A ________ Is Used to Accumulate All of the Direct

question 186

Multiple Choice

A ________ is used to accumulate all of the direct materials and direct labor used on the job, as well as the manufacturing overhead allocated to the job.

• A)bill of materials
• B)job cost record
• C)labor time record
• D)production schedule

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Definitions:

Freight In

The cost associated with transporting goods into a business, typically included in the cost of goods sold calculation.

Gross Profit

The financial gain obtained after subtracting the cost of goods sold from the revenue generated from sales.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the accounts for the next period.

Merchandising Business

A type of business that purchases goods and sells them to consumers without changing their form.