Which of the following is a carefully predetermined cost that is usually expressed on a per unit of output basis?     applied cost     standard cost     flexible cost     allocated cost

Q: What is equivalent production? Explain in terms of its effect on computed unit costs.

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…

Q: Identify the two types of costs that make upa product’s total cost.

A: Product costs are costs that are incurred to form a product that's supposed available to customers.…

Q: Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and…

A: Variable costs are the costs that varies with the change in output but per unit variable cost…

Q: How do you prepare an absorption and variable costing income statement show a draft or format only.

A: An income statement is prepared by the organization to measure the revenues generated during the…

Q: Which of the following best describes a fixed cost? a. Cost representing a fixed proportion of…

A: Fixed Cost: It is a cost that does not change with the change in the level of output. It is the…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: Which one of the following is correct about variable costing systems? Select one: a. Normally result…

A: Variable costing is a concept used in the cost accounting system which excludes fixed manufacturing…

Q: From the following data find (A) material cost, (B) price cost, (C) direct cost,

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: the following standard ca ued by the cost accountin standard costing policy of unit Standard cost

A:

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 statements is true? * O a. A common cost is one type of direct cost. O b. A…

A: The question is related to Choose which of the statement is true.

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: By use of relevant examples, differentiate between the following: a. Relevant costs and Non-relevant…

A: In general words, cost means money that is spent to gain something. In accounting terms, the cost is…

Q: The marginal cost is: Select one: a. Is the incremental cost of an activity, such as producing a…

A: Marginal cost refers to the additional cost.

Q: Which of the following is NOT a period cost? Select one: O a. manufacturing costs. O b. general and…

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: Cost is the monetary value of expenditures for raw materials, technology, supplies, services, labor,…

Q: The gross-margin format is used for A. mixed costing income statement B. absorption costing income…

A: Gross  Margin In simple term gross margin is deduct the amount from the total revenue to cost of…

Q: Identify the costs included under variable costing.

A: The costs can be distinguished as variable and fixed costs.

Q: Under an activity-based costing system, what is the per-unit overhead cost of Z?

A: Activity-based Costing which is more popularly known as the ABC method is an accounting method in…

Q: Which of the following statement about Activity Based Costing is true? a)  Costs which change with…

A: In the activity level costing the indirect cost is allocated on the basis of their activity. for…

Q: What is the primary difference between the two cost accounting, systems regarding the accumation of…

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

Q: ) Classify each cost element as either fixed, variable, or mixed b) Calculate: i) the variable…

A: Solution Answer for part a) and part b) i) and  ii) is given Concept The formula for high low method…

Q: Cost classifications used for preparing financial statements Include: Multiple Choice Product cost…

A: Answer : Concept :  Product cost is the cost that can be directly associated with the product and…

Q: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

Q: calculate the total product cost per unit under variable costing.

A: Total product cost per unit is the cost of the unit which has been incurred by the company in order…

Q: Assuming that direct labor is a variable cost, the primary difference between the absorption and…

A: Major difference between absorption and variable costing is fixed cost allocation across all units…

Q: Which of the following statements is true? *   A. The traditional approach to costing uses many…

A: Cost accounting is one of the branches of accounting. Under this, all costs related to the product…

Q: Which of the following statements is true? (You may select more than one answer.)a. A common cost is…

A: Opportunity cost is the value of the next best alternative over the selected alternative.The loss of…

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

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: The cost that is used for the benefit of many cost objects and cannot be easily related to any…

A: Answer is as follows

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Prime cost is? A)Group of answer choices B)indirect materials cost and direct labor cost.…

A: Prime cost refers to the cost related to direct labour and direct material  For example in the…

Q: a) Classify each cost element as either fixed, variable, or mixed b) Calculate: i) the variable…

A: Workings Particulars  Lower limit   Upper limit  Using High-low method Variable Fixed…

Q: A direct cost is one that is a. Variable with respect to the cost object. b. Traceable to the cost…

A: Direct cost: A cost indicates the payment of cash or the obligation to pay the cash in the future…

Q: key different in accounting for costs between absorption and variable costing

A: Absorption costing and variable costing are two methods of costing products.

Q: a. What was Product Z’s unit cost under absorption costing? b. What was Product Z’s unit cost under…

A: Absorption costing and Variable costing are two types of costing methods that are being used in the…

Q: With respect to cost classifications for manufacturers:a. What is the total manufacturing cost?b.…

A: For a manufacturer,  Total manufacturing cost = Direct Material Cost + Direct Labour Cost + Variable…

Q: Which of the following statements is true? (You may select more than one answer.)a. Conversion costs…

A:

Q: Under variable costing, a unit of product includes which costs? A. direct material, direct labor,…

A: Variable costing: In the process of variable costing the fixed manufacturing overhead are not to be…

Q: Define the terms Cost Costing Cost Accounting

A: The Question has covered the various Concept related to the costing. The Detailed Explanation of…

Q: (i) A cost that can be traced to a cost object is known as A. A fixed cost B. A variable cost C. A…

A: As posted multiple questions we are answering only first question kindly repost the unanswered…

Q: Contrast the productcosts computed under activitybased costing and conventionalcosting methods

A: ABC Costing: The Activity-Based costing system is a way of assigning a cost to the product and…

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.