Answer :
Final answer:
In process costing, WIPs usually includes DM, DL, and FOH. But the last component is not administrative or selling expenses, it, instead, is period costs.
Explanation:
In process costing, Work In Process (WIPs) typically includes direct materials (DM), direct labor (DL), and factory overheads (FOH). However, the last element of WIP is usually not administrative or selling expenses. In traditional accounting, these are considered period costs, not product costs. Therefore, they are not added into the Work In Process account but are rather expensed as incurred in the period.
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