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Question 298 - IIA-CIA-Part3 discussion

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On the last day of the year, a total cost of S 150.000 was incurred in indirect labor related to one of the key products an organization makes. How should the expense be reported on that year's financial statements?

A.
It should be reported as an administrative expense on the income statement.
Answers
A.
It should be reported as an administrative expense on the income statement.
B.
It should be reported as period cost other than a product cost on the management accounts
Answers
B.
It should be reported as period cost other than a product cost on the management accounts
C.
It should be reported as cost of goods sold on the income statement.
Answers
C.
It should be reported as cost of goods sold on the income statement.
D.
It should be reported on the balance sheet as part of inventory.
Answers
D.
It should be reported on the balance sheet as part of inventory.
Suggested answer: C
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asked 18/09/2024
Sjoerd Kruit
32 questions
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