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Mr Scott, age 46, quit his job with MNP Inc. and withdrew the $184,000 balance in his Section 401(k) plan. Mr Scott immediately deposited the withdrawal in a new rollover Roth IRA with a local bank. Which of the following statements is false?
Work in Process
Inventory that includes partially completed goods that are still in the production process.
Wages Payable
An account that records the amounts owed to employees for work performed that has not yet been paid.
Factory Overhead
All indirect costs associated with the production process, such as maintenance, utilities, and management salaries, not directly tied to specific units of product.
Factory Overhead
Costs associated with operating a factory that are not directly tied to the production of goods, such as utilities, maintenance, and management salaries.
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