of manufacturing overhead?

Accepted Answer

A)  $9.25.
B)  $14.75.
C)  $14.25.
D)  $18.00.E) None of the above
F) C) and D)

Question 9

The statement of cost of goods manufactured:

Accepted Answer

A)  supports the balance sheet.
B)  supports the income statement.
C)  replaces the income statement.
D)  is not related to the income statement.E) B) and D)
F) C) and D)

Question 10

The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year.

The cost for Direct Labor is:

Accepted Answer

A)  $49,000.
B)  $15,000.
C)  $34,000.
D)  $59,000.E) C) and D)
F) All of the above

Question 11

Calculate the total manufacturing cost from the information given:

Accepted Answer

A)  $37,500.
B)  $30,300.
C)  $23,100.
D)  $57,150.E) B) and D)
F) All of the above B

Question 12

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:

Accepted Answer

A)  Finished Goods Inventory.
B)  Income Summary.
C)  Manufacturing Summary.
D)  Merchandise Inventory.E) A) and D)
F) B) and C)

Question 13

Organizations that utilize the perpetual inventory method record additions and deletions of inventory items:

Accepted Answer

A)  yearly.
B)  quarterly.
C)  monthly.
D)  daily.E) B) and D)
F) C) and D)

Question 14

Total manufacturing cost is the sum of direct materials used, direct labor incurred and manufacturing overhead applied.

Accepted Answer

A) True 
 B)False

Question 15

The following information appears on the income statement of the Davis Company at the end of the year.
  Sales $512,000 Cost of Goods Manufactured 357,000 Gross Profit on Sales 168,000 Beginning finished goods inventory 118,000\begin{array}{lr}	ext { Sales } & \$ 512,000 \	ext { Cost of Goods Manufactured } & 357,000 \	ext { Gross Profit on Sales } & 168,000 \	ext { Beginning finished goods inventory } & 118,000\end{array} Sales  Cost of Goods Manufactured  Gross Profit on Sales  Beginning finished goods inventory ​$512,000357,000168,000118,000​ 
Ending finished goods inventory is:

Accepted Answer

A)  $239,000.
B)  $105,000.
C)  $307,000.
D)  $131,000. E) A) and B)
F) A) and C) D

Question 16

Use the following information for the questions.

-The above listed items are used by Paige Manufacturing to make dollhouses. Categorize each as Direct Materials (DM), Direct Labor (DL), or Manufacturing Overhead (MOH).

Accepted Answer

1. DM; 2. MOH; 3. DM...

Question 17

Raw Materials Used is not a component of manufacturing overhead.

Accepted Answer

A) True 
 B)False

Question 18

On the completed worksheet of a manufacturing business, the accounts related to materials purchases, direct labor, and factory overhead:

Accepted Answer

A)  appear in the Income Statement section.
B)  do not appear.
C)  appear in the Cost of Goods Manufactured section.
D)  appear in the Balance Sheet section.E) All of the above
F) C) and D)

Question 19

The cost of indirect materials and supplies used in manufacturing operations are part of----------and are included in the calculation of total manufacturing costs.

Accepted Answer

manufactur...

Question 20

Reversing entries are required by:

Accepted Answer

A)  the Internal Revenue Service.
B)  Generally Accepted Accounting Principles.
C)  the International Accounting Standards Board.
D)  none of these.E) A) and B)
F) C) and D)

Exam 26: Accounting for Manufacturing Activities

The balance of the manufacturing summary account is closed to Income Summary.

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

Correct Answer
verified

Raw materials and work in process are costs incurred while manufacturing a product and are considered period expenses and thus appear on the income statement.

Correct Answer
verified

A statement of cost of goods manufactured supports the income statement.

Correct Answer
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Which of the following is NOT an adjusting entry?

