Day 15 Flashcards
1
Q
True or False: Inventoriable costs are considered assets before the products are sold
A
True
Inventoriable costs are assets until sold, when they become COGS
MCQ-03907
2
Q
Conversion costs include:
A
- Indirect materials
- Direct labor
- Indirect labor
Do not include Direct Materials
MCQ-03911
3
Q
Direct Labor is what type of cost?
A
Product Cost, Conversion Cost, and a Prime Cost
MCQ-03915
4
Q
Product costs consist of:
A
- Direct Materials
- Direct Labor
- Factory Overhead
MCQ-04324
5
Q
What cost is assigned to goods that were purchased or manufactured for resale?
A
Product Costs
MCQ-05312
