IIA
IIA-CIA-PART3 · Question #298
IIA-CIA-PART3 Question #298: Real Exam Question with Answer & Explanation
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Question
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?
Options
- AIt should be reported as an administrative expense on the income statement.
- BIt should be reported as period cost other than a product cost on the management accounts
- CIt should be reported as cost of goods sold on the income statement.
- DIt should be reported on the balance sheet as part of inventory.
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