What are the three components of manufacturing costs?

A.Cost of goods sold, cost of administrative overhead, and cost of employee benefits

B.Fixed costs, variable costs, and mixed costs

C.None of the above

D.Direct materials, direct labor, and manufacturing overhead

What are the functions of the work-in-process (WIP) inventory account and the cost of goods sold (COGS) account?

A.WIP is used to record cost of materials not yet put into production; COGS is used to record product costs associated with goods that are sold.

B.WIP is used to record product costs associated with incomplete goods in the production process; COGS is used to record product costs associated with goods that are sold.

C.WIP is used to record product costs associated with incomplete goods in the production process; COGS is used to record product costs associated with goods that are completed and ready to sell

D.WIP is used to record cost of materials not yet put into production; COGS is used to capture reduced and discounted sales volumes.