Suppliers, Intermediaries, Competitors and Publics Are All Members of Which

question 50

Multiple Choice

Suppliers, intermediaries, competitors and publics are all members of which environment?

• A) competitive environment
• B) external environment
• C) microenvironment
• D) corporate environment
• E) macroenvironment

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Definitions:

Conversion Costs

Costs incurred to convert raw materials into finished products, including direct labor costs and manufacturing overhead.

FIFO Method

An inventory valuation method that assumes the first items placed into inventory are the first sold; stands for "First In, First Out."

Direct Materials Cost

The cost of raw materials used in manufacturing a product that are directly traced to that product.

Conversion Cost

The total expense, encompassing both direct labor and manufacturing overheads, associated with turning raw materials into finished goods.