Which Item Would Appear Last on a Production Cost Report

question 150

Multiple Choice

Which item would appear last on a production cost report?

• A)Cost of goods finished for the month
• B)Total costs accounted for
• C)Beginning WIP inventory, if any
• D)Ending WIP inventory, if any

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Definitions:

Assignment

A task or piece of work allocated to someone as part of a job or course of study.

Allowance Method

An accounting method for estimating uncollectible accounts receivable that involves creating a provision for bad debts as a percentage of the accounts receivable.

Gross Price

The total cost of a good or service without deducting any discounts, taxes, or other expenses.

Net Price

The actual price paid for a product after deducting any discounts, rebates, or allowances from the list or gross price.