Adjusting Is a Three-Step Process (1) ________, (2) ________, and (3)

question 199

Short Answer

Adjusting is a three-step process (1) ________, (2) ________, and (3) ________.

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Definitions:

Direct Materials

Raw materials that are directly traceable to the production of a specific good or service and are variable costs.

Raw Material

Basic materials that are used in the production process to create goods and products.

Labor Rate Variance

The gap between the budgeted or standard labor cost and the actual expenses incurred for labor.

Direct Labor

The labor cost directly tied to the production of goods or services, including wages and salaries of workers who are directly involved in manufacturing a product or delivering a service.