Stichworte inventory costing

Stichworte: inventory costing

What is the basic difference between absorption costing and variable costing?

What is the basic difference between absorption costing and variable costing?

Which of the following costing systems is the only one to use estimated costs?

Which of the following costing systems is the only one to use estimated costs?

If a firm uses variable costing, fixed manufacturing overhead will be included

If a firm uses variable costing, fixed manufacturing overhead will be included

Paparo corporation has provided the following data from its activity-based costing system:

Paparo corporation has provided the following data from its activity-based costing system:

Each of the following organizations would most likely use job costing except ________.

Each of the following organizations would most likely use job costing except ________.

For which of the following industries would it not be appropriate to use process costing?

For which of the following industries would it not be appropriate to use process costing?

Under what circumstances will net income under absorption and variable costing be the same?

Under what circumstances will net income under absorption and variable costing be the same?

In what account are purchases recorded when the periodic inventory system is used?

In what account are purchases recorded when the periodic inventory system is used?

The balanced scorecard approach attempts to maintain as little inventory on hand as possible

The balanced scorecard approach attempts to maintain as little inventory on hand as possible

Manufacturers usually classify inventory into all the following general categories except:

Manufacturers usually classify inventory into all the following general categories except:

If a firm uses absorption costing, fixed manufacturing overhead will be included

If a firm uses absorption costing, fixed manufacturing overhead will be included

Why cant traditional product costing systems account for costs of volume diversity?

Why cant traditional product costing systems account for costs of volume diversity?

Under variable costing, which of the following are cause that can be inventoried

Under variable costing, which of the following are cause that can be inventoried

Calculate the target cost for maintaining current market share and profitability

Calculate the target cost for maintaining current market share and profitability

What type of inventory control system is typically used in a staple merchandise category?

What type of inventory control system is typically used in a staple merchandise category?

Which of the following is the third step of the 5 step process costing procedure?

Which of the following is the third step of the 5 step process costing procedure?

Which of the following statements about the inventory cost flow assumptions is true

Which of the following statements about the inventory cost flow assumptions is true

The method for allocating service department costs that requires the least clerical work is

The method for allocating service department costs that requires the least clerical work is

Which of the following cost of conversion cannot be included in cost of inventory

Which of the following cost of conversion cannot be included in cost of inventory

Before inventory purchases are recorded, the receiving report should be reconciled to what documents

Before inventory purchases are recorded, the receiving report should be reconciled to what documents

Which inventory method results in the highest net income during periods of rising prices

Which inventory method results in the highest net income during periods of rising prices

For which type of inventory would it be least logical to use the specific identification method?

For which type of inventory would it be least logical to use the specific identification method?

If less inventory is sold than manufactured absorption costing decreases net income

If less inventory is sold than manufactured absorption costing decreases net income

Under the absorption costing, the following are considered as product costs except

Under the absorption costing, the following are considered as product costs except

If the inventory cost is $18,000 and the market value is $20,000, then the company should ______.

If the inventory cost is $18,000 and the market value is $20,000, then the company should ______.

Which inventory costing methods are based on assumptions that accountants make about the flow of inventory costs?

Which inventory costing methods are based on assumptions that accountants make about the flow of inventory costs?

As inventory and ppe assets on the balance sheet are consumed, they are reflected:

As inventory and ppe assets on the balance sheet are consumed, they are reflected:

According to Littles law, which of the following can be used to estimate inventory

According to Littles law, which of the following can be used to estimate inventory

What is the difference in variable costing and absorption costing on the income statement?

What is the difference in variable costing and absorption costing on the income statement?

Calculate the value of the closing inventory of product B using absorption costing

Calculate the value of the closing inventory of product B using absorption costing

Generally accepted accounting principles (gaap) require that inventory be recorded at

Generally accepted accounting principles (gaap) require that inventory be recorded at

Under the perpetual inventory system which journal entry would indicate a purchase of merchandise

Under the perpetual inventory system which journal entry would indicate a purchase of merchandise

If ending inventory and cost of goods sold are added together, they should equal gross profit

If ending inventory and cost of goods sold are added together, they should equal gross profit

What account is debited for the acquisition of merchandise for resale in a perpetual inventory system?

What account is debited for the acquisition of merchandise for resale in a perpetual inventory system?

When inventory costs are rising, this method yields the highest cost of goods sold.

When inventory costs are rising, this method yields the highest cost of goods sold.

When using a direct costing system, the contribution margin discloses the excess of

When using a direct costing system, the contribution margin discloses the excess of

The higher the inventory velocity the more satisfied the companys customers will be

The higher the inventory velocity the more satisfied the companys customers will be

Under variable costing, the profit for a period is not affected by changes in inventory

Under variable costing, the profit for a period is not affected by changes in inventory

When raw materials are issued into production the raw materials account is debited?

When raw materials are issued into production the raw materials account is debited?

Differences between job-order and process costing include that process costing ______.

Differences between job-order and process costing include that process costing ______.

Which inventory costing most closely approximates current cost for ending inventory?

Which inventory costing most closely approximates current cost for ending inventory?

What is the most reliable way to assess pain in a patient who is cognitively intact?

What is the most reliable way to assess pain in a patient who is cognitively intact?

Which of the following characteristics applies in process costing but not job order costing?

Which of the following characteristics applies in process costing but not job order costing?

