Question 30

Which of the following represents the cost of the jobs sold during the period?

Group of answer choices

Work in process inventory

Finished goods inventory

Cost of goods sold

Raw materials inventory

Question 31

Finished Goods Inventory has and ending balance of $225,000. This indicates

Group of answer choices

Some jobs were started but not yet completed

Some jobs will need to be started next period

Some jobs were completed but not yet sold

Some jobs that were completed were sold this period

Question 32

Which of the following statements is true?

Group of answer choices

A process costing system will have a single work in process account.

A process costing system will have a separate raw materials account for each of the major processes.

A process costing system will have a separate work in process account for each of the major processes.

A job costing system will have a separate work in process account for each of the major processes.

Question 33

Manufacturing Overhead costs are applied into process by:

Group of answer choices

debiting raw materials inventory

crediting wages payable

crediting Manufacturing Overhead

debiting Manufacturing Overhead

Question 34

If the materials being placed into production are not traced to specific job

Group of answer choices

work in process would be debited.

raw materials would be debited.

manufacturing overhead would be debited.

manufacturing overhead would be credited.

Question 35

Inventory accounts are listed in the _________ in the order of _____ to _____

Group of answer choices

Balance Sheet; Least liquid; Most liquid

Income Statement; Most liquid; Least liquid

Balance Sheet; Most liquid; Least liquid

Income Statement; Least liquid; Most liquid