1. Give two examples of industries in which joint costs are found. For each example, what are the individual products at the splitoff point?.

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: Explain the difference between total variable costs and variable costs per unit.

A: Cost can be categorized as variable and fixed costs.

Q: Of the various methods used to allocate joint costs, which makes the most sense to you?

A: In accounting a joint cost is referred to as that cost that is related to more than one product.…

Q: Given the following, the only item that will generally be included in relevant cost analysis is:…

A: Introduction:   The phrase "relevant cost" in managerial accounting refers to avoidable costs that…

Q: What are the formulas for: 1. Contribution Cost 2. Break even cost

A: Cost refers to the expense that is incurred for making the goods or providing services by the…

Q: Define incremental cost, opportunity cost, and sunk cost. How do these costs impact decision-making?…

A: Incremental Cost: Incremental cost is the additional cost incurred to produce one additional…

Q: Cost is being classified  in a varity of ways, what benefits can be acquired out of this…

A: Classification by the management in their decision making is significant to help management in the…

Q: What is the difference between a direct cost and an opportunity cost.  Can you show the difference…

A: Direct cost and opportunity cost are two types of costs used in cost accounting.

Q: What are the challenges of using the incremental cost allocation method when allocating common costs…

A: Cost Allocation Method:   The cost allocation method is the method by which the costs to be assigned…

Q: Which of the following statements is (are) true? (A) A price standard is the price that should be…

A: Standard costing refers to the method of costing used for the computation of expenses in the process…

Q: Which of the following costs change in total directly and proportionately with respect to the…

A: The objective of the question is to identify the type of cost that changes in total directly and…

Q: What is the difference between a product cost and a period cost? Give three examples of each. 2.…

A: The costs can be classified as classified as product cost, period cost, direct costs or indirect…

Q: s in a joint-cost m the number COS

A: Given: To explain the situation of joint cost and an example as,

Q: When output volume increases, do fixed costs per unit increase, decrease, or stay the same within…

A: Fixed Costs:   These are the costs that remain constant in total dollar amount irrespective to the…

Q: Which of the following is NOT an example of Prime Cost? A. Manufacturing wages B. Direct wages C.…

A: Direct cost: It refers to the cost that is incurred on the production and this cost is traceable on…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

Q: How does the contribution margin affect the cost-volume-profit analysis?

A: Cost Volume Profit analysis means the breakeven analysis which generally used to determine the break…

Q: Define Joint costs?

A: Joint Products: When two are more products are produced in a process using the same basic raw…

Q: Why would a firm want to measure profits by segment and how would common costs be allocated to each…

A: Introduction: Common costs are company expenses that are shared by numerous departments. Common…

Q: How does the two method ( WACO - FIFO) differ?

A: Costing method refers to the method that adopted through firm in order to collect the cost data in…

Q: Which are the four key costs to consider for each supplier?

A: The four key costs for each supplier are: Material costs Inventory costs Freight costs…

Q: Describe how total fixed costs and unit fixed costs behave as the level of activity increases

A: Fixed costs are those costs that remain fixed irrespective of the level of activity.

Q: Which of the following describes the behavior of total variable and total fixed costs when level of…

A: Different costs associated with production process are - Fixed cost and variable cost. For example:…

Q: Combine the different component costs to determine the firm’s WACC.

A: WACC is the organization  cost of capital in which each component (debt and equity) is considered on…

Q: is a join le cost?

A: Given: To explain the joint cost and the separate cost as,

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.