Match the Term with Its Definition

question 62

Multiple Choice

Match the term with its definition.
-Beliefs that provide a foundation for ethical behavior in a firm

• A)code of ethics
• B)environmentalism
• C)ethical imperialism
• D)ethical relativism
• E)integrity
• F)intellectual property
• G)social responsibilities
• H)skimming
• I)stakeholders
• J)sustainable small business
• K)underlying values

Identify and record different types of costs (direct, indirect, raw materials, labor) in a job-order costing system.

Calculate the cost of goods manufactured and the cost of goods sold using specific accounting equations.

Recognize the process of applying manufacturing overhead to jobs in a job-order costing system.

Understand the calculation and application of the predetermined overhead rate.

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Definitions:

Work-In-Process Inventory

Goods that are partially completed in the manufacturing process but not yet ready for sale.

Cost Of Goods Sold

In a perpetual inventory system, an account that records the cost of merchandise inventory used to make the sale. Also, it is the total cost of the goods which were sold to customers.

Finished Goods Inventory

Products that are completed and ready for sale but still remain in the company's inventory.

Cost Of Goods Manufactured

The total cost incurred to produce goods within a specific period, including materials, labor, and overhead.