Amounts Credited to the Work in Process Inventory Account May

question 99

Multiple Choice

Amounts credited to the Work in Process inventory account may best be described as:

• A)The cost of finished goods manufactured.
• B)Total manufacturing costs charged to production.
• C)The cost of goods sold.
• D)Direct materials purchased,direct labor costs paid,and payments for items classified as manufacturing overhead.

---

Definitions:

Tax Burden

The total amount of taxes that individuals or businesses must pay to governmental authorities.

Offering

A product, service, or opportunity presented to consumers or clients by a business or organization.

Countertrade

A trading practice where goods and services are exchanged for other goods and services without the use of money.

Economic Order Quantity

A formula used in inventory management to determine the optimal order quantity that minimizes total inventory costs.