15. Gdyan, Inc. which manufactures products X,Y and Z from a joint process. Joint product cost were P60,000. Additional information is provided below: Product Units Sales If Processed Further Produced Value at Sales Additional Split-Off P40,000 Values Costs 6,000 P55,000 P9,000 Y 4,000 35,000 45,000 7,000 2,000 25,000 30,000 5,000 Assuming that joint product costs are allocated using the physical measures (units produced) approach, what were the total cost allocated to product X? a. P27,000 b Р29,000 c. P33,000 d. P39,000

Q: Classify the following costs into either being product cost or period cost:(a) Raw material costs

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product.…

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: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.…

A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and…

Q: Conversion costs include A. product and period costs B. direct labor and manufacturing overhead…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which of the following describes the term ‘cost unit’?   A basis for cost classification A…

A: Cost unit is the per-unit cost incurred to produce the product. It includes both costs i.e fixed…

Q: Define restructuing costs.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Which of the following is a conversion cost?A. raw materialsB. direct laborC. sales commissionsD.…

A: Conversion costs seem to be the expenses of converting raw resources into finished goods. In cost…

Q: Shipping of Costs for a Shipping Department

A: What is shipping and handling? Shipping and handling is the process of preparing and packing an…

Q: Define Work-in-process inventory.

A: Definition:   Inventory refers to the raw materials, work-in-process, and the finished goods…

Q: How to calculate manufacturing costs

A: How to calculate manufacturing costs.

Q: evaluation of and synthesis of key costing techniques

A: Costing techniques are important tools used by businesses to analyze and control their costs.

Q: xplain the main principles of Direct costing

A: Solution Concept Direct costing                 This is a method of costing which is based on the…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: Explain the purpose of the cost accounting system

A: Cost Accounting involves accounting for all the cost incurred by the business. This takes in account…

Q: Define cost of equipment.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: Describe the term direct costing.

A: Direct costing: It is the method wherein, the variable manufacturing costs are allocated to…

Q: Formula for computing the unit cost of transferred out units

A: In the process costing the cost of each stage is added to the completed units in the same process.

Q: Define the term Raw-materials- inventory?

A: Inventory is the materials such as raw materials, finished products, in-process goods that are…

Q: Describe the term cost of the direct materials.

A: Cost:  Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: Distinguish between activities and cost objects in activity-based costing.

A: Definition: Activity-based method (ABC): The costing method which allocates overheads to the…

Q: Define the term manufacturing overheads.

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

Q: Define production cost report.

A: The production cost report. summarizes the production and cost activity within a department for a…

Q: 4. Describe and list examples of the three category of expenses? Product costs Period costs…

A: Expenses are an essential part of running any business, as they represent the costs that must be…

Q: diffentiate between contract costing and service costing

A: Contract costing is the costing method adopted to do the cost accounting for a specific contract…

Q: actors affecting the classification of a cost as direct or indirect include: OA. cost behaviour…

A: Direct Cost:- Costs that are directly related to the production of goods are called direct costs…

Q: Define the term process-costing system.

A:

Q: How standard costing control the business activity

A: Standard Costing is the technique of setting up standard costs and applying them to measure the…

Q: What kind of cost are considered Manufacturing Overhead Cost?

A: Manufacturing overhead costs are the costs in a factory that you can't easily link directly to a…

Q: Define fixed overhead costs.

A: Definition:   Manufacturing Overheads: The cost which is indirectly related to the production is…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.