Question 204 pts

Work in Process Inventory has and ending balance of $125,000. This indicates:

Group of answer choices

Some jobs that were started are not yet completed

Some jobs that were started have been completed

Some jobs will need to be started next period

Some jobs that were started were sold this period

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Question 214 pts

Work in Process 1 has been completed. If this does NOT complete the manufacturing process, what should be done next?

Group of answer choices

Costs should be transferred to Finished Goods

Costs should stay in WIP 1 until the product is complete

None of these

Costs should be transferred to WIP 2

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Question 224 pts

Costs transferred to Finished Goods Inventory totaled, $225,000. Total units produced totaled 60,000. If one unit is sold, what is the cost that should be expensed?

Group of answer choices

$2.75

$. 27

$3.75

none of these

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Question 234 pts

Product costs are

Group of answer choices

expensed on the income statement when incurred.

considered current liabilities until paid.

. treated as an asset and depreciated.

inventoried until the units are sold.

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Question 244 pts

The journal entry to record the incurrence of $1,500 of direct labor and $200 of indirect labor includes which of the following?

Group of answer choices

Debit to Work in process inventory for $1,700

Debit to Work in process for $1,500, debit to Manufacturing overhead for $200

Debit to Work in process inventory for $1,500 and debit to Finished goods for $200

Debit to Manufacturing overhead for $1,700

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Question 254 pts

If a company uses a predetermined overhead rate, which of the following statements is correct?

Group of answer choices

Manufacturing overhead will be credited for actual overhead

Manufacturing overhead will be debited for estimated overhead

Manufacturing overhead will be debited for applied overhead

Manufacturing overhead will be credited for estimated overhead

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Question 264 pts

Which one of the following is indirect labor considered?

Group of answer choices

Product cost

Nonmanufacturing cost

Period cost

Raw material cost

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Question 274 pts

Managerial accounting information is generally prepared for

Group of answer choices

managers

regulatory agencies

investors

stockholders

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Question 284 pts

Which of the following represents the cost of units that have been started but are not yet complete?

Group of answer choices

Finished goods inventory

Raw materials inventory

Work-in-process inventory

Cost of goods sold

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Question 294 pts

Which one of the following is never part of recording the requisition and issuance of raw materials in a job order cost system?

Group of answer choices

Debit Manufacturing Overhead

Credit Raw Materials Inventory

Debit Finished Goods Inventory

Debit Work in Process