COST ACCOUNTING
JOB ORDER COSTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The four elements that come together in the production activity are:beginning work in process inventory, direct materials, direct labour, and applied overhead.
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TRUE
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FALSE
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Explanation:
Detailed explanation-1: -The factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
Detailed explanation-2: -The three general categories of costs included in manufacturing processes are direct materials, direct labor, and overhead.
Detailed explanation-3: -What is Direct Labor? Direct labor refers to the salaries and wages paid to workers directly involved in the manufacture of a specific product or in performing a service. The work performed must be related to the specific task.
There is 1 question to complete.