To Reconcile Total Manufacturing Costs with the Total Cost of Goods

question 56

Multiple Choice

To reconcile total manufacturing costs with the total cost of goods manufactured during the period,

• A) subtract out all period costs from total manufacturing costs to arrive at cost of goods manufactured.
• B) add beginning and subtract ending finished goods inventory to total manufacturing costs.
• C) you must know how many goods were sold during the period.
• D) add beginning and subtract ending work in process inventory to total manufacturing costs.

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Definitions:

Descriptive Statistics

Statistical methods that summarize and organize the characteristics of a data set, including measures such as mean, median, and standard deviation.

Population

A complete set of elements (people, objects, transactions, etc.) that share at least one common characteristic.

AVERAGE(range)

A function used in spreadsheet software to calculate the arithmetic mean of a range of cells.

Mean Value

The average of a set of numbers, found by dividing the sum of all values by the number of values.