The starting point in preparing a comprehensive budget is the a sales forecast h

Question

The starting point in preparing a comprehensive budget is the a sales forecast h cash budiget c budgeted income statement d flexible expense budget The journal entry to record the materials ($8,000) placed into production would include a credit to Raw Materials Inventory for SS000 h. debit to Direct Materials Inventory for $$,000 c credit to Finished Goods Inventory for $8,000 d credit to Work-In-Process Inventory for $$,000 Which of the following statements related to manufacturing overhead allocated is FALSE? a. It is comprised of all manufacturing costs that cannot be directly traced to a product of b. The costs can be grouped in either a single indirect-cost pool or multiple indirect-cost service pools These costs are allocated because the products could be made without them The allocated overhead costs are debited to a Work in Process account d. The material price variance should be computed a when materials are purchased b when materials are used in production c. based upon the amount of materials used in production when only a portion of materials purchased is actually used d. based upon the difference between the actual quantity of inputs and the standard quantity allowed for output times the standard price Costing systems that are used for the costing of like or similar units of products in mass are called a inventory costing systems b. job costing systems c process costing systems d. weighted average costing system 1o When a bakery transfers goods from the Baking Department to the Decorating Department, the accounting entry is a. WIP- Decorating Dept. WIP-Baking Dept. WIP-Decorating Dept. WIP-Baking Dept. b. WIP-Baking Dept c. Raw Materials d None of the above

Explanation / Answer

1. (a) sales forcast

2. (a) credit to RM for $8000 (entry for this is WIP debited and RM credited)

3. (c) these cost are allocated because product can be made without them

4. (a) when material are purchased

5. (c) process costing

6.(a) WIP decorating dr

WIP baking cr.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.