ACC210 Ch4 Set 4 Flashcards
1
Q
Cost of goods manufactured
A
The cost of all direct materials, direct labour & manufacturing overhead incurred to produce finished products
2
Q
Schedule of cost of goods manufactured
A
Ex4.15 pg161
3
Q
Schedule of cost of goods sold
A
A report showing the cost of goods sold, which is equal to the cost of goods manufactured adjusted for changes in finished goods inventory & under/overapplied overhead
4
Q
Cost of goods sold report
A
Ex4.16 pg162
5
Q
Income statement
A
Ex4.17pg162
6
Q
Partial balance statement
A
Ex4.18 pg163
7
Q
Production processes in the mixing & finishing departments
A
Ex4.19 pg164
8
Q
Process costing depends on a number of factors
A
- existence of work in process inventory at the of the accounting period
- degree to which the products are identical in their consumption of direct material & specific production processes
9
Q
Process costing with no work in process inventories
A
Ex4.20 pg165
10
Q
Journal entries for process costing
A
Pg165
