17. The two basic types of cost accounting systems are A Job order costing and p

Question

17. The two basic types of cost accounting systems are A Job order costing and perpetual costing. B. Job order costing and customized product costing C. Job order costing and customized service costing D. Job order costing and process costing. E. Job order costing and periodic costing 18. Using the information below for Laurels Company: determine the cost of goods manufactured during the current year $5,000 Direct materials used 7,000 5,100 3,000 4,000 Direct Labor Total Factory overhead Beginning work in process Ending work in process A $12,000. B. $16,100. C. $17,100. D. $18,100. E. $13,600. 19. The following information pertains to the Frameworks Corporation for May. Calculate the cost of goods sold for the period: Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured $19,500 $18,000 $126,8 A. $164,300. B. $126,800 C. $125,300. D. $146,300 E. $128,300. pg. 5

Explanation / Answer

17) Two basic accounting system = Job order costing and process costing

so answer is d) Job order costing and process costing

18) Cost of goods manufactured = Direct material+direct labour+overhead+beginning wip-ending wip

= 5000+7000+5100+3000-4000

Cost of goods manufactured = 16100

so answer is b) $16100

19) Cost of goods sold = Beginning finished goods+cost of goods manufactured-ending finished goods

= 19500+126800-18000

Cost of goods sold = 128300

so answer is e) $128,300

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