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QU # 5) A manufacturing concern follows the practice of charging the cost of direct...

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Accounting

QU # 5) A manufacturing concern follows the practice of charging the cost of direct materials and direct labor to work in process but charges off all indirect costs (factory overhead) directly to income summary. State the effects of this procedure on the concern's financial statements and comment on the acceptability of the procedure for use in preparing financial statements. (10 marks)

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