Average

1. The costing method that considers materials on hand to be from the first ones purchased?
a. FIFO c. moving average
b. LIFO d. specific identification
2. The document that is used to secure information as to the type of work performed is the:
a. labor voucher c. clock card
b. time ticket d. requisition report
3. Wages in excess of the regular rate paid for work after normal closing time is:
a. overtime premium c. regular wage
b. pension pay d. vacation and holiday pay
4. How is a loss on inventory write-down shown on the income statement?
a. as a deduction from the cost of goods sold.
b. as an addition to the cost of goods sold.
c. as a deduction from the sales revenue.
d. as an addition to sales revenue.
5. If the overtime premium is charge to specific job, it should be debited to:
a. work in process account c. general expense account
b. selling expense account d. manufacturing overhead account