Which of the following accounts contain only one type of product cost?
A)Work in Process Inventory
B)Materials Inventory
C)Finished Goods Inventory
D)Cost of Goods Sold

Question

Quizplus · Accepted Answer

Materials Inventory only includes the cost of materials used in production and does not include labor or overhead costs. Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold all include a combination of materials, labor, and overhead costs.

Which of the Following Accounts Contain Only One Type of Product