1. What are the direct cost of a manufactured product?A) All Cost that are incurred in manufacturing a product.B) Raw Material, Direct Labor and Manufacturing Overhead.C) any cost that can be directly traced to a product.D) None of the above.

Direct costs include expenses that can be specifically identified with a particular product or…

Answered: 1. What are the direct cost of a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Classify the following manufacturing costs of Business Solutions as either (a) variable (V) or fixed (F)and (b) direct (D) or indirect (I). Taxes on assembly workshop
Discuss the difference between cost accumulation, tracing and allocation. Since all manufacturing cost are eventually included in the unit cost of a product, what difference does it make? Discuss why the distinction matter in the calculation of CVP or other metrics.
With respect to cost classifications for manufacturers:a. What is the total manufacturing cost?b. What is the total nonmanufacturing cost?c. What is the total conversion cost and prime cost?
Which of the following is NOT correct about the classifications of costs? Select one: a. On the basis of time of computation, costs are classified into historical costs and pre-determined costs. b. Costs are classified as product costs or period costs according to their behaviour with respect to physical capacity usage of the company. c. Costs are classified into direct costs and indirect costs on the basis of their identifiability with cost units or jobs or processes or cost centres. d. Costs behave differently when level of production rises or falls, and based on this, the costs are classified as fixed, variable, or mixed costs.
A cost objective is: Select one: O A. Confined to direct costs O B. The purpose for which costs are accumulated O C. Relevant only to the manufacturing situation O D. All of the above
This question is a true or false. When the manufactured goods mar eventually sold the cost of the related sold goods are then transferred from work in process to finished goods.
Please see the attached Help is greatly appreciated
17. The expenses that are not directly identifiable to the salable product are termed as ______ a. Direct materials b. All of the given options c. Overheads d. Direct labor
Choose the three components of product cost from the list below. a) Indirect material, direct material and direct labour b) Direct labour, indirect labour and direct material c) Direct material, direct labour and production overhead d) Indirect labour, indirect material and production overhead
The three major cost components of manufacturing a product are,

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

1. What are the direct cost of a manufactured product? A) All Cost that are incurred in manufacturing a product. B) Raw Material, Direct Labor and Manufacturing Overhead. C) any cost that can be directly traced to a product. D) None of the above.