Which inventory account would include a product that is complete and waiting to be sold?

Which inventory account would include a product that is complete and waiting to be sold?

Logistics is the work required to move and position inventory throughout a supply chain

Logistics is the work required to move and position inventory throughout a supply chain

Which system is able to create purchase orders manage inventory and forecast future inventory needs?

Which system is able to create purchase orders manage inventory and forecast future inventory needs?

What are the similarities and differences between job order costing and process costing

What are the similarities and differences between job order costing and process costing

What are the three costs that are added to Work in Process accounts of a manufacturing company?

What are the three costs that are added to Work in Process accounts of a manufacturing company?

Which information would not be needed to determine inventory based on the retail method?

Which information would not be needed to determine inventory based on the retail method?

The level of inventory of a manufactured product has increased by 5,000 units during a period

The level of inventory of a manufactured product has increased by 5,000 units during a period

What are the three inventory accounts used to record manufacturing cost in what order are these accounts used?

What are the three inventory accounts used to record manufacturing cost in what order are these accounts used?

Which of the following inventory method reports most closely the current cost of inventory?

Which of the following inventory method reports most closely the current cost of inventory?

Which inventory costing method most closely approximates current cost for cost of goods sold?

Which inventory costing method most closely approximates current cost for cost of goods sold?

Which inventory method will result in the lowest reported net income during periods with rising costs group of answer choices?

Which inventory method will result in the lowest reported net income during periods with rising costs group of answer choices?

What is the difference between the conventional retail inventory method and the cost method?

What is the difference between the conventional retail inventory method and the cost method?

When applying lower of cost or market method to inventory valuation market is defined as current replacement cost?

When applying lower of cost or market method to inventory valuation market is defined as current replacement cost?

Which of the following is a reason human resources might keep a skill inventory of employees

Which of the following is a reason human resources might keep a skill inventory of employees

When a job order costing system is used depreciation for the factory equipment is debited to?

When a job order costing system is used depreciation for the factory equipment is debited to?

Manufacturing cost per unit will be higher under variable costing than under absorption costing.

Manufacturing cost per unit will be higher under variable costing than under absorption costing.

Are selling and administrative expenses treated as product costs or period costs under variable costing What about manufacturing overhead MOH costs?

Are selling and administrative expenses treated as product costs or period costs under variable costing What about manufacturing overhead MOH costs?

Using absorption costing, which of the following manufacturing costs are assigned to products?

Using absorption costing, which of the following manufacturing costs are assigned to products?

Which of the following statements is true with respect to absorption costing and variable costing?

Which of the following statements is true with respect to absorption costing and variable costing?

A study comparing smokers’ and nonsmokers’ scores on a personality inventory is most likely to be

A study comparing smokers’ and nonsmokers’ scores on a personality inventory is most likely to be

What are the key reasons for product cost differences between traditional costing systems and ABC systems?

What are the key reasons for product cost differences between traditional costing systems and ABC systems?

What causes any differences between costs and profitability between traditional and ABC systems?

What causes any differences between costs and profitability between traditional and ABC systems?

If the firm is producing at a quantity of output where marginal revenue exceeds marginal cost, then,

If the firm is producing at a quantity of output where marginal revenue exceeds marginal cost, then,

Which of the following are among the five major dimensions measured in a personality inventory select all that apply multiple select question?

Which of the following are among the five major dimensions measured in a personality inventory select all that apply multiple select question?

Which of the following statements is a valid reason for chip manufacturers to carry minimal inventory?

Which of the following statements is a valid reason for chip manufacturers to carry minimal inventory?

Scms makes lean manufacturing processes such as just-in-time inventory practical. scms stands for:

Scms makes lean manufacturing processes such as just-in-time inventory practical. scms stands for:

According to the myers-briggs inventory, __________ need quiet time to recharge their batteries.

According to the myers-briggs inventory, __________ need quiet time to recharge their batteries.

Which of the following costing activities is associated with the financial accounting system?

Which of the following costing activities is associated with the financial accounting system?

When you set up an inventory part for a new company What does QuickBooks look for behind the scenes?

When you set up an inventory part for a new company What does QuickBooks look for behind the scenes?

How would an auditor normally obtain sufficient appropriate audit evidence regarding the existence and condition of inventory?

How would an auditor normally obtain sufficient appropriate audit evidence regarding the existence and condition of inventory?

Which one of the following would not be an appropriate audit procedure related to the clients physical inventories?

Which one of the following would not be an appropriate audit procedure related to the clients physical inventories?

When perpetual inventory records are maintained in quantities and in dollars and internal accounting control over inventory is weak the auditor would probably?

When perpetual inventory records are maintained in quantities and in dollars and internal accounting control over inventory is weak the auditor would probably?

Which of the following best describes the reason that the auditors record their inventory test counts in the working papers?

Which of the following best describes the reason that the auditors record their inventory test counts in the working papers?

Which of the following is not an inherent risk factor in the audit of the inventory management process?

Which of the following is not an inherent risk factor in the audit of the inventory management process?

What is the purpose of observing the physical counting of inventories in relation to audit objective of existence and completeness?

What is the purpose of observing the physical counting of inventories in relation to audit objective of existence and completeness?

Which of the following must not be performed by the person responsible for custody of inventory?

Which of the following must not be performed by the person responsible for custody of inventory?