Question :
60.When finished goods sold, the entry to record the cost : 1169268
60.When finished goods are sold, the entry to record the cost of goods sold includes
A. a debit to Finished Goods Inventory and a credit to Cost of Goods Sold.
B. a debit to Cost of Goods Sold and a credit to Sales.
C. a debit to Cost of Goods Sold and a credit to Finished Goods Inventory.
D. a debit to Finished Goods Inventory and a credit to Sales.
61.At the end of the month, the entry to close the Manufacturing Overhead control account is recorded as
A. a debit to Manufacturing Overhead Applied and a credit to Manufacturing Overhead.
B. a debit to Work in Process Inventory accounts and a credit to Manufacturing Overhead.
C. a debit to Manufacturing Overhead and a credit to the Work in Process inventory accounts.
D. a debit to Manufacturing Overhead and a credit to Manufacturing Summary.
62.During the month, 1,600 units of a product were completed and 900 units were two-thirds complete with respect to labor and still in process. The total equivalent units of production for labor for the month is
A. 2,200 units.
B. 2,400 units.
C. 2,500 units.
D. 2,600 units.
63.During the month, 2,700 units of a product were completed and 800 units were 60% complete with respect to labor and still in process. The total equivalent units of production for labor for the month is
A. 2,700 units.
B. 2,400 units.
C. 3,180 units.
D. 4,320 units.
64.The two sections of the cost of production report are
A. the total to be accounted for and the total accounted for.
B. the costs assigned to the goods transferred out and the costs assigned to the goods still in process.
C. the summary of quantities and the summary of costs.
D. beginning inventory plus goods started and goods transferred out and ending inventory.
65.Each section of the production report has two parts. They reconcile
A. the total to be accounted for and the total accounted for.
B. the beginning inventory plus units started and the units started and completed and the ending inventory.
C. the costs in beginning work in process and the costs added during the period.
D. the beginning inventory and the ending inventory.
66.The total accounted for consists of
A. the units started in production.
B. the units transferred out and the units in ending work in process.
C. the units started and the units transferred out.
D. the units transferred out and the units completed.
67.The headings for the columns of the Cost Schedule section of the Production Report when there is no beginning inventory are
A. Total Cost and Unit Cost.
B. Total Cost and E.P. Units.
C. E.P. Units and Unit Cost.
D. Total Cost, E.P. Units, and Unit Cost.
68.The part of the Cost Schedule showing the total and unit cost of each element and the cumulative cost total is the
A. total costs transferred out.
B. costs accounted for.
C. costs to be accounted for.
D. total work in process.
69.Total costs accounted for consists of the
A. cumulative cost plus the work in process—ending costs.
B. total costs transferred out less the total work in process—ending costs.
C. cumulative cost plus total costs transferred out.
D. total costs transferred out plus the total work in process—ending costs.
