Question 1

At the end of the period,Carson Company had the following balances in selected accounts:
Materials $ 80,000
Finished goods 190,000
Work in process 70,000
Cost of goods sold 1,000,000
Factory overhead 30,000
​
(a)The factory overhead balance is relatively small; prepare the journal entry to close the Factory
Overhead account assuming a debit balance.What does a debit balance mean?
(b)The factory overhead balance is relatively small; prepare the journal entry to close the Factory
Overhead account assuming a credit balance.What does a credit balance mean?

Accepted Answer

(a)Cost of Goods Sold 30,000 Factory Ove...

Question 2

A manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventory.

Accepted Answer

A) True 
 B)False

Question 3

A receiving report is prepared when purchased materials are first received by the manufacturing department.

Accepted Answer

A) True 
 B)False

Question 4

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d) .
-president's salary

Accepted Answer

A)  direct labor
B)  direct materials
C)  factory overhead
D)  not a product costE) A) and D)
F) B) and C)

Question 5

The following is a list of costs incurred by several business organizations:
​
  Classify each of the preceding costs as product costs or period costs.For those costs classified as product costs,indicate whether the product cost is a direct materials cost,direct labor cost,or factory overhead cost.For those costs classified as period costs,indicate whether the period cost is a selling expense or an administrative expense.Use the following tabular headings for preparing your answer.Place an X in the appropriate column.

Accepted Answer

The answer of The following is a list of costs...

Exam 16: Job Order Costing

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d) . -president's salary

Correct Answer
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Correct Answer
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A receiving report is prepared when purchased materials are first received by the manufacturing department.

Correct Answer
verified

Correct Answer
verified
(a)Cost of Goods Sold 30,000 Factory Ove...
View Answer

A manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventory.

Correct Answer
verified

Exam 16: Job Order Costing

Match the costs that follow to the type of product cost (a-c) or designate as not a product cost (d) . -president's salary

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A receiving report is prepared when purchased materials are first received by the manufacturing department.

Correct AnswerverifiedShow Answer

Correct Answerverified(a)Cost of Goods Sold 30,000 Factory Ove...View AnswerShow Answer

A manufacturing business reports just two types of inventory on its balance sheet: work in process inventory and finished goods inventory.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
(a)Cost of Goods Sold 30,000 Factory Ove...
View Answer

Correct Answer
verified