Hire an expert

Got a question? Ask 300+ experts!

Biology Algebra Calculus English Grammar Literature Math Physics Psychology More Subjects →

Chemistry Economics Geography History Law Philosophy Politology Programming Uncategorized

QA › Economics › Which of the following describes the flow of product costs through the inventory accounts of a manufacturer?

Which of the following describes the flow of product costs through the inventory accounts of a manufacturer?

a. raw materials, work in process, finished goods

b. raw materials, overhead, finished goods

c. raw materials, direct labor, overhead, finished goods

d. purchases, finished goods

Answer: a. raw materials, work in process, finished goods

Raw materials are items that need to go through production (become works in progress) to become finished goods, all of which are recorded.

Manufacturing costs could be either direct materials, direct labor, or factory overhead costs. The direct costs can be charged to a particular cost object (say a product for example), whereas the factory overhead costs are mainly about indirectly assigned items, for example, factory utility costs, and the salary of the factory supervisor.

Economics

3 years ago

321 Views

Math Calculus — AID—

Total time spent: 4 hours 15 minutes (it is equivalent to 255 minutes). Let the flight time from Paris to Glasgow be X. Then the flight time from Glasgow to Paris will be (X+10). We have an equation with one unknown variable: X + 45 + (X+10) = 255 ⇒ X = 100 So the […]

What were the typical crafts for Maya?

Mayans are well-known as great pottery makers. They did not use the pottery wheel. However,the tecnique they used was coiling consecutive rings of clay on top of each other and smoothing the surface by hand. Also, they were good when it came to working with stone – stone craving is another important craft of Maya. Many […]

What defines a free market?

The efficient working of a free market economy requires that the producer firms must have incentives to work hard and produce goods and services at the lowest possible cost per unit of output Market economies provide incentives to the firms and individuals by recognising and enforcing the property rights of the individuals and firms to […]

How does 3D printing work?

There are three different ways 3D printers work but they all rely on the printer converting a design into individual 2D slices which are then combined to make the final 3D object. The first method uses a pool of chemicals that turns solid when light, typically a UV laser, is shone on to it. The […]

Cigarette smoking causes emphysema.

Nearly everyone knows that smoking causes lung cancer, but did you know that smoking causes a number of other serious lung diseases? These include chronic bronchitis and emphysema, collectively known as chronic obstructive pulmonary disease (COPD). COPD is the fourth largest killer of Australians and smoking is the most important risk factor for COPD. When […]