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Homework answers / question archive / QUESTION 6 Goods that have been converted into a finished product and are ready for sale are defined as: Operational inventories Finished goods inventories Raw materials inventories Conversion inventories QUESTION 7 The activity used to allocate overhead hours to the individual jobs is called the: usage driver process costing system allocation base normal costing system
QUESTION 6
QUESTION 7
1) Finished Goods inventory is the Products that are Manufactured and Ready to be sold. The product is in the Manufacturing Process is Known as the Work-in-process inventory. The raw material is the Rawmateris inventory. Product cost of the Units Sold is Known as the Cot of Goods Sold. So, the correct option is 2nd "Finished Goods Inventory".
2) An allocation base is the basis upon which an entity allocates its overhead costs. An allocation base takes the form of a quantity, such as machine hours used, kilowatt hours consumed, or square footage occupied. So, the correct option is 3rd "Allocation Base".
