Idle Time Is

question 68

Multiple Choice

Idle time is:

• A) frequently an avoidable cost.
• B) classified as overhead.
• C) caused by events such as equipment breakdown and new set-ups of production runs.
• D) All of the given answers.

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Definitions:

Cost Reconciliation Report

A document used to reconcile and verify the costs incurred by a department or project against the budgeted or expected costs.

Work In Process Inventory

Inventory that represents partially completed goods which are still in the production process.

Added To Production

Refers to the materials, labor, or overhead costs that are incorporated into the manufacturing process to produce goods.

Process Costing

A costing method typically used in industries where production is continuous, assigning costs to units of product based on the processes or stages they go through.