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QA › Economics › Which of the following describes the flow of product costs through the inventory accounts of a manufacturer?

Which of the following describes the flow of product costs through the inventory accounts of a manufacturer?

a. raw materials, work in process, finished goods

b. raw materials, overhead, finished goods

c. raw materials, direct labor, overhead, finished goods

d. purchases, finished goods

Answer: a. raw materials, work in process, finished goods

Raw materials are items that need to go through production (become works in progress) to become finished goods, all of which are recorded.

Manufacturing costs could be either direct materials, direct labor, or factory overhead costs. The direct costs can be charged to a particular cost object (say a product for example), whereas the factory overhead costs are mainly about indirectly assigned items, for example, factory utility costs, and the salary of the factory supervisor.

Economics

3 years ago

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