When Work Is Going to Be Late,or It Is Expected

question 56

Multiple Choice

When work is going to be late,or it is expected to miss the due date,it is said to be

• A)imperfect.
• B)backlogged.
• C)an opportunity cost.
• D)a loss function.

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Definitions:

Conversion Costs

The combined costs of direct labor and manufacturing overheads required to convert raw materials into finished goods.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, converting them into the amount of finished goods units.

Processing Department

A distinct section in a manufacturing plant dedicated to conducting a specific phase of the production process.

Work In Process Inventory

Goods that are in the production process but have not yet been completed; it's an inventory account that includes materials, labor, and overhead costs incurred for products that are not yet finished.