In manufacturing account, the work-in-progress at the end of the year is
Deducted from the cost of goods completed during this year
Added to the cost of goods completed
Stated in the profit and loss account
Stated in the prime cost section
Correct answer is A
Work in progress for the year is gotten by = WIP beginning balance + manufacturing costs - the cost of goods completed.
#525,000
#515,000
#465,000
#370,000
Correct answer is D
330,000 + 30000 + 10,000 = 370,000
#495,000
#415,000
#325,000
#305,000
Correct answer is C
To calculate direct materials, add beginning direct materials to direct materials purchases and subtract ending direct materials.
75,000 + 330,000 - 80,000 = 325,000
Goods available for sale
Goods sold
Goods manufactured
Materials put into production
Correct answer is C
The cost of goods manufactured equation is calculated by adding the total manufacturing costs; including all direct materials, direct labor, and factory overhead; to the beginning work in process inventory and subtracting the ending goods in process inventory.
Discount
Sales commission
Manufacturing profit
Factory reserves
Correct answer is C
The Manufacturing Profit, is the excess of transfer value of goods manufactured over their actual production cost.