Question $1(10$ points$)$

Match the concept to the definition. Each option is only used once or not at all. $(1$

point each$)$:

Work in Process Inventory

Operational Planning

Finished Goods Inventory

Cost of Goods

Manufactured

Job Order Costing

An inventory account that includes

items used to create a product.

The costs of goods that were

finished in a given accounting

period.

A set of costs that are directly

related to making or purchasing a

product $($Such as DM$,$ DL$,$ MOH$)$

A costing system where costs are

tracked by a specific item, batch,

etc.

An inventory account that includes

goods that have started to be built

but are not complete.

The rate at which overhead is

assigned to jobs based on

estimated costs and a cost driver.

Developing short$-$term strategies

that focus on a company's day$-$to$-$

day operations.