Matching
Complete the following by listing the types of firms (manufacturing, service, or merchandising) that would use each balance sheet or income statement item.
Premises:
Selling and administrative expenses
Direct labor
Operating income
Work-in-process services
Gross margin
Raw materials inventory
Purchases of materials
Merchandise inventory
Finished goods inventory
Over/underapplied manufacturing/service overhead
Selling and administrative expenses
Work-in-process inventory
Cost of goods/services sold
Supplies inventory
Applied manufacturing/service overhead
Responses:
Manufacturing
Service
Merchandising
Correct Answer:
Premises:
Responses:
Selling and administrative expenses
Direct labor
Operating income
Work-in-process services
Gross margin
Raw materials inventory
Purchases of materials
Merchandise inventory
Finished goods inventory
Over/underapplied manufacturing/service overhead
Selling and administrative expenses
Work-in-process inventory
Cost of goods/services sold
Supplies inventory
Applied manufacturing/service overhead
Premises:
Selling and administrative expenses
Direct labor
Operating income
Work-in-process services
Gross margin
Raw materials inventory
Purchases of materials
Merchandise inventory
Finished goods inventory
Over/underapplied manufacturing/service overhead
Selling and administrative expenses
Work-in-process inventory
Cost of goods/services sold
Supplies inventory
Applied manufacturing/service overhead
Responses:
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