On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and...

 

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On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory. a. True b. False 2. 3. The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company. a. True b. False 4. Managers use managerial information to evaluate performance of a company's operation. a. True b. False Managerial information is for external as well as internal stakeholders. a. True b. False 5. Cost accounting systems measure, record, and report product costs. a. True 6. b. False A manufacturer may employ a job order cost system for some of its products and a process cost system for others. a. True b. False 7. 8. Materials are transferred from the storeroom to the factory in response to materials requisitions. a. True b. False On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods inventory. a. True b. False 2. 3. The statement of cost of goods manufactured is an extension of the income statement for a manufacturing company. a. True b. False 4. Managers use managerial information to evaluate performance of a company's operation. a. True b. False Managerial information is for external as well as internal stakeholders. a. True b. False 5. Cost accounting systems measure, record, and report product costs. a. True 6. b. False A manufacturer may employ a job order cost system for some of its products and a process cost system for others. a. True b. False 7. 8. Materials are transferred from the storeroom to the factory in response to materials requisitions. a. True b. False

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2Answer True Explanation In the preparation of balance sheet of a manufacturing business The inventory that are reported in the balance sheet includes ... View the full answer