Chapter 17 – Multiple Choice
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Which of the following statements about differences between financial and managerial accounting is incorrect?CorrectIncorrect
Manufacturing costs are also known as product costs. Which of the following best describes those costs which are considered to be manufacturing costs?CorrectIncorrect
The 20X5 work in process inventories of Parkhurst, Inc., totaled $20,000 on January 1 and $15,000 on December 31. If total manufacturing cost was 90% of cost of goods sold, how much was cost of goods sold?CorrectIncorrect
Factory overhead includes all manufacturing costs except direct material and direct labor. Which of the following items would not be considered to be a factory overhead cost?CorrectIncorrect