We appreciate your visit to Total Manufacturing Cost TMC includes Select one A WIP FG and COGS B FOH WIP and FG C DM DL and FOH D DL DM. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
The correct answer is option C: DM, DL, and FOH. The TMC includes three main components - Direct Materials (DM), Direct Labor (DL), and Factory Overhead (FOH).
The Total Manufacturing Cost (TMC) is the sum of all manufacturing costs incurred by a company during the production of goods. It includes all direct and indirect costs associated with the manufacturing process.
Direct Materials refer to the cost of raw materials used in the production process. This includes the cost of all materials that can be directly traced to the production of goods, such as wood, steel, or plastic.
Direct Labor refers to the wages paid to workers who are involved directly in the manufacturing process. This includes the cost of all labor that can be directly traced to the production of goods, such as assembly line workers, machine operators, and supervisors.
Factory Overhead includes all other manufacturing costs that cannot be directly attributed to specific products. This includes indirect materials such as lubricants and cleaning supplies, indirect labor such as maintenance staff and janitorial services, and other overhead expenses such as rent, utilities, and insurance.
By adding up these three components, a company can calculate its Total Manufacturing Cost (TMC). This information is useful for determining the cost of goods sold (COGS) and setting prices for finished goods. Additionally, it can help identify areas where costs can be reduced and efficiency can be improved in the manufacturing process.
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