In a standard cost system, the cost of completed units transferred from Work in Process Inventory to Finished Goods Inventory is recorded at: Multiple Choice Standard cost Standard cost minus the variance from actual cost Actual cost. Standard cost plus the variance from actual cost A cost that has been incurred irrevocably by past actions is a(n): Multiple Choice Capital expenditure. Sunk cost. Incremental cost. Fixed cost. The payback period: Multiple Choice Is the length of time necessary to recover the entire cost of an investment from its resulting annual net income. Takes into consideration both the profitability of an investment over its entire life and the timing of its future cash flows. Takes into consideration the profitability of an investment over its entire life, but ignores the timing of its future cash flows. Is the length of time necessary to recover the entire cost of an investment from its resulting annual net cash flow. When management considers an investment, they look for the payback period to be: Multiple Choice Profitable. Useful Long. Short