In the T-account cost flow diagram of balance sheet inventory accounts and the income statement cost of goods sold account: Multiple Choice direct labor costs are credited to work in process. cost of goods sold is debited to finished goods inventory. cost of goods manufactured is debited to finished goods inventory. raw materials purchases are debited to work in process.

What is the most important factor that affects the value of a company? a) cash flow b) earnings c) supply and demand d) number of employees

Wallis company manufactures only one product and uses a standard cost system. the company uses a predetermined plantwide overhead rate that relies on direct labor-hours as the allocation base. all of the company's manufacturing overhead costs are fixed—it does not incur any variable manufacturing overhead costs. the predetermined overhead rate is based on a cost formula that estimated $2,886,000 of fixed manufacturing overhead for an estimated allocation base of 288,600 direct labor-hours. wallis does not maintain any beginning or ending work in process inventory.

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