Products That Are in the Process of Being Manufactured but Are

question 116

Multiple Choice

Products that are in the process of being manufactured but are not yet complete are called:

• A) Raw materials inventory.
• B) Conversion costs.
• C) Cost of goods sold.
• D) Goods in process inventory.
• E) Finished goods inventory.

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Definitions:

Sticker Price

The full retail price of a vehicle, as displayed on a sticker in the car's window; commonly used to refer to the initial asking price of goods.

GST

The Goods and Services Tax is a form of value-added tax applied to almost all goods and services purchased for use within the nation.

PST

Provincial Sales Tax; a tax levied by certain provinces in Canada on the sale of goods and services.

Percentage

A percentage is a way of expressing a number as a fraction of 100, used to describe proportions and changes in quantities.