Question

Question 1

Cost of Goods Sold is found on which financial statement?

Group of answer choices

Income Statement

Balance Sheet

Statement of Cash Flows

Statement of Stockholders' Equity

Question 2

When indirect material is used, we will debit __________________ account because it is an ______________ cost.

Group of answer choices

Manufacturing Overhead; actual

Raw Materials; actual

Manufacturing Overhead; applied

Raw Materials; applied

Question 3

When indirect material is used, we will credit __________________ account.

Group of answer choices

Work in Process

Manufacturing Overhead

Cost of Goods Sold

Raw Materials

Question 4

Beginning Work in Process + Manufacturing Costs Added This Period - Ending Work in Process =

Group of answer choices

Cost of Goods Sold

Cost of Goods Avaiable for Sale

Finished Goods Inventory

Cost of Goods Manufactured

Question 5

Beginning raw materials inventory was $32,000. During the month, $276,000 of raw material was purchased. A count at the end of the month revealed that $28,000 of raw material was still present. What is the cost of direct material used (assuming there was no indirect materials)?

Group of answer choices

$276,000

$272,000

$2,000

$280,000

Answer 1