Match the Following Cost Flows with the Proper Event in a Job-Costing

question 99

Multiple Choice

Match the following cost flows with the proper event in a job-costing firm:
-immaterial overhead variance closed to costs of goods sold

• A)completion of job
• B)end of each accounting period
• C)materials are moved from storage into production
• D)product is sold
• E)end of year

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Definitions:

Direct Labor

The cost of wages for workers directly involved in the manufacturing or production of goods.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a product and are considered variable costs.

Cost Of Goods Manufactured

The total production cost of goods completed during a specific period.

Work In Process Inventory

Inventory that consists of items in the production process but not yet completed, considered a current asset on the balance sheet.