In the Basic Flow of Inventory Through a Manufacturing System

question 284

Multiple Choice

In the basic flow of inventory through a manufacturing system, which of the following occurs last in the job costing system?

• A)Finished goods inventory
• B)Cost of goods sold
• C)Raw materials inventory
• D)Work in process inventory

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Definitions:

Equilibrium Price

The charge where the amount of merchandise supplied equals the amount consumers are willing to purchase.

Inelastic Demand

A situation where the demand for a product does not significantly change with a change in price.

Elastic Supply

A situation where the supply of a good changes significantly when its price changes.

Tax Burden

The measure of the impact of taxation on an individual's or entity's income, assets, or purchasing power.