The Second Step in the Analyzing and Recording Process Is

question 104

Essay

The second step in the analyzing and recording process is to record the transactions and events in the ____________________________.

---

Definitions:

Direct Material

Raw materials that are directly incorporated into a finished product.

Direct Labour

Labor costs directly associated with the manufacturing of a product or provision of a service, often considered a variable cost.

Work in Process

Inventory that includes goods in the midst of the production process, between raw materials and finished goods stages.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials and labor costs.