Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost

A controlled system is characterized by:

A. reliance on the forces of supply and demand to determine what is produced. B. reliance on the government to determine what is produced and who gets the output. C. an extremely rapid rate of economic growth. D. freedom of choice and freedom of competition.

The process of generating, storing, and interpreting current sales figures by item has been greatly facilitated through the use of _____

a. inventory records b. the Universal Product Code c. profit-and-loss statements d. shelf facing labels