Wgu D196 Pre Assessment Study Guide Rated A+

What is the correct sequence for the flow of costs through a job order costing system? Raw materials inventory, work-in-process inventory, cost of goods sold, finished goods inventory Raw materials inventory, cost of goods sold, work-in-process inventory, finished goods inventory Raw materials inventory, work-in-process inventory, finished goods inventory, cost of goods sold Raw materials inventory, finished goods inventory, cost of goods sold, work-in-process inventory {Ans: Raw materials inventory, work-in-process inventory, finished goods inventory, cost of goods sold}Which cost category is not formally tracked in a company's accounting system? You Selected Out-of-pocket costs Opportunity costs Direct costs Indirect costs {Ans: Opportunity costs}What is an example of direct materials? Cost of robotic equipment in making automobiles Cost of sandpaper in making wood furniture Cost of saws and hammers in constructing a house Cost of aluminum in making an airplane {Ans: Cost of aluminum in making an airplane}What is the impact of expenses on the accounting equation? Expenses decrease liabilities. Expenses increase liabilities. Expenses decrease owners' equity. Expenses increase owners' equity. {Ans: Expenses decrease owners' equity.}A retail company purchased inventory costing $100,000. By the end of the year, inventory costing $75,000 had been sold. How is the remaining $25,000