Q4: When evaluating a segment common costs should be: A) Ignored completely B) Recorded in the total column C) Recorded for each segment D) Divided equally amongst all segments
Q: Q- 2: and variable costing? What is the basic difference between absorption costing
A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…
Q: a. Prepare an income statement according to the absorption costing concept. b. Prepare an income…
A: The income statement represents the net income where the expenses are deducted from the revenues of…
Q: Which of the following best defines the allocation base Select one: O a. It is selected based on the…
A: SOLUTION- ALLOCATION BASE- IT IS A BASIS UPON WHICH AN ENTITY ALLOCATES ITS OVERHEAD COSTS. AN…
Q: A Report a Problem O Revisit Choose the best option Question # 2 With reference to cost…
A: The costs in the production process can be classified on a different basis, for financial reporting…
Q: Volume Volume Volume Volume Volume Required: (1) Identify whether the cost behavior in each graph is…
A: Cost behavior is the indicator of how the cost would change in aggregate when there is a change in…
Q: On a CVP graph, the intersection of the sales revenue line and the total cost line is known as the:…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Required a) Björn is having some trouble crunching the numbers and has asked for your help…
A: 1. There are four ethical standards of professional conduct as developed by the Institute of…
Q: Which of the following cost formulas is not allowed under PAS 2? Select the correct response:…
A: Form PAS 2 describes the accounting treatment applicable for inventories. The form provides complete…
Q: 2) Which of the following is the type of cost calculated with a scientific and engineering approach…
A: A company will incur various costs to earn revenue. The costs can be either direct or indirect costs…
Q: Target costing is only utilized to determine the breakeven amount.
A: Target cost: In a competitive market, companies cannot set prices because the supply and demand…
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: Given below is a numbered list of cost terms. For the given definition statement. '_____ costs are…
A: Fixed costs: Fixed costs are those costs which remain unchanged even there is a change in the…
Q: Which costing method, absorption or variable, would show higher operating income and by what amount?…
A: The difference of net income between absorption and variable costing occurs due to only fixed…
Q: . If the coefficient of correlation for machine hours is higher than the coefficient of correlation…
A: The coefficient of correlation is a measure that calculates the relationship between two variables.…
Q: (a) How much is the order quantity based on EOQ model? (b) How much is the total cost using EOQ…
A: EOQ is the acronym of economic order quantity; it is that level of quantity which is ordered by the…
Q: Which costing techniques are related to a predetermined cost as a performance targe and actual…
A: Solution: "Standard costing" are related to a predetermined cost as a performance target and actual…
Q: ABC systems Select one a. will limit cost drivers to units of output O b.comply with CAAP c…
A: ABC system is used to control the inventory. Materials are classified as A, B and C according to…
Q: Which of the following statement is true under the Standared Costing System a. Standard cost is a…
A: Solution: Standard costing system is the system of cost estimation in the manufacturing process. It…
Q: Assignment Question(s): Marks 10 1.Complete the following table. (2 Marks) Output Total Fixed Cost…
A: Total Cost = Variable Cost + Fixed Cost The total variable cost will vary as per the output where as…
Q: (c) Describe a situation where net profit under variable costing is higher than absorption JIT…
A: Variable costing is a costing method in which overhead is incurred in the period of production of…
Q: 3. The elements of CVP analysis include the following, except a. total fixed costs. b. unit variable…
A: Lets understand the basics. CVP analysis is abbreviation of cost - volume profit analysis. It is a…
Q: When using the visual-fit method to estimate a cost function, we can estimate the fixed cost by O…
A: Visual Fit Method It is the most common method used by analysts for examining the cost by the way…
Q: The high-low method used in determining costs can be used to estimate the cost queation using just…
A:
Q: 6. The Fixed and variable costs are costs classification according to: A) Cost traceability B)…
A: Fixed cost refers to the costs which remain fixed or constant with the increase or decrease in the…
Q: Compute for the cost of WIP, end using Average costing.
A: Average costing: Weighted-average costing used to value the cost of finished goods and ending work…
Q: o. Reconcile the variable costing income from operations of $357,500 with the absorption costing…
A: The question is based on the concept of Cost Accounting.
