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102 a product costing system is needed to determine the amount of product costs that 4301677

 

102. A product costing system is needed to determine the amount of product costs that should be reported on the income statement as selling and administrative expenses. 
 

103. Companies need service and product cost information for both financial reporting and managerial accounting. 
 

104. Product cost information for manufacturing companies affects the income statement but does not affect the balance sheet. 
 

105. Product costs flow through the manufacturer's inventory accounts in the following order: raw materials, work in process, and finished goods. 
 

106. Most companies initially record the cost of materials acquired in the work in process account. 
 

107. At the end of the period, the balance remaining in finished goods is reported on the income statement. 
 

108. The cost of goods completed during a period is transferred from work in process to cost of goods sold. 
 

109. Budak Company incurred product costs of $50,000 during the period when no units were sold. No product costs will be reported on the company's income statement for the period. 
 

110. Service companies accumulate information about the cost of services provided, and they use that information in decision making. 
 

111. Service companies do not have work in process and finished goods accounts. 
 

 

 

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