The cost of goods manufactured is recorded with a debit to the Work-in-Process Inventory account and a credit to the Cost of Goods Manufactured account
Indicate whether the statement is true or false
FALSE
You might also like to view...
Markets of Central and Eastern Europe present interesting opportunities and challenges. Companies such as 3M International, McDonald's, Philips Electronics, and Henkel are moving into the region for all of the following reasons except:
A) that region is an important new source of growth. B) that the first company to penetrate a country market often emerges as leader. C) wage rates are much lower than those in Spain, Portugal, and Greece. D) that region offers attractive locations for low-cost manufacturing. E) core products and Western brand names need changes are appropriate for business.
Which of the following is an objective of internal control?
A) to encourage employees to follow company policies B) to ensure timely payment of accounts payable C) to ensure timely collection of accounts receivable D) to guarantee that a business makes a profit
Stage Technologies is a London-based company that supplies engineering solutions for the entertainment industry. It has helped the boy-band Westlife make a flying entrance onto stage and provided stage-rigging packages for the Princess cruise line. The company was established in 1994 after a couple of production designers decided that the automation of theater productions could be done more safely and more efficiently by using modular production rather than the old "build-as-needed" formula. The company installs wenches, stage lifts, and other equipment commonly used in stage productions. The equipment is designed so it can be operated from a single console without heavy lifting. Both opera companies and theaters see the benefit of such a system, but many are reluctant to buy because of
perceived costs.Joseph Harris is the company's best salesperson. Harris is making a sales call on the manager of a theater that is planning to perform three plays this season that include complicated lifting, flying, and a working trapdoor. The manager is aware of the time, labor, and monetary costs involved in staging these productions and wishes there was an easier way to produce the three plays.The theater manager is most likely at the: A. preconscious level and will require a lengthy sales presentation. B. routine decision level and anxious about the purchase. C. routine decision level with few objections. D. conscious level and easy to sell to. E. unconscious level and will be a difficult sell.
The changes in account balances of the Dunedin Corporation during 2014 are presented below: Increase Assets ............................................... $133,500 Liabilities .......................................... 40,500 Common Stock ......................................... 90,000 Additional Paid-In Capital ........................... 9,000 Assuming there are no changes in retained
earnings except for net income and a dividend payment of $19,500, the net income for 2014 should be a. $6,000. b. $13,500. c. $19,500. d. $25,500.