The Three Components of Total Manufacturing Cost Are

question 69

Multiple Choice

The three components of total manufacturing cost are

• A) cost of goods manufactured,cost of goods sold,and work in process.
• B) raw materials used,direct labor,and manufacturing overhead.
• C) selling expenses,administrative expenses,and manufacturing overhead.
• D) raw materials used,direct labor,and cost of goods sold.

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Definitions:

Preferences

The subjective tastes and desires that guide consumers in making their choice among various goods and services.

Incomplete

Characterizing something as not fully finished, lacking some parts, or not comprehensive.

Transitive

A relation is described as transitive if, whenever it relates some A to B and B to C, it also relates A to C.

Marginal Rate of Substitution

The rate at which a consumer is willing to give up one good in exchange for another good while maintaining the same level of utility or satisfaction.