Examlex
List and briefly discuss three measures that can be taken to maintain good controls over merchandise inventory.
Work in Process Balances
Work in process balances refer to the value of materials and labor for products that are in the production process but not yet completed.
Direct Materials
Items that directly enter into the final product and can be easily traced and assigned to it.
Cost of Goods Manufactured
The total production cost of goods completed during a specific period, including materials, labor, and overhead.
Overhead Applied
An accounting method that allocates overhead costs to specific cost objects, such as products or jobs, based on a pre-determined rate or base.
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