The Raw Materials Section of a Job Cost Sheet Shows

question 150

True/False

The raw materials section of a job cost sheet shows the materials costs assigned to a job,but the direct labor section shows only the total hours of labor exerted by employees on the job.

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Definitions:

Output

The total amount of goods or services produced by a firm or country.

Marginal External Cost

The cost of producing one additional unit of a good or service that is borne by someone other than the producer or consumer, such as environmental pollution.

Marginal Social Cost

The total cost to society of producing one additional unit of a good, including both private costs and externalities.

Equilibrium Price

The price at which the quantity of a product offered for sale equals the quantity of that product in demand.