On the Line in Front of Each Statement, Enter Either

question 185

Short Answer

On the line in front of each statement, enter either a D for debit or a C for credit to indicate the normal entry that would be needed for each account named.
________ direct labor was incurred on a job: Work-in-Process Inventory account
________ indirect labor was incurred: Wages Payable account
________ indirect labor was added to a job: Manufacturing Overhead account
________ direct labor was incurred: Wages Payable account

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Definitions:

Return On Investment (ROI)

A measure used to evaluate the efficiency or profitability of an investment, calculated by dividing net profit by the cost of the investment.

Net Operating Income

This refers to the profit realized from a business's operational activities, excluding taxes and interest.

Contribution Margin Ratio

A financial metric that measures the proportion of revenue that exceeds variable costs, indicating how much earnings can contribute towards fixed costs and profit.

Combined Margin

refers to the total margin generated by a product or entity after accounting for various types of costs, merging both gross and net margins to provide an overall profitability measure.