Wgu D101 Cost And Managerial Accounting 2023/2024 Exam

In completing its job order costing journal entries, ABC Company's accountants made a credit entry to finished goods inventory. When is this entry made? a. When work-in-process inventory is transferred to finished goods inventory b. When finished goods inventory is sold c. When the cost of goods manufactured is being calculated d. When manufacturing overhead costs are applied to products being made {Ans: b.}What is the number of equivalent units for direct materials equal to? a. The sum of equivalent units for units started and completed and equivalent units for ending inventory b. The sum of equivalent units for beginning work-in-process inventory and ending work-in-process inventory c. The sum of the equivalent units for beginning work-in-process inventory and units started and completed during the current period d. The equivalent units for beginning work-in-process inventory plus the equivalent units for units started and completed plus the equivalent units for ending work-in-process inventory {Ans: d. Correct! The equivalent units of production is equal to the equivalent units for beginning work-in-process inventory plus the equivalent units for units started and completed plus the equivalent units for ending work-in-process inventory.}The cost of which items should be included as a manufacturing overhead cost?