Indicate whether each of the following statements is true or false.Most manufacturers use three accounts to report inventory on the balance sheet. ______The Work in Process Inventory account includes completed units that are ready for sale. ______For a manufacturer, the cost of materials received is recorded in the Work in Process Inventory account. ______For a manufacturer, the costs of materials, labor, and estimated overhead are recorded in the Work in Process Inventory account. ______At the end of the period, the balances that remain in the Raw Materials Inventory, Work in Process Inventory, and Finished Goods Inventory accounts are reported on the balance sheet. ______
What will be an ideal response?
Most manufacturers use three accounts to report inventory on the balance sheet. T
The Work in Process Inventory account includes completed units that are ready for sale. F
For a manufacturer, the cost of materials received is recorded in the Work in Process Inventory account. F
For a manufacturer, the costs of materials, labor, and estimated overhead are recorded in the Work in Process Inventory account. T
At the end of the period, the balances that remain in the Raw Materials Inventory, Work in Process Inventory, and Finished Goods Inventory accounts are reported on the balance sheet. T
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The following information is available for Ashland Company for the month ending June 30, 2017
" ¢ Balance as per the bank statement is $11,240. " ¢ Balance as per books is $10,200 • Check #506 for $1,200 and check #510 for $900 were not shown on the June 30 bank statement. • A deposit in transit of $3,110 had not been received by the bank when the bank statement was generated. • A bank debit memo indicated an NSF check for $85 written by Maddie Wolfe to Ashland Company on June 13. • A bank credit memo indicated a note collected by the bank of $2,100 and interest revenue of $55 on June 20. • The bank statement indicated service charges of $20. Prepare bank reconciliation for Ashland Company for June 30, 2017. What will be an ideal response