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Exam 26: Accounting for Manufacturing Activities

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Question 51

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The Manufacturing Summary account is closed into the---------- account.

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Question 52

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

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Question 53

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Calculate the cost of goods manufactured from the information given:

Raw materials purchased during the month were $66,000. During that same period, $95,000 was used and ending inventory was $35,000. The beginning raw material inventory balance must have been $60,000.

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

What is the post-closing Trial Balance and why is it prepared?

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

To compute the---------- , 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.

Bolton Company's total manufacturing costs for the year were $1,815,000. The firm's manufacturing overhead was $336,000, and its cost of raw materials used was $856,000. What was the direct labor cost for the year?

Reversing entries help save time and prevent errors in the period being closed.

Use the following information for the questions. -From the information given, determine total direct and total indirect costs.

The entry to close the Manufacturing Summary account includes a(n)----------to Manufacturing Summary.

The following information appears on the income statement of the Richer Company at the end of th year. $\begin{array}{lr}\text { Beginning finished goods inventory } & \$ 197,000 \\\text { Ending finished goods inventory } & 204,000 \\\text { Sales } & 360,100 \\\text { Cost of Goods Manufactured } & 136,000\end{array}$ Gross Profit on Sales is:

Beginning and ending finished goods inventory are used in the calculation of cost of goods---------.

The Indirect Labor account is closed by crediting Indirect Labor and debiting:

All of the items that are purchased for manufacturing operations that go into a product and become part of the finished product are called----------- .

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.

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

For a manufacturing business, net sales minus---------- equals gross profit on sales.

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