Answered: Define cost accounting, what are the…

Define cost accounting, what are the two basic types of product costing. Explain any one of them with example of product manufactured

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 5Q: Identify and describe the three types of product costs in a manufacturing firm.

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Similar questions

Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Identify and describe the three types of product costs in a manufacturing firm.
Why are units shipped used to calculate the value-stream product cost?
When might activity-based costing be preferred over using a relative amount of product sales in allocating selling and administrative expenses to products?
Using the costs listed in the previous problem, classify the costs as either product costs or period costs.
What are the two main things that an activity-based costing system attempts to accomplish relative to direct and indirect costs?
What are the three categories of manufacturing costs included in the cost of finished goods and the cost of work in process?
Under variable costing, a unit of product includes which costs? direct material, direct labor, and manufacturing overhead Direct material, direct labor, and variable manufacturing overhead Direct material, direct labor, and fixed manufacturing overhead D. Direct material, direct labor, and all variable manufacturing overhead
For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost
Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expense
Why are product costs assigned to the product and period costs immediately expensed?