16. The inventory accounts that show the cost of completed goods on hand and the

Question

16. The inventory accounts that show the cost of completed goods on hand and the costs applicable to production that is only partially completed are, respectively

a.Work in Process Inventory and Raw Materials Inventory
b.Finished Goods Inventory and Raw Materials Inventory
c.Finished Goods Inventory and Work in Process Inventory
d.Raw Materials Inventory and Work in Process Inventory.

17.A process cost system would most likely be used by a company that makes
a. motion pictures
b.repairs to automobiles
c.breakfast cereal
d.college graduation announcements.

18.What is work in process inventory generally described as?
a.Costs applicable to units that have been started in production but are only partially completed
b.Costs associated with the end stage of manufacturing that are almost always complete and ready for customers
c.Costs strictly associated with direct labor
d.Beginning stage production costs associated with labor costs dealing with bringing in raw materials from the shipping docks

19.The labor costs that have been identified as indirect labor should be charged to
a.manufacturing overhead.
b. direct labor
c.the individual jobs worked on.
d. salary expense

Explanation / Answer

Dear student, only one question is allowed at a time. I am answering the first question

16)

Completed goods are termed as Finished goods. Finished goods are kept as Finished goods inventory and are disclosed as finished goods inventory in books of accounts

The cost which has already been allocated to products which are under production is shown under work in process inventory account

So, as per above discussion, option c is the correct option

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