ACC 255 EXAM 1 (LATEST UPDATE) REAL QUESTIONS AND
VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED
A
the journal entry to record general selling and admin costs debits
Ans✓✓✓an expense account and credits cash or a liability
when a job is completed Ans✓✓✓work in process is credited
Milton corp sold goods costing $50,000 for $75,000 Ans✓✓✓Cost of
goods sold for $50,000 and accounts receivable for $75
issuance of materials Ans✓✓✓a journal entry that debits work in
process and manufacturing overhead and credits raw materials records
the:
Labor costs charged to Manufacturing Overhead represent:
Ans✓✓✓indirect labor costs
work in process Ans✓✓✓debited to record direct labor costs
true Ans✓✓✓when materials are purchased they are recordedin RAW
materials inventory account
true Ans✓✓✓raw materials inventory represent the cost of materials not
yet used in production
, partially complete units Ans✓✓✓work in process
Completed units that have not yet been sold are found in ____________
__________ inventory. Ans✓✓✓finished goods
period costs Ans✓✓✓don not flow thru inventories
the amount transferred from work in process to finished goods is
Ans✓✓✓cost of goods manufactured
formula for predetermined overhead rate Ans✓✓✓estimated
manufacturing overhead cost divided by estimated allocation base
company recognizes $1000 of accrued property taxes on its
manufacturing facility Ans✓✓✓debit manufacturing overhead $1000
and credit property taxes payable $1,000
which account is credited when manufacturing overhead is applied?
Ans✓✓✓manufacturing overhead
a journal entry debiting salaries expense and crediting salaries and
wages payable record Ans✓✓✓administrative salaries
VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED
A
the journal entry to record general selling and admin costs debits
Ans✓✓✓an expense account and credits cash or a liability
when a job is completed Ans✓✓✓work in process is credited
Milton corp sold goods costing $50,000 for $75,000 Ans✓✓✓Cost of
goods sold for $50,000 and accounts receivable for $75
issuance of materials Ans✓✓✓a journal entry that debits work in
process and manufacturing overhead and credits raw materials records
the:
Labor costs charged to Manufacturing Overhead represent:
Ans✓✓✓indirect labor costs
work in process Ans✓✓✓debited to record direct labor costs
true Ans✓✓✓when materials are purchased they are recordedin RAW
materials inventory account
true Ans✓✓✓raw materials inventory represent the cost of materials not
yet used in production
, partially complete units Ans✓✓✓work in process
Completed units that have not yet been sold are found in ____________
__________ inventory. Ans✓✓✓finished goods
period costs Ans✓✓✓don not flow thru inventories
the amount transferred from work in process to finished goods is
Ans✓✓✓cost of goods manufactured
formula for predetermined overhead rate Ans✓✓✓estimated
manufacturing overhead cost divided by estimated allocation base
company recognizes $1000 of accrued property taxes on its
manufacturing facility Ans✓✓✓debit manufacturing overhead $1000
and credit property taxes payable $1,000
which account is credited when manufacturing overhead is applied?
Ans✓✓✓manufacturing overhead
a journal entry debiting salaries expense and crediting salaries and
wages payable record Ans✓✓✓administrative salaries
