When Recording the Journal Entry for Labor,the Work in Process

question 177

Multiple Choice

When recording the journal entry for labor,the Work in Process Inventory account is

• A)Debited for standard labor cost.
• B)Debited for actual labor cost.
• C)Credited for standard labor cost.
• D)Credited for actual labor cost.
• E)Not used.

---

Definitions:

Efficiency

The degree to which resources are used effectively and waste is minimized, often aiming at maximizing output from given inputs.

Highest-value Bidder

The participant in an auction willing to pay the most for the item up for bid.

English Auction

A public sale method where bids are openly made and raised until no higher bid is offered, with the highest bidder purchasing the item.

Sealed Auction

An auction format in which all bids are submitted simultaneously in sealed envelopes, and the highest bid wins without bidders knowing the bid amounts of others.