In a Process Costing System,when Raw Material Is Received in Which

question 3

Multiple Choice

In a process costing system,when raw material is received in which of the following balance sheet accounts is it recorded?

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

---

Definitions:

Inflation Rates

The percentage rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling.

Unemployed Classification

A categorization for individuals who are without a job but are available to work and have actively sought employment within a specific timeframe.

Voluntary Reasons

Motives or causes that lead individuals to make choices freely without external coercion, often influencing personal and economic decisions.

Labor Force

The cumulative count of individuals who either have a job or are seeking work actively.