After the Physical Inventory Is Completed

question 146

Multiple Choice

After the physical inventory is completed

• A) quantities are listed on inventory summary sheets.
• B) quantities are entered into various general ledger inventory accounts.
• C) the accuracy of the inventory summary sheets is checked by the person listing the quantities on the sheets.
• D) unit costs are determined by dividing the quantities on the summary sheets by the total inventory costs.

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Definitions:

Derived Demand

The demand for resources (inputs) that is dependent on the demand for the outputs those resources can be used to produce.

Inputs Demand

The desire or requirement for factors of production, like labor and capital, that businesses need to produce goods or services.

Demand for Outputs

The quantity of goods and services that consumers and businesses are willing and able to purchase at various prices during a certain period of time.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production.