I.-When assigning costs to partially completed units in the ending work in process inventory, it is not necessary to consider the percentage completion of the units under the weighted-average method.   II.-The cost per equivalent unit for conversion costs will always be the same under both the FIFO and the weighted-average methods if there is no ending work in process inventory    A. Only statement I is true B. Both statements are false C. Both statements are true D. Only statement II is true

Q: TRUE OR FALSE STATEMENT 1: If the ending inventory of finished goods is understated, net  income…

A: Ending inventory is the value of goods lying in the stock on the date of closing the books.

Q: 7-is the cost which used in product evaluation, decision making or performance evaluation to…

A: Costs are the expenses of the business which  the business will incur in course of business. Costs…

Q: QUESTION 2 When the cost of lost units must be assigned, and those some units must be included in…

A: Process costing is one of useful form of costing being used in business. Under this, equivalent…

Q: Under traditional costing systems, which calculate a single predetermined overhead rate usi…

A: The traditional method allocated the overhead cost based on the rate of overhead that is determined…

Q: iv. How you passed the entry of scrape material for: Transfer scrape to inventory ,Sold scrape to…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: First: Activity-based management seeks to eliminate waste by allocating costs to products that waste…

A: Solution: First statement is false as "Activity-based management does not seeks to eliminate waste…

Q: Which of the following statements is false? Multiple Choice Examples of selling costs include…

A: Costs incurred can be of three types;manufacturing,selling and,administrative.Where manufacturing…

Q: 5. ABC differs from traditional product costing in which of the following ways? a. Overhead is…

A: A single, volume-based cost driver, such as direct labour hours or machine hours, is used in…

Q: The adjustment of underapplied manufacturing overhead cost results in all the following , EXCEPT a.…

A: Under-applied overhead happens once the budgeted producing overhead is a smaller amount than the…

Q: Which of the following statements are false regarding Activity-Based Costing? Select one: O A.…

A: Solution:Correct answer : (d) Activity-based Costing follows the same basic calculation methods as…

Q: Which of the following is correct with respect to closing out underapplied manufacturing overhead to…

A: Cost of goods sold would lower when overapplied overhead is closed to cost of goods sold than the it…

Q: Which of the following statements is false ? a. Volume-based costing has typically resulted in…

A: There are two methods of costing that are in place generally. One is volume based costing and other…

Q: Under variable costing, fixed manufacturing overhead is Select one: a. never expensed b. expensed…

A: Solution: - Introduction: - Variable costing method that includes only variable manufacturing costs…

Q: First: To achieve accurate costing, a high degree of correlation must exist between the cost driver…

A: Introduction:- Activity based costing allocate manufacturing overhead costs to products in a more…

Q: The adjustment of overapplied manufacturing overhead cost results in: а. none of the given answers O…

A: When overhead is overapplied to inventory, more overhead is accumulated than is currently incurred.…

Q: Product costs are also callec Direct costs. Overhead costs

A: Given: 1. Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead…

Q: In lean accounting, which of the following is considered a combined account? a. Indirect Labor b.…

A: The term Lean accounting describes the financial reporting practices used by a company that embraces…

Q: Overhead costs are underapplied if the amount applied to Work in Process is: a. greater than actual…

A: Overhead means the cost incurred indirectly for the production of goods.

Q: Accounts receivable Inventory Net sales (all credit) Cost of goods sold Total assets Total…

A: Formula: Receivables turnover ratio = ( Net credit sales / Average Accounts receivables )

Q: True False

A: Overhead allocation involves distributing indirect production costs to products or services based on…

Q: process costing, if an abnormal loss arises, the process account is generally: a)  debited with the…

A: In process costing when goods are produced it is produce by different processes that are done in…

Q: Which of the following statement is false?         Multiple Choice   a)The contribution margin…

A: Ans. Absorption costing allocates fixed manufacturing overhead to a product whether or not it is…

Q: Overhead costs are overapplied if the amount applied to Work in Process is: a. less than actual…

A: The overhead costs refer to the costs that are incurred in the operating and manufacturing process,…

Q: First: When reconciling variable costing and absorption costing net operating income, fixed…

A: Answer: option c. Only the second statement is true Explanation: Under absorption costing, a portion…

Q: The high-low method used in determining costs can be used to estimate the cost queation using just…

A:

Q: The spreading of underallocated or overallocated overhead among ending work- in-process, finished…

A: Regular business expenses that aren't directly related to providing goods or services are referred…

Q: Kindly answer questions 1-3: 1.) Discretionary costs are costs that must be incurred because of past…

A: ANSWER 1) Discretionary cost is a cost which is not essential for the operation of business.Such…

Q: CLEAR MY CHOICE Which of the following statements is false? O a. Volume-based costing has typically…

A: Volume based costing and activity based costing are two type of costing methods that are used for…

Q: Which of the following is correct with respect to closing out underapplied marufacturing overhead to…

A: A predetermined overhead rate is calculated by dividing the estimated overhead by the estimated…

Q: Overhead costs are overapplied if the amount applied to Work in Process is: a. equal to actual…

A: The correct answer is  Option b. Less than actual overhead incurred.

Q: Which of the following is correct?     a. Total manufacturing costs plus increased in work in…

A: Cost of goods sold = Cost of goods manufactured + Increase in finished goods inventory Total…

Q: Cost of abnormal wastage is. a. Charged to the product cost b. Charged the costing profit and loss…

A: Abnormal wastage is a wastage which does not occur in the natural course and is usefully in excess…

Q: Identify the false statement from the following: a. All of these b. Overheads are assigned to…

A: Cost accounting can be defined as a managerial accounting that helps in recording and reporting…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.