The three basic elements of the cost of a manufactured product are:      a. indirect materials, indirect labor, and manufacturing overhead       b. merchandise inventory, work in process, and finished goods inventory       c. direct materials, work in process, and finished goods inventory

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: 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: Conversion cost consist of A) direct materials and direct labour B) direct labour and manufacturing…

A: There are two types of costs - 1. Prime Cost 2. Conversion Cost This costs are required to prepare…

Q: The following may be included in the cost of inventories, except:   a. Selling costs b. Wasted…

A: Inventoriable cost means the cost incurred to manufacture the product and included in inventory.…

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: The two categories of coat comprising conversion cost are A. Factory overhead, direct materials B.…

A: Introduction: Conversion cost: In the process of conversion of raw materials stage to finished goods…

Q: Which of the following statements is true? a. Indirect materials and indirect labor are included in…

A: The true statement is "Indirect materials and indirect labor are included in the manufacturing…

Q: Which of the following will be included in manufacturing overhead costs? O A. Salaries of salesmen O…

A: Manufacturing overhead cost refers to those indirect factory related cost which is incurred in order…

Q: Manufacturing overhead applied is added to direct labor incurred and to what other item to equal…

A: Overhead: It refers to an expense that relates to an ongoing business and is centrally incurred by…

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: When products and their costs are moved from one process to the next process, these costs are…

A: Process costing is a method of costing used to ascertain the cost of a product at each stage or…

Q: As production takes place, all manufacturing costs are added to the: O a. Production Labor account.…

A: Manufacturing costs are the cost incurred during the process of production of a product. It includes…

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: Under absorption costing, fixed manufacturing overhead could be found in all of the following except…

A: Absorption costing is a type of costing method, in which all costs whether fixed or variable are…

Q: Manufacturing overhead includes: all direct material, direct labor and administrative costs. all…

A: Manufacturing overhead also known as factory overhead which is consists all indirect cost incurred…

Q: When a manufacturing company uses indirect materials, it accumulates the cost by debiting…

A: Definition: Manufacturing overhead costs: The cost which does not relate directly with the…

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: Prime cost consists of: direct labor and manufacturing overhead. direct materials and manufacturing…

A: Total manufacturing costs = Prime cost + manufacturing overhead Where, Prime cost = Direct material…

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: A(n)___________________ is also known as an inventoriable cost, because such costs gointo the Work…

A: Inventory in a production will go through different stages which is as follows: Raw…

Q: As production takes place, all manufacturing costs are added to the: Production Labor account. O a.…

A: Total manufacturing cost consist of direct materials, labor and other manufacturing overhead cost.

Q: Choose one option for each letter that describes each of the six transactions the best A. Direct…

A: Choose one option for each letter to describe transactions as shown below:

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: When manufacturing overhead is applied to production, it is added to A. the cost of goods sold…

A: In cost accounting, the cost sheet generally is a statement which consists of various costs incurred…

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

A:

Q: The three major components of cost of goods sold are: a. Direct labor, direct material, and profit…

A: Cost of goods sold means cost of producing the goods which are being sold by the organisation. This…

Q: Manufacturing overhead consists of all a.costs other than direct materials and direct labor.…

A: Manufacturing overhead refers to the collection of indirect expenses incurred by the entity for…

Q: ion: Sales Revenue Selling and Administrative Expenses Direct Labor Manufacturing Overhead; actual…

A: Direct materials Amiunt(4) Amount($) Beginning Raw materials inventory    0 Add material…

Q: Total manufacturing costs are composed of the following, except: *   a. Direct Materials       b.…

A: SOLUTION- TOTAL MANUFACTURING COST  IS THE AGGREGATE AMOUNT OF COST INCURRED BY A BUSINESS TO…

Q: Which of the following is not a manufacturing cost category? a)Cost of goods sold b)Direct materials…

A: MANUFACTURING COSTS INCLUDE -   - direct material - direct labor - manufacturing overheads.

Q: s production takes place, all material costs are added to the: Work-in-process Inventory account…

A: Under production process, various manufacturing costs are added. These include direct materials,…

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: Define the following: (a) direct materials, (b) indirect materials, (c) direct labor, (d) indirect…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

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

A: e.Fixed costs.

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: 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: 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: The income statement for a manufacturing company includes:   Indirect Labor, Factory Overhead, and…

A: Option c is correct. Because income statement shows cost if goods sold in expenses in the following…

Q: Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production…

A: Process costing refers to an accounting system which is used by manufacturing companies who are…

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 is a prime cost? A.Factory maintenance expenses B.Administrative labor…

A: Prime cost of the business means cost of direct material and direct labour. Direct material and…