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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Match each of the following items A through G with the best numbered description of its purpose.
A. Raw Materials Inventory accountÂ
B. Materials requisitionÂ
C. Finished Goods Inventory accountÂ
D. Factory Overhead account
E. Process cost summary
F. Equivalent units of production
G. Goods in Process Inventory
_______ 1. Notifies the materials manager to send materials to a production department.
_______ 2. Holds costs of indirect materials, indirect labor, and similar costs until assigned to production.
_______ 3. Holds costs of direct materials, direct labor, and applied overhead until products are transferred from production to finished goods (or another department).
_______ 4. Standardizes partially completed units into equivalent completed units.
_______ 5. Holds costs of finished products until sold to customers.
_______ 6. Describes the activity and output of a production department for a period.
_______ 7. Holds costs of materials until they are used in production or as factory overhead.
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