Cost of Goods Manufactured Is Calculated as Follows

question 45

Multiple Choice

Cost of goods manufactured is calculated as follows:

• A) Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP.
• B) Direct materials used + direct labor + manufacturing overhead - beginning WIP + ending WIP.
• C) Beginning WIP + direct materials used + direct labor + manufacturing overhead - ending WIP.
• D) Direct materials used + direct labor + manufacturing overhead - ending WIP - beginning WIP.

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Definitions:

Egocentrism

Piaget’s term for children’s inability to take another person’s point of view or perspective and to assume that others share the same feelings, knowledge, and physical view of the world.

Preoperational Reasoning

Piaget’s second stage of cognitive development, between about ages 2 and 6, characterized by advances in symbolic thought, but thought is not yet logical.

Piaget

A reference to Jean Piaget, a Swiss psychologist known for his pioneering work in child development and cognitive theory.

Cognitive Development

The process of growth and change in intellectual abilities, including thinking, reasoning, problem-solving, and understanding complex concepts.