why service industry not involved production cost and retail industry involve in production cost?

Q: How does a service company calculate unit cost per service?

A: Unit service cost refers to the cost that is incurred for providing the service. It is a concept…

Q: How is the cost of goods manufactured calculated?

A: Cost of Goods Manufactured, also known to as COGM, is a term used in managerial accounting that…

Q: Which of the following is NOT a reason for companies to assign costs to products or services?

A: We know that objective of every business is to attain profitability  Now, Profit for business is =…

Q: in intended application between sales life-cycle analysis and life-cycle costing

A: The strategic pricing depends on the product price which it supported the worth it charges to the…

Q: Why is it that product costs are distinguished from period costs?

A: Product cost is the cost that is incurred to manufacture the product. The product cost will include…

Q: manufacturing cost and non-manufacturing cost, provide an example of each type.

A: COST is a measurement in monetary terms of the amount of resources used for the purpose of…

Q: Are selling and administrative expenses treated as product costs or as period costs under variable…

A: Selling and administrative expenses:   These expenses incurred by the company does not relate to the…

Q: why service industry involve operating expenses and retail industry involve operating expenses and…

A: Service Industries include those companies which offers only services to other industries. Retail…

Q: What makes POS systems different from revenue cycles of manufacturing firms?

A: POS System:   It is a system implemented in rattail sectors where the sale transaction taking place…

Q: How to calculate manufacturing costs

A: How to calculate manufacturing costs.

Q: How do service companies differ from manufacturing companies?

A: Company:   A company refers to an artificial judicial person created by a group of individuals who…

Q: The difference between informal and formal business selling

A: Informal and Formal Business : Formal business is a business that is well formalised and its goals…

Q: is this still applicable if the company uses cost model?

A: Under cost model, the property is recorded at cost less accumulated depreciation and impairment…

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: Which of the following costs would not be inventoriable?  Indirect labor cost Office rent factory…

A: Inventoriable cost means the cost which will be considered while valuing the inventories. Only the…

Q: Explain the difference between a product cost and a period cost. How does the product cost of a…

A: The cost that is linked to the product, i.e. the cost that can be traced back to the product and is…

Q: What are the difference between the cost of goods sold of manufacturing and service type businesses…

A: Introduction:

Q: What is the primary distinction between a service company and a manufacturing or merchandising…

A:

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

A: Lets first with the understanding meaning of product cost. Product cost means all cost incurred to…

Q: How do manufacturing companies differ from merchandising companies?

A: Manufacturing Companies: Merchandiser is a person or organization who buys goods with the purpose of…

Q: Why is it important to know the true cost for a product or service?

A: True Cost and its importance The meaning of true cost is simple term is the the distinguish between…

Q: In what way does a typical manufacturing business differ from a merchandising concern? in what ways…

A: Manufacturing business means when a company makes finished products by use of raw materials and then…

Q: Which of the following is not a reason for banks to use activity-based costing? a.to determine…

A: Activity based costing (ABC): Under activity based costing method, the activities responsible for…

Q: How cost accounting covers the problem of Evaluation of alternative while buying

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

Q: Why do managers need to know the cost of their products?

A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: 1-Why is it important to distinguish cost incurrence from locked-in cost? 2- How do companies…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is the chief difference between manufacturing and service industry firms?

A:

Q: What are the answers to Total Manufacturing cost for both Garcon Co. and Pepper Co.?

A: Formula: Total Manufacturing costs = Direct materials used + Direct labor + Total factory overhead.

Q: Difference between labour cost,cost of sales and selling price in informal and formal business

A: A formal business is a business that is well formalized and its goals are set and organized. Whereas…

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

A: Overhead Costs: Overhead costs are business expenses that cannot be associated or traced directly…

Q: How would you define fixed and variable product costs? How are these costs used in determining the…

A: Cost of production is the total cost involved in producing a particular volume of products. These…

Q: Do companies in either the service sector or the merchandising sector make choices about absorption…

A: Variable Costing:The variable costing is a method used to allocate the fixed manufacturing overhead…

Q: Which of the following is not a revenue driver factor which affects sales volume for a manufacturing…

A: Revenue driver factor affects the sales volume for manufacturing firms.  Management can use the cost…

Q: What is the danger in allocating common fixed costs among product lines or other segmentsof an…

A: Fixed cost: It can be defined as the cost that does not vary with an increase or decrease in the…

Q: What are the pros/cons of product costing allocation methods and how they influence distortion of…

A: Product costing allocation methods are used to assign or allocate a cost to manufactured/produced…

Q: What is the distinction between service and merchandisingcompanies?

A: Despite the fact that marketing organizations and administration organizations adjust to sound…

Q: What factors other than the number of units shipped are likely to affect the company shipping…

A: Shipping expense:   It refers too the cost of postage and related transportation to move the package…

Q: How are a merchandiser's  inventories different from the inventories of a service-oriented firm .

A: Solution:- Merchandiser’s inventories different from the inventories of a service-oriented firm:-…