Backflush Costing

question 5

Multiple Choice

Backflush costing:

• A)Is a simplified approach to determining product cost that is used when there is little or no work-in-process inventory.
• B)Involves the use of standard costing.
• C)Allows product costs to be quickly and conveniently calculated
• D)Is an approach to determining product cost that is used when JIT is used.
• E)ALL of the above.

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Definitions:

Aqueous Acid

An acid dissolved in water, yielding H3O+ ions, and characterized by a pH less than 7.

Reaction Product

A chemical substance resulting from a chemical reaction.

Synthesis

The procedure of blending simpler chemical substances to result in a substance of higher complexity.

Grignard Reagent

A class of organometallic compounds used in organic chemistry for forming carbon-carbon bonds and synthesizing a wide range of organic molecules.