Total cost of goods to account for is calculated as the sum of the costs direct material used, direct labor incurred, and overhead (either actual or applied) for a period.

Question

Quizplus · Accepted Answer

Total cost of goods to account for is calculated as the sum of the beginning inventory plus the cost of goods purchased or manufactured during the period, not just the sum of direct materials, direct labor, and overhead.

Total Cost of Goods to Account for Is Calculated as the Sum