Under a Standard Costing System

question 47

Multiple Choice

Under a standard costing system

• A) standard costs are entered into the work in process and finished goods inventory account.
• B) actual costs are entered into work in process inventory account while standard costs are entered into the finished goods account.
• C) the raw material inventory account is based on standard quantities and standard cost.
• D) actual costs are entered into raw material and work in process inventory account.

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Definitions:

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