To Determine the Cost of a Manufactured Product,a Normal Costing

question 120

Multiple Choice

To determine the cost of a manufactured product,a normal costing system uses ________.

• A)actual direct material,actual direct labor and actual overhead
• B)applied direct material,applied direct labor and applied overhead
• C)applied direct material,applied direct labor and actual overhead
• D)actual direct materials,actual direct labor and normal applied overhead

---

Definitions:

Economic Profits

Economic profits refer to the excess income earned by firms after accounting for both explicit and implicit costs, serving as a measure of efficiency and profitability.

Creative Destruction

A process where new innovations lead to the demise of older technologies or businesses, driving economic growth and progress.

Internet

A global network of interconnected computer networks that enables users to share information and communicate over vast distances.

Travel Agencies

Businesses that specialize in planning and booking travel accommodations and experiences for individuals and groups.