Under which situtation is Finished Goods Inventory debited and work-in-process inventory account credited?

Transfer of goods to the finished goods storeroom More test answers on https://studyhippo.com/managerial-accounting-test-1/

Q 6.3: How is inventory ready for sale classified in a manufacturing company? A : finished goods inventory B : store supplies inventory C : work in process inventory D : raw materials inventory

A : finished goods inventory More test answers on https://studyhippo.com/orion-ch-6-reporting-and-analyzing-inventory/

Which of the following inventory costing methods shown below is most likely to cause undesirable incentives for managers to build up finished goods inventory?

Absorption costing More test answers on https://studyhippo.com/chapter-9-objective-3/

Which of the following is an example of a firm’s intangible resources? A. the firm’s cash at bank B. the firm’s finished goods inventory C. the firm’s organizational culture D. the firm’s land and building

C. the firm’s organizational culture More test answers on https://studyhippo.com/4700-chapter-4/

Which one of the following does NOT appear on the balance sheet of a manufacturing company: a) finished goods inventory b) work in process inventory c) costs of goods manufactured d) raw materials inventory

Cost of goods manufactured More test answers on https://studyhippo.com/managerial-accounting-review-questions/

Under which of the following situations is Finished Goods Inventory debited and Work – in – Process Inventory account credited? A. Transfer of goods to the finished goods storeroom B. Purchased of goods on account C. Transfer goods out of the factory D. Transfer of material to Work – in – Process Inventory account

A. Transfer of goods to the finished goods storeroom More test answers on https://studyhippo.com/managerial-accounting-ch-3-quiz-47552/

If the cost of goods sold is less than the cost of goods manufactured, then which of the following must be true?: a.) Work in process inventory has decreased during the period. b.) Finished goods inventory has increased during the period. c.) Total Manufacturing costs must be greater than cost of goods manufactured. d.) Finished goods inventory has decreased during the period.

b.)Finished goods inventory has increased during the period. More test answers on https://studyhippo.com/chapters-1-3-questions-for-managerial-accounting-final-56712/

Which of the following accounts is used to accumulate the actual manufacturing overhead costs incurred during a period? – Applied Manufacturing Overhead – WorkinProcess Inventory – Manufacturing Overhead Control – Cost of Goods Sold – Finished Goods Inventory

Manufacturing Overhead Control Since this is “actual” overhead it would not go to “Applied”. Manufacturing Overhead Control would get the actual overheads. More test answers on https://studyhippo.com/acctg-test-2/

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Finished Goods Inventory Flashcards, test questions and answers

Discover flashcards, test exam answers, and assignments to help you learn more about Finished Goods Inventory and other subjects. Don’t miss the chance to use them for more effective college education. Use our database of questions and answers on Finished Goods Inventory and get quick solutions for your test.

What is Finished Goods Inventory?

Finished Goods Inventory is a type of inventory that consists of products that are ready for sale to the consumer. It is the last step in a company’s production process and it usually involves packaging, labeling, and any other processing needed before the product can be sold. Companies keep finished goods inventory in warehouses or stores so they can easily access it when they need to fulfill customer orders.The purpose of keeping finished goods inventory is to have enough stock on hand to meet customer demand without running out. This prevents stockouts, which can lead to lost sales and dissatisfied customers. Holding too much inventory, however, ties up valuable capital that could be used elsewhere. Therefore, many companies use forecasting tools or just-in-time (JIT) production strategies to ensure they maintain an optimal level of finished goods inventory at all times.One way companies track their finished goods inventories is by using barcode scanners or RFID tags attached to each item in the warehouse. This allows them to immediately know when items come into the warehouse and when they go out for delivery. Companies also use software programs such as enterprise resource planning (ERP) systems that help manage their inventories more effectively by tracking how much is in stock at any given time and notifying them when levels reach certain thresholds so they can order more if necessary. Overall, having an effective system for managing Finished Goods Inventory is essential for most businesses as it helps ensure customers receive their orders quickly while also allowing companies to avoid costly overstocking or understocking situations.

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