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Indicate Whether Each of the Following Would Appear on The

Question 173

Essay

Indicate whether each of the following would appear on the:
A-Cost of goods manufactured schedule
B-Income statement
C-Balance sheet
Note: If it would appear in more than just one, indicate which ones.
______ 1. Cost of goods sold
______ 2. Finished goods inventory, 12/31
______ 3. Direct materials used
______ 4. Raw materials inventory, 1/1
______ 5. Insurance on factory equipment
______ 6. Work in process, 12/31
______ 7. Indirect labor
______ 8. Property taxes on office building

Correct Answer:

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1. B 5. A
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