Question : 75. Since manufacturing costs (direct materials, direct labor, and overhead) incurred : 1229497

75. Since manufacturing costs (direct materials, direct labor, and overhead) are incurred in the process of manufacturing units of product, these costs are credited to: 
A. The Direct Materials Inventory, Direct Labor, and Manufacturing Overhead accounts respectively.
B. Liability accounts.
C. The Work in Process Inventory account.
D. The Cost of Goods Sold account.

76. The completion of a computer by First Wireless, Inc. would require a debit to which of the following accounts? 
A. Cost of Goods Sold.
B. Work in Process Inventory.
C. Finished Goods Inventory.
D. Materials Inventory.

77. In a manufacturing company, the cost of goods sold is equal to: 
A. The beginning inventory of finished goods, plus total manufacturing costs, less the ending inventory of finished goods.
B. Total manufacturing costs for the period, less selling expenses.
C. The beginning inventory of work in process, plus total manufacturing costs, less the ending inventory of work in process.
D. The cost of goods available for sale, less the ending inventory of finished goods.

78. In a manufacturing company, the cost of finished goods manufactured is equal to: 
A. The beginning inventory of finished goods, plus net purchases, less the ending inventory of finished goods.
B. The sum of the manufacturing costs charged (debited) to the Work in Process Inventory account during the period.
C. The costs of direct materials, direct labor, and manufacturing overhead incurred in manufacturing the goods sold during the period.
D. The beginning inventory of Work in Process, plus total manufacturing costs for the period, less the ending inventory of Work in Process.

79. In a manufacturing company, the cost of goods sold is equal to: 
A. The beginning inventory of finished goods, plus net purchases, less the ending inventory of finished goods.
B. The sum of the manufacturing costs charged (debited) to the Work in Process Inventory account during the period.
C. The costs of direct materials, direct labor, and manufacturing overhead incurred in manufacturing the goods sold during the period.
D. The beginning inventory of Work in Process, plus total manufacturing costs for the period, less the ending inventory of Work in Process.

80. In a schedule of cost of finished goods manufactured, the figure for total manufacturing costs: 
A. May be less than the cost of direct materials used.
B. May be less than the direct labor costs assigned to production.
C. May be less than the manufacturing overhead applied to production.
D. May be less than the cost of finished goods manufactured.

81. The cost of finished goods manufactured will exceed the cost of goods sold whenever: 
A. The inventory of finished goods increases over the period.
B. The inventory of work in process increases over the period.
C. The inventory of finished goods decreases over the period.
D. The inventory of work in process decreases over the period.

82. Grand Co.’s ending inventory of work in process is twice as large as at the beginning of the period. Therefore: 
A. The ending inventory of finished goods must be larger than the beginning inventory of finished goods.
B. Total manufacturing costs for the period must exceed the cost of finished goods manufactured.
C. Total manufacturing costs for the period must exceed the cost of goods sold.
D. The cost of finished goods manufactured must be smaller than the cost of goods sold.

The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31:
 

83. The total amount of inventory to be included in Elite’s August31st balance sheet amounts to: 
A. $135,000.
B. $210,000.
C. $160,000.
D. Some other amount.

84. Total manufacturing costs charged (debited) to Work in Process during August amount to: 
A. $60,000.
B. $125,000.
C. $110,000.
D. Some other amount.