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“Use the following information to calculate the cost of goods sold for The Etmon Company for the month of June:Finished Goods Inventory:Beginning Balance: $28,000Ending Balance: $13,000Cost of Goods Manufactured: $173,000”,”Beginning Finished Goods Inventory: $28,000+Cost of Goods Manufactured: $173,000=Cost of Goods Available for Sale: $201,000-Ending Finished Goods Inventory: $(13,000)=Cost of Goods Sold: $188
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Read moreA philosophy of continuous improvement of products and processes in order to deliver high-quality goods and services to customers is called:A. Financial AccountingB. Total Quality Management (TQM)C. Just-in-Time ManagementD. Managerial Accounting
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Read moreThe Cost of Goods Manufactured is based on the manufacturing costs of goods that have started the production process in a given accounting period. True or false?
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Read moreConsider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts.,”White Corp.Beginning Work-in-Process Inventory: $10,300Direct Materials Used: 14,700Direct Labor: 10,000Manufacturing Overhead: 20,500Total Manufacturing Costs Incurred during the Year: 45,200Total Manufacturing Costs to Account For: 55,500Ending Work-in-Process Inventory: (4,800)Cost of Goods Manufactured: $50,700Fit Apparel$40,70035,80020,10010,10066,000 $106,700(25,700)$81,000Lee Supply$2,4003,5001,4009005,8008,200(2,400)$5
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Read moreThe ethical standards the Institute of Management Accountants (IMA) has developed require managerial accountants to (check all that apply):A. Act with integrity and credibilityB. Renew their CMA license every two yearsC. Preserve the confidentiality of informationD. Maintain their professional competence,”A, C
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Read moreWhen a sale of merchandise occursA. Finished Goods Inventory on the balance sheet becomes a product cost on the income statementB. Finished Goods Inventory on the balance sheet becomes a period cost on the income statementC. Cost of Goods Sold on the balance sheet becomes a product cost on the income statementD. Work-in-Process Inventory on the balance sheet becomes a period cost on the income statement
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Read more“Clark Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2016:Inventories: Beginning EndingRaw Materials: $57,000 $28,000Work-in-Process: 105,000 67,000Finished Goods: 48,000 54,000Other information:Depreciation, plant building and equipment: $12,000Raw materials purchases: 160,000Insurance on plant: 20,000Sales salaries: 41,000Repairs and maintenance – plant: 9,000Indirect labor: 31,000Direct labor: 123,000Administrative expenses: 54,000Requirements1. Use the information to prepare a schedule of cost of goods manufactured.2. What is the unit product cost if Clark manufactured 3,376 lamps for the year?”,”Direct Materials Used: $189,000Direct Labor: 123,000Manufacturing Overhead: Indirect Labor: 31,000 Depreciation, Plant Building and Equipment: 12,000 Repairs and Maintenance – Plant: 9,000 Insurance on Plant: 20,000Total Manufacturing Overhead: 72,000Total Manufacturing Costs Incurred during the Year: 384,000Total Manufacturing Costs to Account For: 489,000Ending Work-in-Process Inventory: (67,000)Cost of Goods Manufactured: $422
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Read moreA service companyA. Only has operating costs that are expensed in the accounting period in which they are incurredB. Usually has Cost of Goods Sold as their biggest expense on its income statementC. Purchases inventory at one price and then sells that inventory to customers at a higher price in order to generate a profitD. Only has product costs and does not have any period costs
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Read more“Assume the following for Smart Touch Learning for the year ended December 31, 2018: Ending WIP Inventory = $300,000; Direct Materials Used = $190,000; Manufacturing Overhead = $60,000;Beginning WIP Inventory = $325,000; Direct Labor = $90,000. Calculate Cost of Goods Manufactured for the period.”,”A. $365
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