Question
1. In a manufacturing process overhead costs are added to which inventory account? Raw Materials Finished Goods Work-in-Process Cost of Goods Sold 2. A company
1.
In a manufacturing process overhead costs are added to which inventory account?
Raw Materials
Finished Goods
Work-in-Process
Cost of Goods Sold
2.
A company had the following inventory activity during November:
| Units | Unit Cost | Total Cost | Unit Price | ||
| Beginning inventory | 100 | $20.00 | $2,000 | ||
| Purchase: | November 3 | 900 | $21.00 | 18,900 | |
| Sale: | November 5 | (900) | $30.00 | ||
| Purchase: | November 15 | 1,000 | $21.00 | 21,000 | |
| Sale: | November 28 | (900) | $30.00 | ||
If the company uses a perpetual system and the weighted-average cost formula, what is the gross margin on the November 5 sale?
$6,100
$8,100
$8,190
$8,550
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Payroll Accounting 2016
Authors: Bernard J. Bieg, Judith Toland
26th edition
978-1305665910, 1305665910, 1337072648, 978-1337072649
