When a Job Is Complete

question 203

Multiple Choice

When a job is complete:

• A)Work-in-Process Control is debited.
• B)the cost of the job is transferred to Manufacturing Overhead Control.
• C)Finished Goods Control is credited.
• D)actual direct materials,actual direct manufacturing labour and allocated manufacturing overhead.will comprise the total cost of the job

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Definitions:

Economic Profit

The difference between the total revenue generated by a business and the total costs, both explicit and implicit.

Total Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums, over a certain period of time.

Profit-Maximizing

The process or strategy of adjusting production and operations to generate the highest possible profit.

Total Profit

Total profit is the financial gain made by a business after subtracting all expenses from the total revenue generated from sales and other sources.