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Cost of goods sold is usually a manufacturers largest expense. True or False?
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Read moreService companies are unable to calculate its cost per service because service companies do not sell products to customers.
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Read moreBeginning and ending Finished Goods Inventory is used to help calculate the Cost of Goods sold forA. Merchandising CompaniesB. Manufacturing CompaniesC. Service CompaniesD. All of the above
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Read more“Assume the following for Smart Touch Learning when it was a service company during the year ended December 31, 2016:Sales Revenue = $ 42,000; Total costs = $ 21,000; Total liabilities = $12,500;Total Assets = $70,000Number of services provided = 600Calculate the unit cost per service for the period. (Round your answers to the nearest whole dollar.)”
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Read moreWhich of the following is a direct cost of manufacturing an automobile?A. The cost of the engineB. The cost of the TV commercial to market the productC. Depreciation on equipmentD. The salary of the janitor who cleans the factory floor
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Read moreHow is the cost per item determined for a merchandiser?A. Total number of items sold / Ending merchandise inventoryB. Ending merchandise inventory / Total number of items soldC. Total cost of goods sold / Total number of items soldD. Total cost of goods manufactured / Total number of items sold
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Read moreWhich of the following would be considered an indirect material for making a bicycle?A. The pedalsB. The tiresC. The wrench used to tighten the bicycle partsD. The bicycle seat
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Read more“QRS Manufacturing Company has the following data for 2017 (amounts in millions):Raw Materials Inventory, January 1: $4Raw Materials Inventory, December 31: $12Work-in-Process Inventory, January 1: $9Work-in-Process Inventory, December 31: $19Finished Goods Inventory, January 1: $14Finished Goods Inventory, December 31: $11Raw Materials Purchased, including Freight In: $32Direct Labor: $46Manufacturing Overhead: $21Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2017.Begin by preparing the schedule of cost of goods manufactured.”
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Read moreWhich of the following is not part of manufacturing overhead for producing a cell phone?A. Depreciation on factory equipmentB. The wages of the assembly workersC. Factory utilitiesD. The salary of the factory supervisor
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