Please explain “capitalizing” and “expensing” as these terms apply to the cost of goods manufactured and the cost of goods sold.

Q: Inventoriable costs:     include administrative and marketing costs     are particularly useful in…

A: Inventoriable costs: These include all the expenses that are directly related to the manufacturing…

Q: Direct material cost refer to: cost of the raw materials used to produce goods and directly become…

A: A direct material cost is a form of direct cost which is included in the calculation of product…

Q: Why is cost estimation an important function in managerial accounting?

A: Cost estimation involves predicting the cost to be incurred for the production of goods and services…

Q: Listed as follows are eight technical accounting terms introduced or emphasized in this chapter.…

A: Accounting: It is recording , classifying , summarizing , and interpreting of business transactions.

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

Q: What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of…

A: inventoriable product costs consists of costs incurred in producing the goods. all the direct and…

Q: Explain in detail how a manufacturing company calculates Cost of Goods Manufactured and Cost of…

A: Manufacturing companies are those companies which are engaged in conversion of raw material into…

Q: I need support with the statement of cost of goods manufactured and he income statement.   Please…

A: Raw materials: It is the basic input required to manufacture the finished products. The raw…

Q: What are the similarities in calculating the cost of materials used in production, the cost of goods…

A: Cost of the materials used in production: This is the additional amount of material put in the…

Q: I. The Cost of Goods Sold of a Merchandising company will include cost of Materials, Labor and…

A: Merchandising company is a company which is engaged in purchase and sale of readymade products. They…

Q: Compute cost of goods manufactured. using a formal schedule of cost of good manufactured  then…

A: Cost of goods manufactured shows the total costs incurred on the production of goods. It includes…

Q: In Management Accounting, what is the transfer price? What three areas does transfer price affect in…

A: SOLUTION- TRANSFER PRICE- IT IS THE PRICE THAT RELATED PARTIES CHARGED TO EACH OTHER. ON THE OTHER…

Q: Wages paid to laborers working in the manufacturing department is treated as an expense of?…

A: Wages: It can be defined as the amount that is paid to the laborers as remuneration for the work…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: Which of the following is the primary source of revenue for a manufacturing business?A. the…

A: Manufacturing business are those type of business which are indulged in production of goods in the…

Q: Direct cost is the cost incurred by the organization while performing their core business activity…

A: Lets understand the basics. Cost are dividend into two parts which are, (1) Direct cost (2) Indirect…

Q: Determining the unit cost of manufacturing a product is an output of financial accounting. True…

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

Q: The equivalent of finished goods inventory for a merchandising firm is referred to as • a)…

A: Merchandising firm means a firm which only deals in sale and purchase of a commodity but do not…

Q: What are the difference between manufacturing cost and non-manufacturing cost, provide example of…

A: The total cost of all resources used in the production of a commodity is known as the manufacturing…

Q: What is the nature of cost management and how beneficial it is for the business?

A: Introduction:   Cost management is the process of planning and controlling a business's running…

Q: What are the difference between the cost of goods sold of manufacturing and service type businesses…

A: Introduction:

Q: pic is about Cost Accounting. Please check the picture for the problem. Requirement: Determine the…

A: =  Sales - purchases of raw materials- opening inventories + closing inventories - direct labor -…

Q: Which income statement is most appropriate for a manufacturing business

A: >Income Statement can be prepared as a:--#1: Single Step Income Statement, or--#2: Multi Step…

Q: How much is the cost of goods manufactured?  ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)

A: Cost of goods manufactured means total costs incurred on the goods that are produced and…

Q: Direct labor and direct materials are   a. period costs and expensed when the goods are sold   b.…

A: The different costs related to productions and selling are classified as product and period cost…

Q: Management wants these data organized in a better format so that financial statements can be…

A: This Numerical has covered the concept of Secluded Of Cost Of Goods Manufactured, Cost Of Goods…

Q: One key difference appears when comparing the income statements of a manufacturing company to a…

A: Income statement: The income statement is one of the three primary financial statements used to…

Q: How do the product costs move through the various accounts and affect the balance sheet and the…

A: Inventory:   Inventory refers to the raw materials, work-in process, and the finished goods…

Q: You have been employed as a cost    accountant by Pared Inc.  The president, I.M. Pared, is having a…

A: The following accounts are used to record the flow of costs:- Raw material inventory Labor…

Q: What is the difference between cost of sales,selling price,labour costs in a formal business

A: Variable cost: It is the cost that changes with the change in level of unit

Q: Financial accounting reports are general- purpose, whereas managerial accounting reports are usually…

A: 1. Statement is False  As financial accounting reports and managerial accounting reports both are…

Q: Explain the difference between period cost and product cost , provide one example for each type. The…

A: Period costs: The costs (especially the overheads) related to the specific period are called period…

Q: how important does the owner /manager believe cost information is the success of the business?

A: Cost accounting is an accounting system which provides information about all the costs incurred in…

Q: Which of the following is the main objectives of cost accounting? a. Maintenance of machinery b.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: The branch of accounting that deals in particular with the different cost concepts in order to…

A: Accounting is a process of identifying, recording, classifying, summarising and analysing business…

Q: Describe the types of cost data they would collect and explain the importance of analyzing this cost…

A: Different types of costs are incurred in different business types. However, they are majorly…

Q: The purpose of preparing the manufacturing account is to calculate: O Gross profit O Manufacturing…

A: A manufacturing accounts shows the cost of material, labour and overheads in relation to production…

Q: What is journal entry once goods are completed and then sold? The subject is Managerial Accounting.

A: The costs incurred during the period are debited to Work in process. Completed goods are transferred…

Q: What are the difference between raw material, work in process, and finished goods inventories?

A: Inventory represents finished goods or goods in different stages of production.   The 3 Types of…