Multiple Choice Questions: 1) The ________ account is credited to adjust for over-allocated overhead costs. A) Cost
Question:
Multiple Choice Questions:
1) The ________ account is credited to adjust for over-allocated overhead costs.
A) Cost of Goods Sold
B) Sales Revenue
C) Manufacturing Overhead
D) Finished Goods Inventory
2) The ________ account is credited to adjust for under-allocated overhead costs.
A) Cost of Goods Sold
B) Sales Revenue
C) Manufacturing Overhead
D) Finished Goods Inventory
3) Productions costs are transferred from one Work-in-Process Inventory account to the next and eventually to:
A) Manufacturing Overhead.
B) Sales Revenue.
C) Finished Goods Inventory.
D) Accounts Payable.
4) Iowa Inc. purchased raw materials for $6,000 and $25,000 for cash and on account, respectively.
Provide the journal entry to record purchase of raw materials.
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver