ACCOUNTING 211 Liberty University -Acct 211 chapters 20, 21, 22 correctly answered

Acct 211 chapters 20, 21, 22A major purpose of cost accounting is to - correct answer Measure, record, and report product costs Usually, under- or overapplied overhead is considered to be an adjustment to - correct answer cost of goods sold If manufacturing overhead has a credit balance at the end of the period, then - correct answer overhead has been overapplied When a job is completed and all cost have been accumulated on a job cos sheet, the journal entry that should be mad is - correct answer Dr: Finished goods inventory Cr: Work in progress inventory Manufacturing overhead would not have a subsidiary account for - correct answer Raw materials inventory Job cost sheets constitute the subsidiary ledger for the - correct answer Work in process inventory account If the entry to assign factory labor showed only a debit to work in process inventory, then all labor costs were - correct answer Direct labor In a job order cost accounting system, the raw materials inventory account is - correct answer a control account Which of the following would be accounted for using a job order cost system - correct answer the construction of a new campus building If beginning work in process is 4000 units, ending work in process is 2000 units, and the units accounted for equals 10,000 units, what must units started into production be? - correct answer 6000