Use the Information Below to Answer the Following Question(s)

question 118

Multiple Choice

Use the information below to answer the following question(s) .Toronto Industries Inc.had the following activities during the year:

-Which of the following statements would be correct in a manufacturing business?

• A)Completed goods are not normally included in the finished goods inventory.
• B)Completed goods are part of the work in process category.
• C)Work-in-process inventory, at the end of the accounting period, includes direct materials but not direct labour.
• D)Materials put into production are classified as work-in-process inventory.
• E)There can be no beginning finished goods inventory.

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Definitions:

Term Deposits

Fixed amount of money held at a financial institution for a fixed term, earning a guaranteed interest rate.

Simple Interest

Simple interest is a method of calculating the interest charge on a loan based on the original principal amount and the interest rate, without compounding.

Equivalent

Equal in value, amount, function, meaning, etc., often used in mathematics and chemistry.

Per Annum

A Latin term meaning "per year," often used in financial contexts to describe rates or amounts calculated over a yearly basis.