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254) Actual manufacturing overhead costs accumulated as debits to a

Question : 254) Actual manufacturing overhead costs accumulated as debits to a : 1876930

254) Actual manufacturing overhead costs are accumulated as debits to a single general ledger account called Manufacturing Overhead.

255) The entry to allocate manufacturing overhead costs to work-in-process requires a debit to Work-in Process account.

256) The Manufacturing Overhead account is credited for actual manufacturing overhead costs incurred during the period.

257) The entry to transfer sold goods includes a debit to the Finished Goods Inventory account.

258) The Finished Goods Inventory account is debited when the product is sold.

259) In job costing, the journal entry to record the use of direct materials on jobs is to debit Work-in-Process Inventory account and credit

A) Raw Materials Inventory account.

B) Finished Goods Inventory account.

C) Manufacturing Overhead account.

D) Wages Payable account.

260) Cost of Goods Sold account is debited and Finished Goods Inventory is credited for

A) purchase of goods on account.

B) transfer of goods to the Finished Goods Storeroom.

C) transfer of materials into Work-in-Process Inventory.

D) the sale of goods to a customer.

261) Under which of the following situations is Finished Goods Inventory debited and Work-in- Process Inventory account credited?

A) Transfer of goods to the finished goods storeroom

B) Purchase of goods on account

C) Transfer goods out of the factory

D) Transfer of material to Work-in-Process Inventory account

262) Under which of the following situations is Raw Materials Inventory account credited and Work-in-Process Inventory account debited?

A) We ship goods to the customer.

B) Material is transferred to the factory.

C) We transfer goods to the storeroom.

D) We purchase goods on account.

263) The cost of direct materials used in production is debited to

A) either Manufacturing Overhead account or Work-in-Process Inventory account.

B) Finished Goods Inventory account.

C) Work-in-Process Inventory account.

D) Manufacturing Overhead account.

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