What manufacturing cost term is used to describe the cost of materials that are an integral part of the manufactured end 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: 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: What is the equivalent production units of materials? What is the equivalent production units of…

A: Inventory refers to the stock that is held by the company or is not sold yet which is expected to be…

Q: How to calculate manufacturing cost per unit

A: Manufacturing cost can be defined as the cost that is incurred while producing a product. It…

Q: What is included in indirect materials and indirect labor ?

A:

Q: The most important element of cost in manufacturing industries is : Select one: a. Labor b. Material…

A: Cost: It refers to the aggregated amount that is spent by the business in the process of…

Q: Factory or manufacturing overhead costs would include

A: Introduction: Manufacturing overhead: Cost incurred for manufacturing the products called…

Q: Direct Material Used Factory Overhead Prime Cost

A: Prime cost means the addition of direct material and direct labor and other direct expenses.…

Q: otal Manufacturing costs are also known as product costs. Which of the following best describes…

A: Solution Concept Total manufacturing cost basically means the cost that is required to manufacture…

Q: Manufacturing overhead is

A: Predetermined overhead application rate is  - (Estimated overhead costs)/(Total Direct labours) Note…

Q: manufacturing overhead handled in a process cost system

A: Indirect cost is the cost that is not directly involved in the production process of the company.

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: 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: What is meant by the term equivalent units, with regards to process costing?

A: The  term  equivalent  unit  in process  costing  refers to

Q: Explain manufacturing activities and the flow of manufacturing costs

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

Q: define direct manufacturing-labor costs?

A: Cost: It refers to the economic value incurred by a company to produce a product or deliver a…

Q: what is the equivalent units of production for materials?  B) what is the equivalent units of…

A:

Q: Prime cost consists of: direct labor and manufacturing overhead. direct materials and manufacturing…

A: Total manufacturing costs = Prime cost + manufacturing overhead Where, Prime cost = Direct material…

Q: Define the term manufacturing overheads.

A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…

Q: Which of the following would be both a prime cost and a conversion cost? direct labor direct…

A: Process costing: Process costing is included costs like labor, material, and overhead which…

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

Q: Define the term manufacturing company.

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

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: 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: Should design of cost be calculated in factory overhead costs incurred? Explain why

A: The answer for the question on cost design is discussed hereunder : Design of Cost aims at reducing…

Q: what are the three major components of product costs: direct materials, direct labor, and…

A: The costs of producing a product are referred to as product costs. Direct material, direct labour,…

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: What is the most important difference between a manufacturing firm and a service industry firm, with…

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

Q: Direct materials become a cost of the finished goods manufactured when they are purchased. True…

A: Direct materials purchased means the material that is acquired for the purpose of using it in the…

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: How do you compute the unit varible cost for an item in manufacturing?

A: Variable costs: Variable costs are costs that vary in direct proportion with changes in production…

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: What steps or activities are involved in developing standards for the materials that are used in…

A: Direct or indirect material are types of materials, direct materials includes those materials which…

Q: What is the difference between direct materials, indirect materials, direct labor, and indirect…

A:

Q: Which of the following costs are conversion costs? a.direct materials cost and factory overhead…

A: Introduction: The costs of transferring raw materials into finished goods are known as conversion…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.