The _____ Is a List of Components and Number of Each

question 2

Multiple Choice

The _____ is a list of components and number of each needed for file cabinets that a manufacturing company will produce.

• A)material plan
• B)finished product
• C)make-or-buy decision
• D)bill of lading
• E)bill of materials

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Definitions:

Process Costing System

is an accounting method used for homogeneous products, where costs are assigned to batches of products instead of individual units, typical in industries like refining or food production.

Molding Department

A specialized department in manufacturing that is responsible for shaping materials using molds.

FIFO Method

A method of inventory valuation where the earliest items added to the inventory are the first to be sold.

Process Costing System

An accounting method used where identical products are mass-produced, dividing the total cost of production by the number of units produced to compute a cost per unit.