Match Each Following Cost Flows with Their Corresponding Job-Costing Event

question 54

Multiple Choice

Match each following cost flows with their corresponding job-costing event from the items listed below.* Each term may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-Schedule of costs of goods sold is prepared

• A)Completion of job
• B)End of each accounting period
• C)Materials are removed from storage into production
• D)Product is sold
• E)End of year

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Definitions:

Direct Labor-Hours

The total hours worked by employees directly involved in manufacturing products, used as a basis for assigning labor costs to those products.

Manufacturing Overhead

All indirect costs associated with manufacturing, including costs for indirect labor, materials, and factory operations, that are not directly traceable to specific products.

Direct Materials

Direct materials refer to the raw materials that become an integral part of the finished product and can be easily traced back to it.

Direct Labor-Hours

Complete work hours of employees directly incorporated in production tasks.