JCH Company Conducts Business in the Lumber and Building Products

question 24

Multiple Choice

JCH Company conducts business in the lumber and building products industry.Last week, JCH purchased 50 railcars of lumber from a mill in Oregon and sold all 50 to a Home Depot store in North Carolina.In this instance, JCH Company would most likely be classified as a:

• A)Manufacturer.
• B)Retailer.
• C)Warehouse.
• D)Wholesaler.

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Definitions:

Unit Fixed Expenses

These are expenses that do not change with the level of production or sales within a certain range and are calculated per unit of product.

Absorption Costing

An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overhead - as part of the cost of a finished unit of product.

Variable Costing

A costing method that includes only variable costs—those that change with production volume—in product pricing and decision-making.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including material and labor costs.