Which of the following statements is true?
a. In an actual cost system, the actual cost of direct material and direct labor are accumulated in the WIP inventory account.
b. In an actual cost system, overhead cost are accumulated separately in an overhead control account and assigned to WIP at the end of the production process.
c. An actual cost system is impractical because all production overhead costs must be available in order to assign overhead costs.
d. b and c are both true.
d
You might also like to view...
Which document is the objective evidence used as the basis to record the following journal entry?
a. Invoice b. Time ticket c. Job cost sheet d. Purchase order e. Materials requisition
Random number intervals are based on cumulative probability distributions
Indicate whether the statement is true or false
The analyst turned on his banker's lamp, adjusted his eye shade, and slowly pulled a legal pad from his desk. His weathered hands punched the buttons on his desk calculator deliberately as he divided earnings by total assets in order to calculate:
A) return on assets. B) cost of goods sold. C) merchandise inventory. D) profit margin.
Discuss Amazon's future prospects. Do you think Amazon will ever be consistently profitable?
What will be an ideal response?