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Exam 26: Accounting for Manufacturing Activities

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Question 21

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All manufacturing costs that are NOT classified as direct materials or direct labor are

A) indirect materials.
B) indirect labor.
C) manufacturing overhead.
D) semidirect costs.

E) All of the above
F) A) and D)

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Question 22

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Fill in the missing line items on the Statement of Cost of Goods Manufactured given. Include correct indentations, underlines, dates, and capitalization when needed.

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Question 23

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To compute the cost of goods ___________________, it is necessary to subtract the ending work in process inventory from the sum of the beginning work in process inventory and the total manufacturing cost.

The balance sheet of a manufacturing business shows

As part of the adjusting entries, the beginning inventory of work in process is closed into the ____________________ Summary account.

Gross profit for a manufacturing business is computed by

The following information appears on the income statement of the Davis Company at the end of the year. $\begin{array} { l r } \text { Sales } & \$ 500,000 \\\text { Cost of Goods Manufactured } & 360,000 \\\text { Gross Profit on Sales } & 160,000 \\\text { Beginning finished goods inventory } & 120,000\end{array}$ Ending finished goods inventory was:

The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. $\begin{array}{lr}\text { Raw Materials Used } & \$ 50,000 \\\text { Manufacturing Overhead } & 60,000 \\\text { Total Manufacturing Costs } & 170,000 \\\text { Work in Process Inventory, January 1 } & 10,000 \\\text { Cost of Goods Manufactured } & 150,000\end{array}$ The cost for Direct Labor was:

All manufacturing costs except those for direct labor and direct materials are included in manufacturing ___________________.

The cost of indirect materials and supplies used in manufacturing operations would be included in the computation of total manufacturing costs as ________________________.

Define the term manufacturing overhead and give three examples of manufacturing overhead for a bakery.

Fill in the missing line items on the Statement of Cost of Goods Manufactured given. Include correct indentations, underlines, dates, and capitalization when needed.

On the completed worksheet of a manufacturing business, the accounts related to materials purchases, direct labor, and factory overhead

The raw materials inventory, the work in process inventory, and the finished goods inventory are all shown in the Current Assets section of the balance sheet.

Other than the adjusting entries that are made to Manufacturing Summary and to Income Summary for inventory, there are several adjustments that are normally made. List at least three and discuss why they are made and what accounts are affected.

Reversing entries for a manufacturing business are

Gross profit for a manufacturing business is computed by deducting cost of goods manufactured from net sales.

Amounts paid to factory repair and maintenance employees are considered direct labor.

-Calculate the Cost of Goods Manufactured.

Fill in the missing line items on the Income Statement given. Include correct indentations, underlines, dates, and capitalization when needed.