The reporting standard for external financial reports is:a) company-specific. b) generally accepted accounting principles. c) department-specific. d)
... [Show More] industry-specific. -correct answer b) generally accepted accounting principles.\A manufacturing process requires small amounts of glue. The glue used in the production process is classified as a(n)a) indirect material. b) direct material. c) period cost. d) miscellaneous expense -correct answer a) indirect material.\For inventoriable costs to become expenses under the matching principle,a) all accounts payable must be settled. b) the product must be finished and in stock. c) the product must be expensed based on its percentage-of-completion. d) the product to which they attach must be sold. -correct answer d) the product to which they attach must be sold.\Sheridan Company's accounting records reflect the following inventories:December 31st 2016Raw materials inventory $80000Work in progress inventory $104000Finished goods inventory $100000December 31st 2017Raw materials inventory $64000Work in progress inventory $116000Finished goods inventory $92000During 2017, Sheridan purchased $1370000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. Assume Sheridan's cost of goods manufactured for 2017 amounted to $1784000. How much would it report as cost of goods sold for the year?a) $1884000 b) $1792000 c) $1692000 d) $1776000 -correct answer b) $1792000\Bonita Industries has beginning and ending work in process inventories of $50000 and $65000 respectively. If total manufacturing costs are $680000, what is the total cost of goods manufactured? a) $665000. b) $745000. c) $695000. d) $730000. -correct answer a) $665000.\Cost of raw materials is debited to Raw Materials Inventory when thea) materials are ordered. b) bill for the materials is paid. c) materials are received. d) materials are put into production -correct answer c) materials are received.\Which one of the following should be equal to the balance of the Work In Process Inventory account at the end of the period?a) The total manufacturing costs for the period b) The sum of the costs shown on the job cost sheets of unfinished jobs c) The total of the amounts transferred from raw materials for the current period d) The total of manufacturing overhead applied to work in process for the period -correct answer b) The sum of the costs shown on the job cost sheets of unfinished jobs\Manufacturing overhead is applied to each joba) at the end of the year when actual costs are known. b) only if the overhead costs can be directly traced to that job. c) at the time when the overhead cost is incurred. d) by means of a predetermined overhead rate. -correct answer d) by means of a predetermined overhead rate.\In determining total manufacturing costs on the cost of goods manufactured schedule,a) actual manufacturing overhead costs appear as a deduction. b) beginning work in process inventory should have a zero balance. c) manufacturing overhead applied is added to direct materials and direct labor. d) ending work in process inventory is deducted from beginning work in process inventory. -correct answer c) manufacturing overhead applied is added to direct materials and direct labor.\At the end of the year, any balance in the Manufacturing Overhead account is generally eliminated by adjustinga) Cost of Goods Sold. b) Raw Materials Inventory. c) Work In Process Inventory. d) Finished Goods Inventory. -correct answer a) Cost of Goods Sold.\When manufacturing overhead costs are assigned to production in a process cost system, they are debited to [Show Less]