If You Received Inventory Without a Bill,once the Bill Has

question 23

Multiple Choice

If you received inventory without a bill,once the bill has arrived you could do all of the following,except:

• A)Enter the bill against the inventory already recorded
• B)Enter the inventory and then enter the bill separately
• C)Enter the bill and wait for the inventory to arrive
• D)Enter the inventory and bill at the same time

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Definitions:

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing the costs incurred to convert raw materials into finished goods.

Process Costing

An accounting methodology used for homogeneous products, where the cost of the product is calculated by averaging the total production costs over the total units produced.

Weighted-Average Method

A cost accounting method that calculates the cost of goods sold and ending inventory on the basis of the average cost of all similar items in inventory, irrespective of purchase date.

Conversion Costs

Costs incurred to convert raw materials into finished products, including labor and overhead expenses.