In a Job Cost System,the Work-In-Process Inventory Controlling Account May

question 92

Multiple Choice

In a job cost system,the Work-in-Process Inventory controlling account may be reconciled to the total of the:

• A)Employee time cards.
• B)Materials requisitions.
• C)Work-in-Process Inventory records for each department or process.
• D)Job cost sheets.

---

Definitions:

Marginal Revenue

The additional income generated from selling one more unit of a product or service.

Equilibrium

When aggregate demand equals aggregate supply.

MC = MR

A principle in economics stating that profit maximization occurs when a firm's marginal cost (MC) equals its marginal revenue (MR).

Marginal Revenue

The additional income gained from selling one more unit of a good or service.