the costs of direct materials, direct labor, and overhead for partially completed products are known as: multiple choice conversion costs. cost of goods sold. raw materials inventory. work in process inventory. finished goods inventory.

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21-10-2022
Business

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the costs of direct materials, direct labor, and overhead for partially completed products are known as: multiple choice conversion costs. cost of goods sold. raw materials inventory. work in process inventory. finished goods inventory.

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-10-31T02:34:55-04:00

Work-In-Process Inventory consist of costs of direct materials, direct labor, and overhead for partially completed products. So, the correct answer is (c).

Materials which have been partially finished during the manufacturing process have been identified as work-in-progress inventory. While they might be placed to one side in a buffered storage area, such goods are generally located in the manufacturing area. Since raw materials are typically introduced at the commencement of the conversion process, the cost of the work-in-progress generally includes the entire raw material costs involved with the obtain a complete.

Work-in-process inventory expenses will also include a portion of the direct labor cost and manufacturing overhead; added expenses for these expenditures will be incurred as part of the remainder process of production.

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