Indicate whether each of the following statements is true or false.The schedule of cost of goods manufactured and sold is included as part of a company's income statement. ______The schedule of cost of goods manufactured and sold indicates the amount of direct raw materials used during the period. ______Direct raw materials used + direct labor + applied manufacturing overhead = cost of goods manufactured. ______Cost of goods manufactured + ending finished goods - beginning finished goods = cost of goods sold. ______Cost of goods manufactured is calculated on the schedule of cost of goods manufactured and sold and is reported on the income statement. ______
What will be an ideal response?
The schedule of cost of goods manufactured and sold is included as part of a company's income statement. F
The schedule of cost of goods manufactured and sold indicates the amount of direct raw materials used during the period. T
Direct raw materials used + direct labor + applied manufacturing overhead = cost of goods manufactured. T
Cost of goods manufactured + ending finished goods - beginning finished goods = cost of goods sold. F
Cost of goods manufactured is calculated on the schedule of cost of goods manufactured and sold and is reported on the income statement. F
You might also like to view...
Starlight Associates, Inc recorded salary expense of $100,000 in 2016 . However, additional salaries of $5,000 had been earned, but not paid or recorded at December 31, 2016 . After the adjustments are recorded and posted at December 31, 2016, the balances in the Salaries Expense and Salaries Payable accounts will be: Salaries Expense Salaries Payable
a. $105,000 $5,000 b. $100,000 $ 0 c. $100,000 $5,000 d. $105,000 $ 0
In a statement of cash flows, the payment of a cash dividend on preferred stock outstanding should be classified as cash outflows for
A) operating activities. B) investing activities. C) lending activities. D) financing activities.
Briefly describe occasion segmentation
What will be an ideal response?
Judy just bought a new business with many employees. She has heard about the requirements
of OSHA. What is the employer's general duty under OSHA? A) To provide a perfectly safe workplace B) To obey the regulations announced by OSHA C) To provide a work environment free from known hazards D) Both A and B