Which One of the Following Is Used in Assigning Manufacturing

question 74

Multiple Choice

Which one of the following is used in assigning manufacturing costs to work in process inventory?

• A)materials purchased invoices
• B)finished goods inventory costs
• C)actual manufacturing overhead
• D)estimated manufacturing overhead

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate revenue and expenses to the period in which they actually occurred.

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a specific accounting period before transferring the net income to retained earnings.

Net Income

Final earnings of a corporation post deductions of expenses and taxes from its aggregate revenue.

Revenues

Income generated from normal business operations, including sales of goods and services, fees, commissions, and other sources.