The Raw Materials Inventory,Work-In-Process Inventory,and Finished Goods Inventory Accounts Appear

question 91

Multiple Choice

The Raw Materials Inventory,Work-in-Process Inventory,and Finished Goods Inventory accounts appear on the manufacturing worksheet in the:

• A)balance sheet columns.
• B)income statement columns.
• C)statement of cost of goods manufactured.
• D)all of the above.

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Definitions:

Direct Labour Rate Variance

The difference between the actual wages paid to workers and the standard cost of those wages for the actual hours worked.

Labour Efficiency Variance

A metric used to measure the difference between the actual hours worked and the standard hours expected to complete a task.

Standard Rate (SR)

Standard Rate (SR) refers to a predefined or established cost or value used in financial and operational calculations, often applied in budgeting and cost accounting.

Actual Hours (AH)

The real number of hours worked or required to complete a specific task or project, as opposed to estimated or planned hours.