The categories of manufacturing costs comprising the total cost of work in process inventory are which of the following? Group of answer choices Selling expenses Direct costs General and administrative expenses Direct labor, direct materials, and manufacturing overhead

The categories of manufacturing costs comprising the total cost of work in process inventory are which of the following? Group of answer choices Selling expenses Direct costs General and administrative expenses Direct labor, direct materials, and manufacturing overhead

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The categories of manufacturing costs comprising the total cost of work in process inventory are which of the following?

Group of answer choices

Selling expenses

Direct costs

General and administrative expenses

Direct labor, direct materials, and manufacturing overhead

Definition Definition Indirect costs incurred while producing goods or services. Overhead costs cannot be directly attributed to products or services. Overhead includes indirect material cost, indirect labor cost, rent, utilities expenses, and depreciation. Since these costs directly affect the profitability of a company, managing overhead becomes an important task for management.

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