A Product That Is Produced in 2015 and Not Sold

question 54

Multiple Choice

A product that is produced in 2015 and not sold until 2016 will be counted in the GDP for

• A)both 2015 and 2016.
• B)neither 2015 nor 2016.
• C)2015
• D)2016

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Definitions:

Job-Order Costing

An accounting method that tracks costs individually for each job, suitable for companies that produce custom products or services.

Direct Labor Costs

Expenses that are directly tied to the production of goods or services, including wages of workers who can be directly traced to the product.

Indirect Labor Costs

Labor costs associated with employees who do not directly work on the production of products or services, such as maintenance staff or supervisors.

Manufacturing Overhead

All indirect costs associated with the production process, such as utilities, maintenance, and factory equipment depreciation.