What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of producing goods O b. They consist of costs incurred in the management process only O c. Are the direct and indirect costs of marketing products O d. They consist of costs incurred in the manufacturing process only

What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of producing goods O b. They consist of costs incurred in the management process only O c. Are the direct and indirect costs of marketing products O d. They consist of costs incurred in the manufacturing process only

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 17MC: Under absorption costing, a unit of product includes which costs? A. direct material, direct labor,...

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Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expense
Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used
Why are product costs assigned to the product and period costs immediately expensed?
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expenses
Describe the product life cycle. How do unit-level costs behave in relation to the product life cycle? Batch-level costs? Product-level costs? Facility-level costs?
When might activity-based costing be preferred over using a relative amount of product sales in allocating selling and administrative expenses to products?
Why are units shipped used to calculate the value-stream product cost?
For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost