Terms used in manufacturing cost systems are: manufacturing costs prime costs conversion costs both B and C

Q: Classify the following costs into either being product cost or period cost:(a) Raw material costs

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product.…

Q: Identify the two types of costs that make upa product’s total cost.

A: Product costs are costs that are incurred to form a product that's supposed available to customers.…

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: Which of the following represent the right process order for cost allocation: Select one: O a.…

A: Cost Allocation is the process of identifying and assigning costs to the various cost objects. These…

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: Explain in simple terms the notion of equivalent units of production (EUP). Why is it necessary to…

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…

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

A: Conversion Cost: Conversion cost can be defined as the summation of manufacturing overhead and…

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: Choose the most appropriate answer(s): Direct manufacturing labor costs is added into manufacturing…

A: Direct labour costs are those costs of labour which is directly engaged in production of goods and…

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

A: Introduction:   We can separate expenses of a company into different categories. These are termed…

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: 1.An activity that has a direct cause-effect relationship with the resources consumed is a(n) Group…

A: In activity based costing the cost are apportioned based on the respective cost drivers

Q: manufacturing cost and non-manufacturing cost, provide an example of each type.

A: COST is a measurement in monetary terms of the amount of resources used for the purpose of…

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales commissions…

A: ABC system: Activity based cost system is widely used in the manufacturing industry. Under this…

Q: Identify the flow of cost in manufacturing firm step by step and how it is related to prime costand…

A: Costs Cost is the amount expended on any particular product or amount related to a specific product.…

Q: Which of the following is correct for total cost of product ?     Material + Labor + FOH…

A: Total cost of product : Total cost is derived by adding costs of Material , Labor and Factory…

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: Which of the following is NOT a period cost? Select one: O a. manufacturing costs. O b. general and…

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: Research and development costs are classified as: O a. Inventoriable costs. O b. O c. O d. Product…

A: A cost accounting system is a system of accounting that is helpful for the internal management to…

Q: Under full absorption costing, which of the following are included in product costs? Only variable…

A: The absorption costing system is also known as the full costing system. It is allowed to be used by…

Q: Which of the following formulae is used to calculate the cost per equivalent unit of production…

A: Equivalent units of production = Fully and partially completed units expressed as , % of fully…

Q: Manufacturing costs include selling and administrative costs. Select one: O a. TRUE O b. FALSE

A: Manufacturing cost: It is a cost incurred for the production of a product like Direct labor, direct…

Q: Allocate the common cost to Factory, Sales, and Administrative with a solution

A: given           total costs factory sales administrative utilities 25000 60% 10% 30% taxes…

Q: 1. Classify the costs in the items below using the following format below. Identify the right answer…

A: The costs are classified as direct, indirect, and other factory overhead costs, selling and…

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: 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: Which of the following statements is true? *   A. The traditional approach to costing uses many…

A: Cost accounting is one of the branches of accounting. Under this, all costs related to the product…

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: The following statements are correct excerpt? A. Different costs are used for different purposes B.…

A: Cost accounting means where every cost of doing business is recorded in necessary account and 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: If JIT manufacturing is used and each manufacturing cell produces a single product, which of the…

A: The costs incurred in the manufacturing process can be classified as direct or indirect cost. The…

Q: Prime cost is? A)Group of answer choices B)indirect materials cost and direct labor cost.…

A: Prime cost refers to the cost related to direct labour and direct material  For example in the…

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

A: Answer:   a: Variable cost b: Direct cost

Q: When materials costs differ significantly among products in a value stream, the valuestream product…

A: In contrast to traditional costing, value stream costing is an accounting technique for tracking…

Q: Are the concepts underlying a relevant-cost analysis still valid in an advanced manufacturing…

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

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

A: Electricity for workshop is a variable cost.

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: Under which costing system non-manufacturing costs may be included in ?calculating product costs…

A: There are different types of costing systems namely activity based costing system, absorption…

Q: With respect to cost classifications for manufacturers:a. What is the total manufacturing cost?b.…

A: For a manufacturer,  Total manufacturing cost = Direct Material Cost + Direct Labour Cost + Variable…

Q: Required: Compute the unit product cost under absorption costing. Compute the unit product cost…

A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…

Q: Define the terms Cost Costing Cost Accounting

A: The Question has covered the various Concept related to the costing. The Detailed Explanation of…

Q: Costs that can be conveniently and economically traced to specific products are called: Direct costs…

A: Direct cost means the cost which is related with production of goods including factory overhead…

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…