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Carolyn mailed a check for $1,000 to a qualified charitable organization on December 31,2011.The $1,000 contribution is not deductible on Carolyn's 2011 tax return because the charity does not receive the check until 2012.
Direct Labour
Compensation for employees who engage specifically in the creation of a company's products, an essential component of production costs.
Predetermined Overhead Rate
A rate used to apply manufacturing overhead to products or job orders, based on a predetermined formula.
Work in Process
Inventory that includes partially completed goods that are still undergoing manufacturing or production processes.
Cost of Goods Sold
The total cost associated with producing the goods sold by a business, including materials, labor, and manufacturing overhead.
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