Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. classify each cost as direct materials (dm), direc

Classify each cost as direct materials (DM), direct labor (DL) or manufacturing overhead (MOH) for...

60.1K

Verified Solution

Question

Accounting

Classify each cost as direct materials (DM), direct labor (DL) or manufacturing overhead (MOH) for Colgate Toothpaste:

Utility bill for the manufacturing plant DM DL MOH

Wages of production line workers DM DL MOH

Toothpaste ingredients DM DL MOH

List three examples of manufacturing overhead costs:

Define the following terms:

Product cost

Period cost

Given the following information, solve for Cost of Goods Sold (COGS). Note: You will not use all of the accounts listed below.

Raw Materials Inventory, January 1, 2016 $14,500

Raw Materials Inventory, December 31, 2016 $16,000

Work in Process Inventory, January 1, 2016 $30,000

Work in Process Inventory, December 31, 2016 $24,000

Finished Goods Inventory, January 1, 2016 $10,000

Finished Goods Inventory, December 31, 2016 $12,000

Cost of Goods Manufactured $140,000

Answer the questions below to describe the flow of costs in a Job Order Costing system.

What three categories are increased when manufacturing costs are accumulated?

What account is increased to assign manufacturing costs to a Job?

What account is increased when transferring the cost of a completed job?

What account is increased when a completed job is sold?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students