Which of these occur when the costs of goods sold exceeds the costs of goods manufactured? Group of answer choices The finished goods inventory decreases over the period. The work-in-process inventory increases over the period. The finished goods inventory increases over the period. The work-in-process inventory decreases over the period.
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- If the cost of goods manufactured is less than the cost of goods sold, which of the following is correct? a) Finished Goods Inventory has increased. b) Work in Process Inventory has increased. c) Finished Goods Inventory has decreased. d) Work in Process Inventory has decreased.If the beginning finished goods inventory (in units) is more than the desired finished goods ending inventory (in units), the required production in units will be: Select one: a. Equal to unit sales plus beginning finished good inventory (in units) b. More than unit sales c. Less than unit sales d. Equal to unit salesThe unadjusted cost of goods sold is calculated using which of the following equations? Multiple Choice O Beginning finished goods inventory + Cost of goods manufactured + Ending finished goods inventory Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured + Ending finished goods inventory
- 1. Compute the unit product cost under absorption costing. 2. Compute the net income under absorption costing. 3. What will be the value of the ending inventory if the company is using absorption costing?1. How much Is ending raw materials inventory?2. How much is in ending work in process inventory? 3. How much is in ending finished goods inventory? 4. How much is gross profit?L. What is the ending balance in Finished Goods ? (Show T-Account ) M. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? N. What is the gross margin for the year ? O. What is the net operating income for the year ?
- If the beginning finished goods inventory (in units) and the desired finished goods ending inventory (in units) are the same, the required production in units will be: Select one: O a. Equal to unit sales plus beginning finished good inventory (in units) O b. Equal to unit sales plus beginning finished good inventory (in units) plus ending finished goods inventory (in units) O c Equal to unit sales O d. All of the given answers are correctWhich components correspond to the following terms? Match each item to a choice: Choices: Selling price of perishable goods Selling price, variable costs Fixed expenses Contribution margin Equipment, cost of goods sold, labor Selling price, variable costs, contribution margin ratio Quantity, mark-up/down, spoilage Payroll, utilities, insuranceHow much is backflushed from Finished Goods to Cost of Goods Sold?
- How to compute 1. beginning finished goods inventory 2. total direct labor cost 3. total cost of goods soldEffect of Cost Changes Complete the following table by indicating whether FIFO or LIFO results in the lower reported amount for each of the three accounting measures. Rising costs Falling costs Lowest Ending Inventory Lowest Cost of Goods Sold Lowest Net IncomeIncome under absorption costing will be higher than the income under variable costing when the costs of Group of answer choices Beginning inventory exceeds the ending inventory Units manufactured are less than the units sold during the period Units manufactured exceeds the units sold during the period Units manufactured are equal to the units sold during the period