Which of the following does NOT form a part of Total cost? A. Production overheads B. Factory overheads C. Prime costs D. Administrative costs

Q: Which of the following is the best definition of product costs? a. Product costs are those costs…

A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product…

Q: Which of the following is not a product cost? Multiple Cholce O Direct materlals ) Direct labor…

A: Product cost is that which is not included in the direct manufacturing of the goods. Direct…

Q: A traditional income statement classifies costs by function; costs are classified as either product…

A: The question is related to Classification of cost. The traditional income statement classifies costs…

Q: This includes all manufacturing costs that cannot be classified as direct materials or direct labor.…

A: From all of the above, the Period cost is not directly concerned with the production. The prime cost…

Q: The component of per-unit costs that remains constant as the production level varies is: a. product…

A: The cost of goods can be distinguished as variable or fixed cost.

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: Why are product costs sometimes called inventoriable costs? Describe the flow of such costs ina…

A: Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the…

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: Selling and administrative expenses are considered to be: a. A period cost under variable costing b.…

A: Selling  expenses means the expense incurred while selling the goods like sale men commission , sale…

Q: Which type of manufacturing cost (direct materials, direct labor, variable factory overhead, fixed…

A: Cost of goods manufactured as per Absorption costing =  Direct material + Direct labor + Variable…

Q: he purchase price per unit of inventory is relevant in the computation on EOQ. otal factory labor…

A: EOQ= square root of (2DS/H) ​D=Demand in units  (typically on an annual basis) S=Order cost (per…

Q: The term relevant range in cost accounting means the range over which a. Cost may fluctuate. b. Cost…

A: Cost accounting is that branch of accounting in which all costs incurred on manufacturing and…

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: 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: What are the three common approaches for assigning overhead costs to products?

A:

Q: In what way does the accounting treatment of direct materials and direct labor costs differ from…

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

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: If fixed manufacturing overhead costs are released from inventory under absorption costing, whatdoes…

A: Absorption Costing: Absorption costing is a method for calculating the full cost or total cost of a…

Q: Product costs are also called: * Direct costs. Overhead costs. Manufacturing overhead costs None of…

A: Product cost includes, Cost which is arises to manufacture a product directly i.e  Direct Material ,…

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

A: Product cost includes all the cost incurred to manufacture the product.

Q: Which of the following statements about manufacturing cost flows is false? a. Direct materials,…

A: As per our protocol we provide solution to the one question only but you have asked two multiple…

Q: Explain how the analysis of fixed manufacturing overhead costs differs for (a) planning and control…

A: Fixed Cost:The cost which does not fluctuate on the basis of the output level produced. It remains…

Q: Which one of the following represents a period cost? a. Fringe benefits associated with factory…

A: Financial statements are statements which states the business activities performed by the company .…

Q: Which of the following describes a fixed cost? O a. total cost that fluctuates with changes in…

A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which…

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: Activity based costing system differs from traditional costing systems in the treatment of, A)…

A: Direct costs are the cost that can be traced on the process and production of goods.

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: 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: Calculate : a) Cost of raw materials consumed. b) Total cost of production. c) Cost of goods sold.

A: Hi student, Since there are multiple subparts in the question, we will answer only first three…

Q: What is the effect on the cost of goods sold and net operating income, if the cost of factory…

A: If cost of factory overhead applied are greater than the cost actual factory overhead, cost of goods…

Q: Prime cost is the (Total )summation of Select one: a. Direct material +Direct Labour +Direct…

A: Prime cost refers to the total direct cost incurred by an entity on the production.

Q: In what way does the accounting treatment of factory overhead differ from that of direct materials…

A: Factory overhead is defined as cost incurred during the process of manufacturing but not including…

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: What information is contained in a production report? What are equivalent units and how would a…

A: Financial report: Financial reports can be defined as the summary of statements that contains the…

Q: Which of the following is NOT correct about the classifications of costs? Select one: a. On the…

A: Costs in the business can be classified into different types like on the basis of time, on the basis…

Q: 4. Which of the following are period costs? a. Raw materials b. Direct materials and direct labor c.…

A: A period cost is charged to expense to the period in which it is incurred.

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

A: e.Fixed costs.

Q: total manufacturing cost to account fo

A:

Q: Determine the following is best described as a fixed, variable, or mixed cost with respectto product…

A: On the basis of cost behaviour, a cost can be classified into three major categories: Fixed cost:…

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: 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: The three major cost components of manufacturing a product are,

A: Answer:(a) Manufacturing cost is the sum of costs of all used or consumed in the process of making a…