Which of the following income is considered while preparing cost sheet?   O a. Interest received   O b. Sale proceeds of factory scrap   C.Discount received   O d. Dividend received

Q: Which of the following would most likely be a product cost? O A. Salary of VP of sales O B.…

A: Product cost includes all those costs which are directly attributable to the process of converting…

Q: Carriage inward on purchase of raw material is classified as?   a. Selling overheads   b. Direct…

A: Carriage inward cost on purchase of direct material is added to the cost of direct material.

Q: Total cost + Profit:____   O a. Selling price   O b. Cost of goods sold   O c. Selling and…

A: The selling price has two components total cost and profit marked upon cost.

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: A manufacturing company reports cost of goods manufactured as aln) current asset on the balance…

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

Q: Revenue minus all direct costing of making the goods or supplying the service is known as? a. Gross…

A: All the direct costs to make the goods constitutes the cost of goods sold.

Q: Prepare (a) Statement of Equivalent Production Equivalent Units Input Units Output Items Units Qty…

A: Statement of Equivalent production Statement of Cost Statement of Valuation

Q: Describe the flow of costs through a product costing system for inventory valuation purposes (i.e.,…

A: SOLUTION- A company uses a costing system for various purposes.

Q: Which of the following is a product cost? A) Sales commissions B) CEO's salary C) Delivery van…

A: Product costs are related to manufacturing and are part of cost of inventory.

Q: Prepare statement showing total and per unit cost and profit.

A: Required statement is shown below:

Q: Which of the following statements is false? O a. Product costs are inventoriable costs O b. Product…

A: Product costs - these can be defined as costs incurred by the business while producing a good or…

Q: In the income statement of a manufacturing company, what replaces purchases in the cost of goods…

A: It is pertinent to note that in trading business an entity buys goods from the one-party and sells…

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: a. Prepare a production cost report, the company uses weight b. Show the flow of costs through…

A: Under weighted average method, it is done by dividing the total of beginning inventory cost and cost…

Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…

A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…

Q: The ending inventories for materials, work in process, and finished goods are reported on the…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. Deduction…

Q: Mark up can be calculated by the formula; a. Markup = Cost + Expenses b. Markup = Cost + Profit c.…

A: Markup refers to the difference between the selling price of a good or service and its cost

Q: Determining the unit cost of manufacturing a product is an output of financial accounting. True…

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

Q: Identify each of the company's expenses (including cost of goods sold) as either variable, fixed, or…

A: Variable cost means the cost which changes in relation to changes in the level of production. Fixed…

Q: The revenue from the by-product is credited to the sales account. Process costs are apportioned in a…

A: Joint product: Joint product refers to those products that are produced by using single production…

Q: che $ cost per unit for the items purchased from THE SUPPLIER is

A: The cost function is a function that is used to show how production expense will change at different…

Q: Product costing is the process of:  A. accumulating the costs of a production process. B. assigning…

A: Cost accounting  is a form under the various available systems of accounting including financial…

Q: what is production cost? what is tangible assets? what is operating expenses? what is cost of goods…

A: Expenses are those costs which are required to be incurred by the company to smoothly run the…

Q: Costs that are treated as assets until the product is sold are called O A. Conversion cost B.…

A: The correct answer in the given question is: (D) Product Costs

Q: As inventoriable costs expire, they become a. sales b. cost of goods sold c. operating expenses d.…

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

Q: Required: a) Use activity-based costing to estimate the cost of preparing: i A wage and salary tax…

A: ABC (Activity based costing) framework was created to manage the drawbacks of customary costing…

Q: The object of manufacturing account -4 -: it reached * a-cost of goods sold. O b-cost of goods…

A: Manufacturing account of the business show details of all costs incurred in manufacturing of…

Q: Revenue from sales of the by-product can be listed in the income statement as: a. additional cost…

A: Revenue from sale of by product is shown in the income statement as an additional sales revenue…

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: Determine the following amounts. Round your answers to the nearest dollar. a. Cost of goods sold b.…

A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…

Q: Required: a. Prepare a Statement of Cost of Goods Manufactured. b. Prepare an Income Statement

A: Cost of goods manufactured: The cost of goods manufactured equation is calculated by adding the…

Q: Calculate the cost of goods sold for each company

A: Cost of Goods Sold: Cost of Goods Sold refers to the cost price of the inventories sold. For…

Q: All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process…

A: Costs of goods sold: It is a cost of sale and deviation between the sale and gross profit/loss; it…

Q: Insurance expense incurred on a factory building would be treated as a Group of answer choices…

A: Cost is the value spent to make or buy a product. Value spent can be in the form of raw materials,…

Q: The object of the manufacturing account it ? reached to cost of goods sold. prime cost. cost of raw…

A: The manufacturing account represents the accumulated cost of goods manufactured in the production…

Q: Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income…

A: Solution:- First we need to calculate schedule of cost of goods manufactured as follows under:-

Q: Which of the following costs at a manufacturing company would be treated as a product cost under…

A: The product costs are the costs which are directly related to the production. The variable costing…

Q: Which account is credited when there is material issued to production? a. Purchase A/c O b. Account…

A: Journal entry for issue of raw materials: Work in process          Dr.       Raw material inventory…

Q: Identify on which financial statement these costs originally appear. ✓ Period Costs ✓ Product Costs…

A:

Q: A multi- step income statement ___________. A. Seperates cost of goods sold from operating…

A: Mutli step income statement means an income statement where first gross profit is calculated by…

Q: The branch of accounting that deals in particular with the different cost concepts in order to…

A: Accounting is a process of identifying, recording, classifying, summarising and analysing business…

Q: The purpose of preparing the manufacturing account is to calculate: O Gross profit O Manufacturing…

A: A manufacturing accounts shows the cost of material, labour and overheads in relation to production…

Q: In a cost sheet for a manufactured product the profit perventage is typically added to the figure to…

A: Cost sheet is the sheet which is prepared by the company in order to know and show at each step the…

Q: A product cost is Oa. shown with current liabilities on the balance sheet Ob. shown with operating…

A: Product costs are those costs which are incurred on the specific product and that can be allocated…

Q: Find Cost of goods sold and Gross profit

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Which of the following statements correctly complete the sentence: "Gross Margin equals": I.…

A: Sales revenue less cost of goods  manufactured  is wrong because  as per accrual concept, equivalent…