Examlex
Identify which of the following statements is false.
Direct Labor
The labor cost of workers who are directly involved in the manufacture of products or the provision of services.
Factory Overhead
All indirect costs associated with manufacturing, such as utilities, maintenance, and salaries of non-direct labor.
FIFO Method
"First In, First Out," an inventory valuation method where goods purchased first are sold first, impacting cost of goods sold and inventory value.
Beginning Inventory
The value of stock on hand at the start of an accounting period, which is used as the opening balance for inventory accounts.
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