1// Just-in-Time: Which accounts are used to record actual manufacturing costs?

Raw Materials, Manufacturing Overhead

Raw and In-Process, Manufacturing Overhead

Raw and In-Process, Conversion Costs

Raw and In-Process, Conversion Costs, Finished Goods

2//Just-in-Time: When are the costs of products recorded?

At the beginning and during production

As an entry to Work-in-Process Inventory

When the goods are transferred to the Finished

Goods Inventory

3///What are the four types of quality costs?

hmm

Prevention, Appraisal, Internal Failure, External Failure

Prevention, Appraisal, External Failure, Costing

Prevention, Appraisal, Internal Failure, Costing

Detection, Appraisal, Internal Failure, External Failure

4//What is the purpose of quality management systems?

Quality Management Systems help managers improve business performance by providing quality products and services

Quality Management Systems should increase customer satisfaction

Investment in Quality Management Systems should reduce internal and external failure costs.

All of the above

5//Dec 23: Sold 650 units for $395 each on account. The company uses the perpetual inventory system.

debit Accounts Receivable $256,750, credit Sales Revenue $256,750

debit Cost of Goods Sold 176,150, credit Finished Goods $176,150

Both of the above entries are required