Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). direct labor shipping expense factory building rent

Q: Which of the following is not a product cost? Multiple Cholce O Direct materlals ) Direct labor…

A: Product cost is that which is not included in the direct manufacturing of the goods. Direct…

Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). office salaries…

A: Fixed cost will remain fixed for unit Variable cost will change with change in level of activity…

Q: Which of the following would be included in the cost of a product manufactured according to variable…

A: Variable costing: Variable costing is a method that considers only the variable cost and ignores all…

Q: Which one of the following is a fixed cost? a. Raw material costs b. Salary with commission c.…

A: A fixed cost is one that does not adjust in the short term, even though a company's sales volume or…

Q: Which of the following best describes costs assigned to the product under absorption costing method?…

A: Absorption costing includes cost of a unit of product as direct material, direct labor and both…

Q: Which of the following does NOT form a part of Total cost? A. Production overheads B. Factory…

A: Total cost involves all the cost incurred in order to reach a particular level of output.

Q: The three major cost components of manufacturing a product are a. Direct materials, direct labor,…

A: Definition: Manufacturing cost: The cost incurred in the production process of the finished product…

Q: Conversion costs are a. direct materials plus direct labor. b. direct labor plus manufacturing…

A: Conversion cost:  Cost of changing the materials into a finished product. It includes direct labor…

Q: Define the following: direct material costs, direct manufacturing-labor costs, manufacturing…

A: Direct Material Costs: It includes cost of direct materials used in manufacturing of finished goods.…

Q: Factory or manufacturing overhead costs would include all of the following except

A: Factory or Manufacturing overhead costs includes all the costs incurred in the manufacturing…

Q: Selling and administrative expenses are considered to be: a. A period cost under variable costing b.…

A: Selling  expenses means the expense incurred while selling the goods like sale men commission , sale…

Q: Which of the following statements is true? Multiple Cholce Varlable costing treats direct materials…

A: The period costs are the costs which are expensed in the period they are incurred. Example selling…

Q: How do we calculate factory cost? Prime cost + Opening WIP- Closing WIP+ Factory Overhead b. Total…

A: Factory cost includes the cost incurred on the factory on the goods that are meant to sold.

Q: Which one of the following is not a cost element in manufacturing a product? Office salaries…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: If fixed manufacturing overhead costs are released from inventory under absorption costing, what…

A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…

Q: A costing approach in which all manufacturing costs are product costs." This statement best…

A: All manufacturing cost will include the direct material , direct labor , variable and fixed…

Q: Manufacturing costs that cannot be classified as either direct materials or direct labor are known…

A: Manufacturing costs is the cost incurred in the production of any product or unit of the company.…

Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). insurance on…

A: Variable cost: A variable cost is an expense that rises or falls in direct proportion to the amount…

Q: All of the following are product costs except: Group of answer choices period cost factory overhead…

A: The cost can be classified into two categories i.e. product cost and period cost. The product cost…

Q: Determine the following is best described as a fixed, variable, or mixed cost with respectto product…

A: Definition: Variable cost: The cost which changes with the change in the level of activity is called…

Q: Indicate whether the following costs of Procter & Gamble, a maker of consumer products, would be…

A: Direct Material Cost Direct material cost is the cost of the raw materials and components used to…

Q: Prime costs include: direct labor and indirect labor direct materials and direct labor direct labor…

A: The cost of a product can be categorised in different categories like direct costs, indirect costs,…

Q: An example of labor-related costs is:   bonus pay factory labor fringe benefits operating expense

A: The labor costs include the wages and salaries paid to employees.

Q: Which of the following is not considered a product cost? Select one: a. direct labor b. direct…

A: Product cost includes all the cost incurred to manufacture the product.

Q: The term “Prime cost” refers to a. All manufacturing costs incurred to produce units of output. b.…

A: Formula: Prime cost = Direct Materials + Direct labor cost

Q: Which of the following would be both a prime cost and a conversion cost? direct labor direct…

A: Process costing: Process costing is included costs like labor, material, and overhead which…

Q: fixed costs (F), variable costs (V), or mixed costs(M).

A: Fixed cost - Fixed cost remains constant irrespective of the level of activity. It is an unavoidable…

Q: For manufacturing costs to become expenses: O The product must be finished. The product must be…

A: Manufacturing cost is the total cost incurred in manufacturing the product. It includes the material…

Q: Determine difference between the three methods used for allocating factory overhead costs to…

A: There are three basic cost allocation methods used for allocating the cost of products: the single…

Q: Required: Detemine the direct and indirect labor cost and allocate the labor costto each cost…

A: The cost paid to the labors for performing the work in the organization is known as labor cost. It…

Q: Activity based costing system differs from traditional costing systems in the treatment of, A)…

A: Direct costs are the cost that can be traced on the process and production of goods.

Q: In backflush costing, the journal entry to record direct-labor costs incurred would include a? A.…

A: Solution In backflush costing, the journal entry to record direct-labor costs incurred would include…

Q: Support department costs are applied to products as a part of a.fixed manufacturing costs b.fixed…

A: Support department costs are the costs incurred in the support department which are allocated to the…

Q: If fixed manufacturing overhead costs are released from inventory under absorption costing, what…

A: Overhead Costs: Overhead costs are business expenses that cannot be associated or traced directly…

Q: Classify the following manufacturing costs of Business Solutions as either (a) variable (V) or fixed…

A: Variable cost is the cost which changes with the change in production. With every increase in…

Q: Direct labour cost is an element of_________ a. All of the given options b. Prime cost c. Conversion…

A: A direct labor cost is referred to as the wages that are incurred directly to produce the goods or…

Q: Indicate whether the following costs of Procter & Gamble (PG), a maker of consumer products, would…

A: Direct Material costs- Costs incurred to procure materials that are directly consumed in the…

Q: What is the effect on the cost of goods sold and net operating income, if the cost of factory…

A: If cost of factory overhead applied are greater than the cost actual factory overhead, cost of goods…

Q: Which one is a controllable cost? Select one: O a. Office salary Ob. Rent Factory O c Office Rent O…

A: Controllable costs are those costs which can be controlled by the business.

Q: List and explain in your own words the of product costs(manufacturing overhead)

A: Costs are that amount which is incurred during the production of goods and services. The costs which…

Q: Manufacturing costs that cannot be dassifled as either direct materials or direct labor are known as…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which of the following would be included in the cost of a product manufactured according to variable…

A: direct materials: production cost sales commissions: selling cost interest expense: other cost…

Q: Which one is a controllable cost? Select one: O a. Office salary O b. Cost of Raw material O c. Rent…

A:

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Rent on…

A: Solution: Introduction: Product Costs are the costs which are directly associated with the…

Q: Under variable costing, a unit of product includes which costs? A. direct material, direct labor,…

A: Variable costing: In the process of variable costing the fixed manufacturing overhead are not to be…

Q: Factory or Manufacturing Overhead costs would include all of the following except: A) Indirect…

A: Manufacturing overhead cost is the total of all the indirect costs that are incurred while…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.