Select the Appropriate Definition for Each of the Items Listed

question 196

Multiple Choice

Select the appropriate definition for each of the items listed below.
-Direct materials + direct labor + overhead

• A)Work in process inventory
• B)Finished goods inventory
• C)Cost of goods sold
• D)Cost of goods manufactured
• E)Total manufacturing costs

Identify plant assets and differentiate them from intangible assets.

Apply the units-of-production depreciation method and calculate accumulated depreciation.

Understand the difference between capital expenditures (betterments) and revenue expenditures (repairs).

Compute book value and recognize gain or loss on the sale of assets.