This includes all manufacturing costs that cannot be classified as direct materials or direct labor. Period cost Manufacturing overhead Prime Cost Conversion costs

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: Conversion costs are: A. direct material, direct labor, and manufacturing overhead. B. direct…

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

Q: Direct labor is included in the computation for the cost classified as     Group of answer choices…

A: Prime cost = Direct material + Direct labor Product cost = Direct material + Direct labor +…

Q: Which of the following does NOT form a part of Total cost? A. Production overheads B. Factory…

A: Total cost involves all the cost incurred in order to reach a particular level of output.

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: 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: Conversion cost is: *   a. Combination of direct materials and direct labor       b. Combination of…

A: The costs incurred on production includes direct material costs, direct labor cost and manufacturing…

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: Which of the following statements is true? Multiple Cholce Varlable costing treats direct materials…

A: The period costs are the costs which are expensed in the period they are incurred. Example selling…

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: 1. Indirect labor and indirect materials are classified as O manufacturing overhead and product…

A: Indirect Material: Material which don't become integral part of Product produced is known as…

Q: Manufacturing costs that cannot be classified as either direct materials or direct labor are known…

A: Manufacturing costs is the cost incurred in the production of any product or unit of the company.…

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

A: Conversion cost are those cost which are incurred to convert raw material into finished goods.

Q: Direct Material Used Factory Overhead Prime Cost

A: Prime cost means the addition of direct material and direct labor and other direct expenses.…

Q: This entire amount is usually a differential or relevant cost Direct cost Period cost Conversion…

A: Relevant costs are the costs that can be avoidable cost and these costs are incurred only when a…

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: Product costs include direct labor and manufacturing overhead only. direct materials, direct labor,…

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

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: Conversion cost refers to: O direct raw material cost and direct labour cost O direct labour cost…

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: Prime cost is made of O direct raw material cost O direct raw material cost and direct labour cost O…

A: Prime Cost is made of direct raw material cost, direct labor cost and factory overhead.

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

A: Manufacturing company is a company that uses raw material by converting them into finished goods.

Q: Which of the following is not considered a product cost?   a.direct labor b.direct materials…

A: Lets first with the understanding meaning of product cost. Product cost means all cost incurred to…

Q: In computing the current period’s manufacturing cost per equivalent unit, the FIFO method of process…

A: Some of the methods for valuation of inventory are as follows: LIFO: Last in first out is a method…

Q: "Under variable costing system, the unit product cost includes:"     "Direct materials, direct…

A: Variable costs are those costs which changes directly with change in level of activity. If level of…

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: Factory overhead includes: A. All manufacturing costs, except indirect materials and…

A: Overheads: Overheads are expense other than direct material and Direct labour. Factory Overhead…

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: For manufacturing costs to become expenses: O The product must be finished. The product must be…

A: Manufacturing cost is the total cost incurred in manufacturing the product. It includes the material…

Q: When factory overheads are added to prime cost then the result will be. a. Cost of material consumed…

A: Prime cost = Direct material + Direct labor Conversion costs = Direct labor + factory overheads Cost…

Q: Which of the following is not a manufacturing cost? * Manufacturing overhead O Direct materials O…

A: In cost accounting, There are many types of costs or expenses incurred for the production of the…

Q: Why are overhead costs allocated to products and not traced to products as direct materials and…

A: Given: The allocated overhead cost of products is not traced as direct materials to products.

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: 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: In which of the following categories do indirect materials belong? Product Period Manufacturing…

A: Indirect materials are those expenses that are used in the manufacturing process and there is no…

Q: Prime costs are: A) Direct Materials only B) Direct Labor and Overhead C) Direct Materials and…

A: Prime Cost:- It is the total of direct material and direct labor as these are those cost which is…

Q: Manufacturing costs that cannot be dassifled as either direct materials or direct labor are known as…

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

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: All costs other than manufacturing overhead that are associated with the manufacturing process are…

A: Manufacturing overheads refer to all indirect costs that are spent on the production of units during…

Q: Which of the following statement(s) islare correct? I. Manufacturing overhead includes all…

A: Answer) The correct answer in the given question is: (D) Neither I nor II

Q: Tallon Company manufactures a single product. The product's prime costs consist of

A: As per formula,  Prime cost= Direct materials + Direct labor Conversion cost= Direct labor+…

Q: Factory or Manufacturing Overhead costs would include all of the following except: A) Indirect…

A: Manufacturing overhead cost is the total of all the indirect costs that are incurred while…

Q: Choose the three components of product cost from the list below.   a) Indirect material, direct…

A: Product costs seem to be the expenses involved in the production of goods that have been meant for…

Q: Prime cost is:

A: Prime cost is the direct cost incurred in the process of manufacturing a product and typically…