What steps or activities are involved in developing standards for the materials that are used in making a product?

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: 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: Why is it important to consider the relationships amongcost, quality, and selling prices when…

A: The question has covered the relationship between Cost, Quality , and Selling Price For setting up…

Q: The standards for direct materials are made up of which of the following components?

A: The pricing standard and quantity standard are the elements of direct material variances. Direct…

Q: The costs of direct materials, direct labor, and overhead of completed products ready for sale are…

A: Cost of goods sold (COGS) refers to the cost of goods and services which is sold by the company in…

Q: How does the production order record provide a control over the quantity of materials used in…

A: A production order is an order issued in a company to produce a particular quantity of materials…

Q: Prepare the journal entries to record the raw materials used in production and the direct labor…

A: Journal entry to record raw materials used in production is: Date Particulars Debit ($) Credit…

Q: Which of the following is the step in which materials, labor, and overhead are detailed?

A: Direct material is the cost of the raw materials or parts that go directly into the production of a…

Q: How much of the total material handling cost should be allocated to the specialty windows?

A: The overhead cost is applied to the production on the basis of predetermined overhead rate.

Q: Why is it important to consider the relationship among cost, quality, and selling prices when…

A: The question has covered the relationship between Cost, Quality , and Selling Price For setting up…

Q: industry cost standards

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: What is the correct order of the inventories in regards to processing? Group of answer choices a…

A: Inventories are the collection of all those units which are available in enterprise in the form of…

Q: Items waiting to be used in production are considered to be * raw materials. O work in progress.…

A: Raw Materials - These are the material which will be used in production process .  Work in progress…

Q: Which of the following is used when raw materials are purchased to be used in the manufacturing…

A: The raw materials are purchased for the production purpose in the business.

Q: Distinguish between a product’s quality of design and its quality of conformance.

A: Quality of the product is the ability of a product or service to consistently meet or exceed…

Q: Identify  the compliance and/or regulatory issues influencing the  the cost of the products made.…

A: Government and regulatory issues can have a variety of effects on the cost of numerous goods and…

Q: What is the journal entry to record raw materials used in production?

A: When raw materials are purchased, they are entered into inventory ledger account named raw material…

Q: Distinguish between the product-costing and control purposes of standardcosts for factory…

A: Standard Costing: Standard costing is an accounting tool which is used to measure the variances in…

Q: Determine the equivalent units of production with respect to direct materials and conversion.

A:

Q: Which of the following are basic inventories for a manufacturer ?     a. Finished goods, raw…

A: materials can be in any form during the year, it may be  Raw materials  Work in progress  Finished…

Q: the belief that materials should arrive exactly when they are needed for production rather than…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Which of the following is the correct flow of manufacturing costs? * Raw materials, work in process,…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: For a manufacturing business, products that are in the process of being manufactured are referred to…

A: Work-in-Process Inventory:-These are those inventory that is partially completed in the production…

Q: Critically evaluate how Standard Costing procedures can be  applied in  manufacturing companies.

A: Standard costing means setting of budgets or standards for the business and then compare actual…

Q: Explain manufacturing activities and the flow of manufacturing costs

A: Manufacturing activity: Manufacturing activity comprises of materials, production and sales…

Q: What are the primary determinants for both materials and operations requirements?

A: Definition: Conversion cycle: A set of all processes that are used to collect inputs and convert…

Q: How do you compute the raw materials used in production?

A: The raw material consumed in the production is both by way of direct material consumed and indirect…

Q: Materials that enter into and become a significant part of the finished product are called

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

Q: Why might a company have different numbers of equivalent units for direct materials and conversion…

A: Direct material is the raw material which is directly used in the production process. Conversion…

Q: For a manufacturer, what does the planning process involve, and how is cost accounting information…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Different between raw materials, work in process and finished goods inventories

A: A manufacturing company generally have three types of inventories in its stock: Raw Materials Work…

Q: Define the term manufacturing company.

A: Definition: Accounting: Accounting is a system, or a process of collecting and organizing economic…

Q: Provide the meaning of material cost and the procedure for estimation of material cost

A: Material costs are those costs incurred to produce a product or provide a service. Any product has a…

Q: What is the cost of materials transferred to finished goods?

A: Finished goods: These are the goods that have crossed the boundary of the manufacturing process or…

Q: cost of materials issuances under the fifo method

A: Meaning of FIFO method FIFO method is called as First in First Out method. Under FIFO method the…

Q: What is the formula used to determine the amount of direct materials to be purchased?

A: Direct materials:   Direct materials are the materials and supplied that are directly consumed for…

Q: determine whether job costing or process costing would be more appropriate. *.A custom furniture…

A: Job Costing: It involves products, which are unique or distinguished from other products. Because of…

Q: Considering the cost method to utilize in any given manufacturing setting, what considerations…

A: The cost method to utilize in any given manufacturing setting, what considerations should be…

Q: What types of products would most likely be manufactured using the process cost system?

A: A process costing system is useful when in a manufacturing unit, large batches are produced. Many…

Q: What three categories of manufacturing costs are included in the cost of finished goods and the cost…

A: Manufacturing costs:Manufacturing costs are the costs which are involved in converting the raw…

Q: Prepare an REA model depicting the issuance of raw materials into the manufacturing process.…

A: The REA model for manufacturing process is given below as, For any of the manufacturing process, the…

Q: What manufacturing cost term is used to describe the cost of materials that are an integral part of…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…