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What I Know Before we begin this lesson, let us check first your prior knowledge on this module. After taking and checking this short test, take note of the items that you are not able to answer correctly and look for the right answer as you go through this module. Direction: Encircle the letter of the correct answer. 1. What type of cost includes product ingredients and materials? а. fixed b. revenue с. total d. variable 2. What type of cost includes the rental of space? а. fixed b. revenue c. total d. variable 3. What type of cost is the product of the price and the quantity sold? а. fixed b. revenue с. total d. variable 4. What concept is being described when the business will neither earn a profit nor suffer a loss? а. break-even b. loss с. profit d. summit 5. What type of analysis shows equal revenue and total cost? а. break-even b. cost of variable c. profit-loss d. volume of sales

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ok sk int rences C raw 124,010 :8: F1 Exercise 6-8A (Static) Which of the following is true about the cost of employees within a business context? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) @ 2 W ?Hiring employees involves a significant overhead cost. ? Costs associated with employees include only salary and limited hiring expenses. ?Employees constitute a high cost of conducting business. ?The cost of providing employee benefits is minimal and of little importance. F2 # 3 E S D AL 15 80 F3 $ с 4 R Q F4 % 5 * 8 F G H J DII F8 I XCVBNM ( 9 K A DD F9 0 < ) 0 F10 L P 4 F11 M + [ F12 = ? 11 I W

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How do I find the product cost per unit?

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(c) Which of the following statements are true? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) If a customer orders more frequently, but orders the same total number of units over the course of a year, the customer margin under activity based costing will decrease. If a customer orders more frequently, but orders the same total number of units over the course of a year, the product margin under a traditional costing system will decrease. k nt If a customer orders more frequently, but orders the same total number of units over the course of a year, the customer margin under activity based costing will be unaffected. ences If a customer orders more frequently, but orders the same total number of units over the course of a year, the product margin…

Not yet answered Marked out of 2.00 P Flag question Write in your own words about the main functions of Cost Accounting. A B I |=而

Please be specific while answering. Answer should not exceed from 6 line for a single question.no need to write the details. 1. Differentiate between spoiled and defective material, why costing procedure is different for both? 2. Give an example of cost which is a part of unavoidable cost. 3. Why there is a need to identify the standard cost? 4. What type of account as a new account title is maintained is spoiled work process.name only and pass an entry with spoilage of 700 dollars against work in process. 5. Under what situation in spoiled working the loss is: a)charged to FOH b) charged to work in process check_circle

Please be specific while answering. Answer should not exceed from 6 line for a single question.no need to write the details. 1. Differentiate between spoiled and defective material, why costing procedure is different for both? 2. Give an example of cost which is a part of unavoidable cost. 3. Why there is a need to identify the standard cost? 4. What type of account as a new account title is maintained is spoiled work process.name only and pass an entry with spoilage of 700 dollars against work in process. 5. Under what situation in spoiled working the loss is: a)charged to FOH b) charged to work in process

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1. Multiple-Choice Question - FIFO When using FIFO, A) Identical costs go to the balance sheet and the income statement. B) Management uses average costs to assign to the balance sheet and the income statement. C) Older costs go to the income statement; newer costs go to the balance sheet. D) Older costs go to the balance sheet; newer costs go to the income statement. Explain for the answer chosen please.

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p?attempt=D1347310&cmid%3D701917&page%=D3 arning services - SQU Libraries - SQU Portal Attendance English (en) ACCTZTZT_yassciy_ializU / IVIIULCITII LAGITI VIIC_I ALLEUZU / LAGIII I Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? on Select one: O a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. O b. The balance in the Work-in-Process account after allocation will be the same under either method. 10 O c. None of given ANSWER is correct. Fini Od. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. Oe. Cost of Goods Sold will be higher if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods…

Write “TRUE” if the statement is true, “FALSE” if the statement is false. _____1. One purpose of a JIT inventory system is to have goods ready just when the customerneeds them. _____2. Under JIT, materials are “pushed” from one workstation to another to ensure timely completion of finished products. _____3. A company will typically have fewer suppliers under JIT than a traditional system. _____4. The most effective way to achieve total quality control is to have an InspectionDepartment that inspects all incoming raw materials, and inspects goods as they movealong the product flow line. _____5. The predetermined overhead rate is an amount obtained by dividing the total overheadfor the past period by the total overhead allocation base for the coming period. _____6. When the underapplied overhead is assigned to Cost of Goods Sold the effect is toincrease the balance on the Cost of Goods Sold account. _____7. Overapplied overhead occurs when actual overhead is less than applied overhead.…

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Woodstock Binding has two service departments, IT (Information Technology) and HR (Human Resources), and two operating departments, Publishing and Binding. Management has decided to allocate IT costs on the basis of IT Tickets (issued with each IT request) in each department and HR costs on the basis of employees in each department. The following data appear in the company records for the current period: IT tickets Esployees Department direct costs a. The order of allocation starts with IT. b. The order of allocation starts with HR. Show Transcribed Text IT From: Service department costs IT 0 HR Total costs 16 $ 156,000 Required: Use the step method to allocate the service costs, using the following: $ HR 1,700 0 $ 266,200 Complete this question by entering your answers in the tabs below. Publishing 1,700 24 Required A Required B Use the step method to allocate the service costs, using the following: The order of allocation starts with IT. Note: Amounts to be deducted should be…

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What will you use to allocate the cost of the purchasing department? a.Number of purchase orders generated b.Number of machines c.None of the answers are correct d.Number of employees

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Question 4. Attached are possible answer

File Edit View History Bookmarks Window Help System (Academic) A elearn.squ.edu.om erial Accounting || fall20 Which one of the following is correct about variable costing systems? Select one: 1 a. Normally result into a lower product cost compared to absorption costing systems b. Calculate product cost as the sum of directs materials, direct labor, manufacturing overhead costs, and selling cost c. Calculate product cost as the sum of directs materials, direct labor and manufacturing overhead costs d. Focuses on both variable and fixed costs.

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11.-The EOQ model is a procedure that calculates the number of items that an order should have, in order to minimize the purchase costs with the supplier of the products to be acquired. True or false?

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Sage Hill Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: $16,900 13,870 4,540 54,120 88,640 152,080 9,400 Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $76,280 50,620 2,750 1,490 2,200 16,500 2,860

The Chapter 6 Form worksheet is to be used to create your own worksheet version of the Review Problem in the text.   2. Change all of the numbers in the data area of your worksheet so that it looks like this:   If your formulas are correct, you should get the correct answers to the following questions.   (a) What is the net operating income (loss) in Year 1 under absorption costing?     (b) What is the net operating income (loss) in Year 2 under absorption costing?     (c) What is the net operating income (loss) in Year 1 under variable costing?   (d) What is the net operating income (loss) in Year 2 under variable costing?    (e) The net operating income (loss) under absorption costing is less than the net operating income (loss) under variable costing in Year 2 because: (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.…