Reference no: EM131215968
A. Which of the following is not a factory overhead cost?
insurance on factory equipment
salaries of production supervisors
materials used directly in the manufacturing process of the product
property tax on factory building
B. What is the purpose of the statement of cost of goods manufactured?
to determine the ending materials inventory
to determine the ending work in process inventory
All of these choices are correct.
to determine the amounts transferred to finished goods
C. A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true?
The company will recognize $96,000 gross profit on the balance sheet.
The company will recognize sales on the balance sheet of $150,000.
The company will increase finished goods by $54,000.
The company will decrease finished goods by $54,000.
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