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- 1. Multiple ChoiceThe entry to record the purchase of direct materials on account would include a ________.debit to the Raw Materials Inventory accountcredit to the Work_in_Process Inventory accountcredit to the Raw Materials Inventory accountdebit to the Work_in_Process Inventory account
- 2. Multiple ChoiceWhich of the following accounts would be debited in the journal entry to record the issuance of direct materials?Finished Goods InventoryCOGSRaw Materials InventoryWIP Inventory
- 3. Multiple ChoiceManufacturing Overhead is a temporary account used to ________ indirect production costs during the accounting period.allocateapproximateaccumulateassign
- 4. Multiple ChoiceThe journal entry to issue indirect materials to production should include a debit to the ________.Raw Materials Inventory accountWork_in_Process Inventory accountManufacturing Overhead accountFinished Goods Inventory account
- 5. Multiple ChoiceThe journal entry to record indirect labor costs incurred involves a debit to the ________.Manufacturing Overhead accountFinished Goods Inventory accountWages Payable accountWork_in_Process Inventory account
- 6. Multiple ChoiceUniq Works purchased raw materials amounting to $124,000 on account and $18,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction?Work _ in _ Process Inventory 142,000 Accounts Payable 142,000Finished Goods Inventory 142,000 Accounts Payable 142,000Accounts Payable 124,000 Cash 18,000 Raw Materials Inventory 142, 000Raw Materials Inventory 142,000 Cash 18,000 Accounts Payable 124,000
- 7. Multiple Choice
$43,900$41,800$43,100$41,000 - Answer choicesTagsAnswer choicesTags