The costs of direct materials, direct labor, and overhead of completed products ready for sale are known as:

The two categories of cost comprising conversion costs are Oa. direct labor and direct materials Ob. direct labor and indirect labor Oc c. factory overhead and direct materials Od. direct labor and factory overhead

Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods.

Materials that enter into and become a significant part of the finished product are called a.operating expenses. b.direct materials. c.indirect materials. d.administrative expenses.

Which of the following quantities is an example of an activity cost driver in activity-based costing? O A. number of direct labour hours O B. number of labour transactions O C. number of machine hours O D. all of the above

The cost of a manufactured product (product cost) generally consists of which of the following? Group of answer choices selling and administrative expenses direct material, direct labor, applied factory overhead direct labor and applied factory overhead direct material and direct labor

In a process costing system, the entry to record the use of direct materials in production would include a:   a) debit to finished goods inventory b) debit to materials inventory c) debit to work in process inventory d) credit to finished goods inventory

Prime costs are: A) Direct Materials only B) Direct Labor and Overhead C) Direct Materials and Overhead D) Direct Materials and Direct Labor

Which of the following is the correct flow of manufacturing costs? Oa. work in process, finished goods, raw materials, cost of goods sold Ob. raw materials, finished goods, cost of goods sold, work in process Oc. raw materials, work in process, finished goods, cost of goods sold Od. cost of goods sold, raw materials, work in process, finished goods

Process costing is an effective method to identify resource and logistics costs. Please respond to the following: Discuss the specific steps you would take to design a process costing system that effectively identifies resource and logistics costs of a manufactured product.