Exam 8: Accounting for Manufacturing

If the overhead application rate is $10 per direct labour hour and 120 direct labour hours are used in printing a text book how much overhead is included in the total production cost of the book?

For a manufacturer a periodic inventory system has many limitations and deficiencies. These limitations____________ the number of products and producing departments.

Issues that must be resolved in accounting for factory overhead are all of the following except:

If projected factory overhead is $360 000 p.a. and projected direct labour hours are 60 000 hours p.a., the overhead application rate is:

Variable costs:

A fixed cost is one that:

Sustainable manufacturing is of importance to how many of these groups? i. Management ii. Government iii. Customers iv. Public at large

Mega Manufacturing's accounting records provide the following information. What is the business direct material cost for the period? Cost of goods manufactured is $35 000 Ending work in process is $11 500 Manufacturing overhead is $12 700 Direct labour is $8 900 Beginning work in process is $7 500

A clothing manufacturer has a production department where the clothing is produced and two other departments, a warehouse and a general office, which are known as:

Variable costs:

Which of the following statements concerning sustainable manufacturing is correct?

Work in process inventory is:

Product costs are integral to the production of a product and are expensed in the period in which the:

Accounting standard IAS 2/AASB 102:

When preparing a cost of goods manufactured statement from the following information, what is the total cost of goods manufactured? Direct materials $6 Advertising expenses 3 Indirect labour 1 Indirect materials 5 Direct labour 2 Other manufacturing overhead 3

What type of business would calculate cost of sales in the income statement as stock of finished goods at start + purchases - stock of finished goods at end?

The costs of the two service departments, maintenance and quality control, that provide support for the production departments are classed as:

Assume Coburg Heaters issued $50 500 of direct materials to production, total direct labour costs were $30 000 and total overhead costs were $30 000. If work in process at the start was $10 000 and work in process at the end was $12 000, what is the total cost of goods manufactured for the period?

Costs which are not directly required to produce a product but are expensed in the income statement in the period in which they are incurred are called:

Assume direct materials, direct labour and factory overhead for the period total $700 000. If work in process at the start is $55 000 and work in process at the end is $40 000, what is the cost of goods manufactured?