1. Costs that are expensed when incurred are called: A. product costs. B. direct costs....
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Accounting
1. Costs that are expensed when incurred are called: A. product costs. B. direct costs. C. inventoriable costs. D. period costs. E. indirect costs
2. The accounting records of Manning Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000. Ehrlichs product costs total:
A. $675,000. B. $1,050,000. C. $895,000. D. $1,270,000. E. None of the answers is correct
3. How should a company that manufactures automobiles classify its partially completed vehicles?
A. Work in process inventory B. Raw materials inventory. C. Finished goods inventory. D. Cost of goods manufactured.
4. Work-in-process inventory is composed of: A. direct material and direct labor. B. direct labor and manufacturing overhead. C. direct material and manufacturing overhead. D. direct material, direct labor, and manufacturing overhead. E. direct material only.
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