Labor related to manufacturing of product can be classified under: direct manufacturing labor costs indirect manufacturing labor costs work in process cost finished costs

Q: Which of the following is the best definition of product costs? a. Product costs are those costs…

A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product…

Q: The reason for charging indirect costs to cost centres is to: A. Calculate the cost of direct…

A: Lets understand the basics. Indirect costs are cost which are not directly related to product or…

Q: The costs of direct materials, direct labor, and overhead of completed products ready for sale are…

A: Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in…

Q: Conversion costs include A. product and period costs B. direct labor and manufacturing overhead…

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

Q: The three basic elements of the cost of a manufactured product are:      a. indirect materials,…

A: Solution: The three basic elements of the cost of a manufactured product are "direct materials,…

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: Choose the option that has the most accurate list of elements of a manufacturing cost. Direct…

A: The manufacturing costs include all the direct and indirect cost related to the production process.…

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: manufacturing costs (direct and indirect, fixed and variable) which can contribute to the production…

A: Option A is wrong because job order costing refers to allocating manufacturing costs to specific…

Q: Which of the following is the correct flow of manufacturing cost? Raw materials, work in process,…

A: Solution: Flow of manufacturing cost means, sequence in which costs are converted such as finished…

Q: are all manufacturing costs that are related to the cost object but CANNOT be traced to that cost…

A: The costs which are not directly related to production process are called Period costs.These are not…

Q: The three key production costs are direct materials, direct labor, and manufacturing overhead.…

A: Direct material is a traceable cost.

Q: Terms used in manufacturing cost systems are: manufacturing costs prime costs conversion costs both…

A: Manufacturing cost refers to the total cost incurred by the entity to manufacture a product. It…

Q: Indirect materials and indirect labour are classified as: O a. manufacturing overhead and product…

A: Costs that are not traced to the product directly are known as indirect costs. These costs are…

Q: The most important element of cost in manufacturing industries is : Select one: a. Labor b. Material…

A: Cost: It refers to the aggregated amount that is spent by the business in the process of…

Q: The cost of a manufactured product (product cost) generally consists of which of the following?…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

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: Which of the following is used when raw materials are purchased to be used in the manufacturing…

A: The raw materials are purchased for the production purpose in the business.

Q: otal Manufacturing costs are also known as product costs. Which of the following best describes…

A: Solution Concept Total manufacturing cost basically means the cost that is required to manufacture…

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: 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: The product cost that is most difficult to associate with a product is. advertising direct materials…

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

Q: Which of the following is a period cost     Administrative expenses     Factory utilities…

A: Period costs are those cost which cannot be assigned to 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: All costs other than manufacturing overhead that are associated with the manufacturing process are…

A: Conversion costs = Direct labor costs + Manufacturing overhead. Conversion costs includes…

Q: Which of the following is the correct flow of manufacturing costs? a.raw materials, finished goods,…

A: flow of Production process generally begins with raw material and converted to work in process then…

Q: traditional enterprise, the flow of costs through the system is a.work-in-process inventory,…

A:

Q: What term refers to a grouping of costs that consists of direct labor and factory overhead costs and…

A: Conversion cost is the total of labour cost and factory overhead cost/manufacturing Overhead cost.…

Q: Match one or more of the following terms with each definition below: a. Direct labour e.…

A: Introduction: The expenditures spent to sustain your company's day-to-day operations are referred to…

Q: Indicate whether the accounts below are used in the cost flow for a manufacturer, a service…

A: The cost of service is part of the service provider and the Cost of goods sold, Factory overhead,…

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: Should design of cost be calculated in factory overhead costs incurred? Explain why

A: The answer for the question on cost design is discussed hereunder : Design of Cost aims at reducing…

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: Match one or more of the following terms with each definition below:  a. Direct labor  b.  Direct…

A: According to generally accepted accounting principles manufacturing overhead must be included in the…

Q: Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in…

A: Introduction: Employees' direct labour is the amount of effort they put in to turn raw resources…

Q: Costs that are incurred as part of the manufacturing process, but are not clearly traceable to the…

A: e.Fixed costs.

Q: What three categories of manufacturing costs are included in the cost of finished goods and the cost…

A: Manufacturing costs:Manufacturing costs are the costs which are involved in converting the raw…

Q: When direct materials are used, which of the following accounts increases? Finished Goods Inventory…

A: Material is the item which is required to be used to manufacture the product in which the firm…

Q: process costing method

A: Which of the following is a characteristic of the process costing method? Correct answer :- B Cost…

Q: Which of the following is a period cost? a. direct materials   b. indirect materials   c. factory…

A: The question is based on the concept of Cost Accounting.

Q: Classify each cost as either a product cost or a period cost. Indicate whether each product cost is…

A: Direct Material Cost : The material cost require for production of goods. Direct Labor Cost :- The…

Q: What manufacturing cost term is used to describe the cost of materials that are an integral part of…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Which of the following are categories of costs that are found in the Manufacturing account? A.…

A: The manufacturing account lists all of a company's production costs for products produced within a…

Q: As production occurs, materials, direct labor, and applied manufacturing overhead are recorded in…

A: 1. Material: It Consists of Direct Material only. 2. Cost of goods sold: it is figured out by adding…

Q: Which of the following costs are conversion costs? a.direct materials cost and factory overhead…

A: Introduction: The costs of transferring raw materials into finished goods are known as conversion…