Changes in Technology Will Result in a Decrease in the Amount

question 83

True/False

Changes in technology will result in a decrease in the amount of information that managers will use to make decisions.

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Definitions:

Finished Goods

This refers to goods that have been completed by the manufacturing process but have not yet been sold to customers.

Gross Profit

delineates the profit a company makes after subtracting the costs directly associated with making its products or providing its services.

Direct Labor

The labor costs associated with workers who are directly involved in the production of goods or provision of services.

Total Manufacturing Costs

The aggregate cost of direct materials, direct labor, and manufacturing overhead incurred in the production of goods.