Solved

Match the Following Definitions with the Terms

Question 114

Matching

Match the following definitions with the terms

Premises:

Responses:

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 Labor

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

Direct Materials

The materials placed into production

Finished Goods Inventory

Partially completed units in the production process

Indirect Labor

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

Indirect Materials and Supplies

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

Manufacturing Overhead

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

Manufacturing Summary Account

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

Raw Materials

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

Statement of Cost of Goods Manufactured

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

Work in Process

Premises:

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

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

The materials placed into production

Partially completed units in the production process

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

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

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

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

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

Responses:

Direct Labor

Direct Materials

Finished Goods Inventory

Indirect Labor

Indirect Materials and Supplies

Manufacturing Overhead

Manufacturing Summary Account

Raw Materials

Statement of Cost of Goods Manufactured

Work in Process

Correct Answer:

Premises:

Responses:

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

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

The materials placed into production

Partially completed units in the production process

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

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

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

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

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