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Use the following codes to indicate how the cash flow effect, if any, of each transaction would be reported on a statement of cash flows if the operating activities section is prepared using the direct method. (Choices may be used more than once.)
-Purchased truck for cash.
Work in Process
Inventory consisting of items still in the production process, not yet completed but having incurred some direct material, labor, or overhead costs.
Manufacturing Overhead
These are all the indirect costs associated with the production process, excluding direct materials and direct labor.
Cost of Goods Sold
The immediate expenses linked to the manufacturing of a company's sold products, covering the cost of materials and labor directly engaged in the product's creation.
Work in Process
Stock consisting of materials that are in the process of being transformed into final products but have not reached completion.
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