Correct Answer
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B

The manufacturing costs incurred during the year are:

Correct Answer
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Fill in the missing line items on the Income Statement given. Include correct indentations, underlines, dates, and capitalization when needed. Panache Manufacturing Income Statement Year Ended March 31, 2019

Correct Answer
verified
Panache Manufacturin...
View Answer

Keyes Company manufactured 1,000 widgets for $37.00 per unit. The material cost assigned to each unit is $13. Direct labor accounts for 25% of the total manufacturing cost. What is the Per-unit cost of manufacturing overhead?

Correct Answer
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The statement of cost of goods manufactured:

Correct Answer
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The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. The cost for Direct Labor is:

Correct Answer
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Calculate the total manufacturing cost from the information given:

Correct Answer
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B

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:

Correct Answer
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Organizations that utilize the perpetual inventory method record additions and deletions of inventory items:

Correct Answer
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Total manufacturing cost is the sum of direct materials used, direct labor incurred and manufacturing overhead applied.

Correct Answer
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Correct Answer
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D

Use the following information for the questions. -The above listed items are used by Paige Manufacturing to make dollhouses. Categorize each as Direct Materials (DM), Direct Labor (DL), or Manufacturing Overhead (MOH).

Correct Answer
verified
1. DM; 2. MOH; 3. DM...
View Answer

Raw Materials Used is not a component of manufacturing overhead.

Correct Answer
verified

On the completed worksheet of a manufacturing business, the accounts related to materials purchases, direct labor, and factory overhead:

Correct Answer
verified

The cost of indirect materials and supplies used in manufacturing operations are part of----------and are included in the calculation of total manufacturing costs.

Correct Answer
verified
manufactur...
View Answer

Reversing entries are required by:

Correct Answer
verified

Exam 26: Accounting for Manufacturing Activities

The balance of the manufacturing summary account is closed to Income Summary.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Raw materials and work in process are costs incurred while manufacturing a product and are considered period expenses and thus appear on the income statement.

Correct AnswerverifiedShow Answer

A statement of cost of goods manufactured supports the income statement.

Correct AnswerverifiedShow Answer

Which of the following is NOT an adjusting entry?

Correct AnswerverifiedB

The manufacturing costs incurred during the year are:

Correct AnswerverifiedShow Answer

Fill in the missing line items on the Income Statement given. Include correct indentations, underlines, dates, and capitalization when needed. Panache Manufacturing Income Statement Year Ended March 31, 2019

Correct AnswerverifiedPanache Manufacturin...View AnswerShow Answer

Keyes Company manufactured 1,000 widgets for $37.00 per unit. The material cost assigned to each unit is $13. Direct labor accounts for 25% of the total manufacturing cost. What is the Per-unit cost of manufacturing overhead?

Correct AnswerverifiedShow Answer

The statement of cost of goods manufactured:

Correct AnswerverifiedShow Answer

The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. The cost for Direct Labor is:

Correct AnswerverifiedShow Answer

Calculate the total manufacturing cost from the information given:

Correct AnswerverifiedB

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:

Correct AnswerverifiedShow Answer

Organizations that utilize the perpetual inventory method record additions and deletions of inventory items:

Correct AnswerverifiedShow Answer

Total manufacturing cost is the sum of direct materials used, direct labor incurred and manufacturing overhead applied.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedD

Use the following information for the questions. -The above listed items are used by Paige Manufacturing to make dollhouses. Categorize each as Direct Materials (DM), Direct Labor (DL), or Manufacturing Overhead (MOH).

Correct Answerverified1. DM; 2. MOH; 3. DM...View AnswerShow Answer

Raw Materials Used is not a component of manufacturing overhead.

Correct AnswerverifiedShow Answer

On the completed worksheet of a manufacturing business, the accounts related to materials purchases, direct labor, and factory overhead:

Correct AnswerverifiedShow Answer

The cost of indirect materials and supplies used in manufacturing operations are part of----------and are included in the calculation of total manufacturing costs.

Correct Answerverifiedmanufactur...View AnswerShow Answer

Reversing entries are required by:

Correct AnswerverifiedShow Answer

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B

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Panache Manufacturin...
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B

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D

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1. DM; 2. MOH; 3. DM...
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manufactur...
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