Which of the Following Provides Both the Production Data Needed

question 52

Multiple Choice

Which of the following provides both the production data needed to calculate the standard unit cost and the underlying details for the standard cost per unit?

• A)the standard cost sheet
• B)the standard production budget
• C)the balance sheet
• D)the standard work-in-process account

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Definitions:

Underapplied

A situation in which the allocated manufacturing overhead costs are less than the actual overhead costs incurred.

Raw Materials

Basic materials and components that are used in the manufacturing process to produce finished goods.

Journal Entries

Records in accounting that document financial transactions and their impact on the accounts of an organization in a chronological order.

Indirect Materials

are materials used in the production process, but not directly traceable to a finished product, like lubricants for machinery.