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Unformatted text preview: C. Dr. Finished Goods and Cr. Work in Process D. Dr. Cost of Goods sold and Cr. Finished Goods E. None of the above. Answer: C 4. What is the journal entry that is used to record the wages (i.e. payroll) earned by employees who work inside a manufacturing facility and is tracked by the clock card: A. Dr. Wages expense and Cr. Wages payable B. Dr. Factory Wages and Cr. Wages expense C. Dr. Factory Payroll and Cr. Work in Process D. Dr. Factory Payroll and Cr. Wages Payable E. Dr. Factory overhead and Cr. Wages expense Answer: D 5. A product cost that changes due to changes in volume of activity over a relevant range is a(n): A. Differential cost. B. Fixed cost. C. Period cost. D. Variable cost. E. None of the above. Answer: D...
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- Summer '08