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The ending balance for the work in process account represents the sum of all costs on the individual job cost cards for all incomplete jobs
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The ending balance for the work in process account represents the sum of all costs on the individual job cost cards for all incomplete jobs. True o False O
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The property tax paid for a factory building is an example of a(n): a. opportunity cost b. fixed cost. C. direct cost. d. variable cost.
Expert Solution
- please find attached.
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Option '2' is correct
Fixed cost.
Property tax paid on factory building is a part of manufacturing overhead. Manufacturing overhead is all indirect costs that will be incurred during the production process.
Property tax on factory building is a Fixed cost because it does not varies with the change in the level of activity.It will remain the same each year. Direct costs include direct materials and Direct labor and direct expenses. Manufacturing overhead is not considered as a direct cost.
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