Work in process inventory

Conversion costs

Period costs

Product costs

Cost of finished goods manufactured

Cost of goods sold

Management accounting

Manufacturing overhead

The following statements describe one of these technical terms. For each statement, indicate the accounting term described.

The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business.

The account debited at the time that the Manufacturing Overhead account is credited.

Direct materials and direct labor used in manufacturing a product.

Costs that are debited directly to expense accounts when the costs are incurred.

All manufacturing costs other than direct materials used and direct labor.

The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account.