Question

_________________________ is the accumulation of production costs for a completed good. Select one: a. Cost of...

_________________________ is the accumulation of production costs for a completed good.

Select one:

a. Cost of goods manufactured

b. Overhead

c. Cost of goods sold

d. Direct Materials

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Answer #1

Answer: a. Cost of goods manufactured

a. Cost of goods manufacture is the cost incurred for the production of a product. It includes Direct Material cost + Direct Labour cost and manufacturing overhead allocated to production.

b. Overheads alone is incorrect since production cost also includes direct materials and labour. It doesnot include all the overheads, only manufacturing overheads are included in this.

c. Cost of goods sold is incorrect since it only includes the cost related to selling and distribution.

d. Direct materials is incorrect since cost of production incudes Direct labour and manufacturing overheads also.

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