Which of the Following Is a Continuously Updated Computerized Record

question 20

Multiple Choice

Which of the following is a continuously updated computerized record of inventory items purchased, used, sold, and on hand for merchandise, raw materials, and finished goods?

• A) job cost system
• B) standard cost records
• C) cost accounting records
• D) perpetual inventory master file

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Definitions:

Profit Per Unit

The revenue obtained per unit of a product or service sold, minus the cost per unit.

Optimal Output

The level of production that generates the highest possible profit for a firm, taking into account costs and revenue.

Price to Clear

The market price at which the quantity supplied of a good matches the quantity demanded, leading to an equilibrium where there is no surplus or shortage.

Variable Costs

Costs that vary directly with the level of production or output, such as materials and labor.