By the Late Middle Ages, the Nobility ________

question 16

Multiple Choice

By the late Middle Ages, the nobility ________.

• A) had broken into two recognizable groups: higher and lower
• B) were moving toward becoming merchants and traders
• C) resorted to warfare only when they were attacked
• D) rejected the code of chivalry

---

Definitions:

Unadjusted Cost of Goods Sold

Unadjusted Cost of Goods Sold (COGS) is the initial calculation of all costs directly associated with the production of goods before any adjustments for inventory changes or other factors.

Journal Entry

A record in the accounting journal that represents a business transaction and its effect on the accounts.

Manufacturing Overhead

All indirect costs associated with the production process, from maintenance expenses of the production facility to the supplies needed for operation.

Work in Process

Goods that are midway through the manufacturing process but are not fully finished.