Connect Accounting test Fi tpsnewconnectmheducationcomflowco

Connect Accounting test Fi tps://newconnect.mheducation.com/flow/connect.html Saved Help Save & Exit Su Select the term from the list that best matches the description or definition. Enter the number of the best answer in \"Your Answer\" column Your Answer Description or Description Term A. Asset account used to accumulate cost of materials that will be 1. Absorption costing used to make the company\'s products B. Asset account containing product costs associated with units that have been completed and are awaiting sale c. Practice of capitalizing all product costs, including fixed manufacturing costs, in inventory D. Asset account used to accumulate all product c with production E. Amount of overhead costs assigned to Work in Process using the5.F predetermined rate 2. Applied overhead 3. Cost of goods manufactured and sold osts associated 4. Cost of goods sold inventory Product costing system that does not include fixed manufacturing 6. Manufacturing costs as part of the cost of inventory G. Calculated by dividing estimated overhead costs for the some measure of estimated total production activity for the period H. The result of allocating more or less overhead cost to Work in 8. predetermined overhead account 7. Overapplied or underapplied overhead overhead rate Process than the amount of actual overhead costs incurred I. Schedule that summarizes the flow of manufacturing product costs 9. Raw materials inventory 10. Retained earnings . Product costs associated with that were sold during an accounting period This question will be sent to your instructor for grading

Solution

correct option is A raw material inventory B Finished goods inventory C Absorption costing D work in process inventory E Applied overhead F variable costing G predetermined overhead rate H overapplied or underapplied overhead I cost of goods manufactured and sold J cost of goods sold K manufacturing overhead account L Retained earning