Solved

Match the Definitions Provided with the Following Terms

Question 106

Matching

Match the definitions provided with the following terms.

Premises:

Responses:

The account to which all items on the statement of cost of goods manufactured are close

Work in Process

The materials placed into production

Direct Labor

Costs attributable to personnel who support production but are not directly involved in the manufacture of a product; for example, supervisory, repair and maintenance, and janitorial staff

Direct Materials

All manufacturing costs that are not classified as direct materials or direct labor

Finished Goods Inventory

Materials used in manufacturing a product that do not become a part of the product

Indirect Materials and Supplies

The costs attributable to personnel who work directly on the product being manufacture

Manufacturing Summary Account

All items that go into a product and become a part of it

Indirect Labor

A financial report showing details of the cost of goods completed for a manufacturing business

Manufacturing Overhead

The cost of completed products ready for sale; corresponds to the Merchandise Inventor account of a merchandising business

Raw Materials

Partially completed units in the production process

Statement of Cost of Goods Manufactured

Premises:

The account to which all items on the statement of cost of goods manufactured are close

The materials placed into production

Costs attributable to personnel who support production but are not directly involved in the manufacture of a product; for example, supervisory, repair and maintenance, and janitorial staff

All manufacturing costs that are not classified as direct materials or direct labor

Materials used in manufacturing a product that do not become a part of the product

The costs attributable to personnel who work directly on the product being manufacture

All items that go into a product and become a part of it

A financial report showing details of the cost of goods completed for a manufacturing business

The cost of completed products ready for sale; corresponds to the Merchandise Inventor account of a merchandising business

Partially completed units in the production process

Responses:

Work in Process

Direct Labor

Direct Materials

Finished Goods Inventory

Indirect Materials and Supplies

Manufacturing Summary Account

Indirect Labor

Manufacturing Overhead

Raw Materials

Statement of Cost of Goods Manufactured

Correct Answer:

Premises:

Responses:

The account to which all items on the statement of cost of goods manufactured are close

The materials placed into production

Costs attributable to personnel who support production but are not directly involved in the manufacture of a product; for example, supervisory, repair and maintenance, and janitorial staff

All manufacturing costs that are not classified as direct materials or direct labor

Materials used in manufacturing a product that do not become a part of the product

The costs attributable to personnel who work directly on the product being manufacture

All items that go into a product and become a part of it

A financial report showing details of the cost of goods completed for a manufacturing business

The cost of completed products ready for sale; corresponds to the Merchandise Inventor account of a merchandising business

Partially completed units in the production process