Q: Which of the following statements is true? Select one: O a. The most complex of the cost estimation…
A: High-low method: It is the method of estimating the variable cost per unit and the fixed costs by…
Q: TRUE OR FALSE The general principle in determining the number of cost pools is that a separate cost…
A: Solution: The general principle in determining the number of cost pools is that a separate cost pool…
Q: The "x" in the overhead cost equation, y = $5.50x + $92,000, represents which of the following?…
A: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest activity units -…
Q: REQUIRED a) Using the high-low method, determine the fixed and variable components of the…
A: Solution:- a)Calculation of variable cost per unit and fixed costs using High low method as…
Q: Which of the following statements is true? O a. Activity-based costs per unit are always greater…
A: The volume based costing represents the cost allocation to a single cost pool. The high volume…
Q: The following are nine technical accounting terms: Responsibility margin Contribution margin…
A: Responsibility accounting is a term that asserts that each expenditure incurred in the organization…
Q: (c) Explain why relevant costing principles áre used lor one-c (d) Referring to the proposed…
A: Here Flynn Design Limited produced Bespoke Timber furniture for the hospitality industry. Due to…
Q: Distinguish between ( a ) a variable cost, ( b ) a mixed cost, and ( c ) a step-variable cost. Plot…
A: Total cost Total cost refers to the cost which allows the business owners to trace the combined…
Q: 2- The ABC costing method * a) is based on the Pareto curve b) is absorption costing c) allows…
A: Activity based costing means where the product is valued on the basis of actual direct material ,…
Q: :On the cost-volume-profit graph, the intersection between the total cost line and (Y) axis…
A: The correct answer is The fixed cost amount. b
Q: Suppose that Target uses FIFO costing method but decided to change to the LIFOmethod. What are the…
A: LIFO is the Last-in and First-out method of valuation of Inventory. Under this method, it is assumed…
Q: Consider the following statements concerning costs. 1. A committed cost cannot vary with the…
A: Committed costs are costs that are committed or fixed to be incurred in future period of time.…
Step by step
Solved in 3 steps
- E6-2A High-Low Method Apply the high-low method of cost analysis to the three cost data groups in E6-1A. What cost behavior are apparent? Express each as a cost formula. Volume (applicable to each group) Group A Costs Group B Costs Group C Costs 2,000 $2,600 $1,000 $2,400 12,000 12,600 6,000 2,400 16,000 16,600 8,000 2,400 20,000 20,600 10,000 2,400And this is a supplement of the question . Under an activity-based costing system, what is the per-unit overhead cost of Y? a. $272 b. $ 440 с. $164 d None of the given answers e. $282Determine the portion of this cost to be classied in each of the following categories.Estimate the values of X1, X2, X3, X4 and X5.
- Which of the following unit costs is not the cost assigned to goods completed and transferred in any of the processes? P 9.00 P16.,76 P24.34 P23.52Q.For any cost classified in the gray area, assume 60% is value-added and 40% is non-value-added. How much of the total of all seven costs is value-added and how much is non-value-added?Which of the following descriptions could be applied to the IT costs in question four? ( previous question) a. Afixedproductionexpenseb. Asemi-variableadministrationoverhead c. A variable direct research expensed. A mixed direct labour distribution cost
- ASAP Kindly give a full explanation for each option why it is correct or why others are wrong 1 Both the equivalent units schedules and the physical flow are prerequisites to calculating the a) unit cost. b) cost reconciliation. c) weighted average. d) operating costs7-is the cost which used in product evaluation, decision making or performance evaluation to represent the cost of using resources which has no actual cost. a. None of the given options b. General fixed overheads c. Committed cost d. Notional cost5.The cost of conversion of inventories include all of the following, EXCEPT a. costs directly related to the units of production, such as direct labor. b. systematic allocation of fixed production overhead. c. systematic allocation of variable production overhead. d. systematic allocation of administrative overhead.
- In the formula Y = a + bX, X represents the estimated Blank______. Multiple choice question. total amount of the allocation base total fixed manufacturing overhead cost total manufacturing overhead cost variable manufacturing cost per unitWhat is the total costs transferred from Department B to Department C? P619,890 P621,030 P614,680 P603,250Given below is a numbered list of cost terms. For the given definition statement. '_____ costs are those which are unaffected by changes in activity level over a feasible range of operations for the capacity available.', place the number of the cost term in the blank that makes the statement a correct definition. Each cost term is used only once.