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Exam 26: Accounting for Manufacturing Activities

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Question 21

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The end-of-period adjusting entries are

A) recorded and posted in the ledger.
B) recorded in the journal and posted in the ledger.
C) recorded in the ledger and posted in the journal.
D) recorded and posted in the journal.

E) C) and D)
F) A) and D)

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Question 22

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For a manufacturing business,net sales minus cost of goods ____________________ equals gross profit on sales.

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Question 23

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The following information appears on the Statement of Cost of Goods Manufactured for the Poster Company at the end of the year. Manufacturing Overhead for the year was:

What is the postclosing Trial Balance and why is it prepared?

Whaler utilizes automated machines to sew sails for its whaling ships.The manufacturing records indicate the Model Z7B sail uses $4,500 of fabric,requires 2 direct labor hours to finish and tie off threads and 5 hours of machine sewing time.The direct labor rate averages $12.50 per hour.Manufacturing overhead is added to the product cost of a sail based on a rate of $40 per machine hour.The company applies a 32% markup on cost.What is the sales price of a Model Z7B sail?

The Cost of Goods Sold section of the income statement for a manufacturing business shows the work in process inventory.

The amounts of the raw materials used,direct labor,and manufacturing overhead for a fiscal period are reported on the statement of cost of goods manufactured.

Cleaning materials and lubricants used in factory operations and maintenance are considered manufacturing overhead.

If the ending finished goods inventory is greater than the beginning finished goods inventory,the cost of goods sold will be higher than the cost of goods manufactured.

What are the three inventory accounts for a manufacturing firm? List the three inventory accounts and indicate for each the name(s)of the statement(s)in which it appears.

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

Six adjusting entries are made for inventory accounts in a manufacturing operation.

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.

The raw materials inventory is shown in the ____________________ section of the balance sheet of a manufacturing business.

The ending balance of the work in process inventory is recorded by debiting Work in Process Inventory and crediting

Closing entries for a manufacturing firm include all of the following except

Benefits of maintaining inventory records on a perpetual basis include all of the following except:

The statement of cost of goods manufactured

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

The ending inventory of raw materials is shown on the worksheet of a manufacturing business in the Cost of Goods Manufactured ____________________ column.