Define the Following: Chart of Accounts, Credit Rating, FOB Point

question 14

Essay

Define the following: chart of accounts, credit rating, FOB point, picking list.

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Definitions:

Direct Labor Standards

Refer to the pre-determined amount of labor time and labor cost that should be used for producing a unit of product or service.

Work in Process Inventory

The value of goods in various stages of production within a manufacturing company, not yet completed as finished goods.

Raw Materials Used

The total cost or value of all primary materials consumed in the production process over a specified period.

Raw Material Price

The cost of basic materials before being processed or used in manufacturing.