18. Joyce Company manufactures products A and B using a joint process. The joint processing cost are PI0,000. Products A and B can be sold at split-off for P12,000 and P8,000 respectively. After split-off, product A is processed further at a cost of P5,000 and sold for P21,000 whereas product B is sold without further processing. If the company uses the net realizable value method for allocating joint costs, the joint cost allocated to A is a. P4,000 b. Р5,000 с. Рб,000 d. P6,667

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: What are transferred in costs? When do they occur?

A: Transferred in costs: Cost that is assigned to partially completed products that have been finished…

Q: Explain the following basic principles in cost management: a. profits b. life cycle costs c.…

A: Cost ManagementCost management is the process of organizing and overseeing a company's spending…

Q: Define cost behaviour.

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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: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…

Q: What Are features and differences between cost accounting and management accounting?

A: Cost accounting: Cost accounting refers to the branch of accounting, that records and analyses the…

Q: benefits of costing system

A: A costing system is prepared to analyze the costs incurred in a business organization. The system…

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: . What are the three principle objectives of cost accounting system?

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Q: Define restructuing costs.

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

Q: Examples of transaction costs

A: Transaction costs are the costs which occur during buying or selling of services and goods. They are…

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A: Flexible overhead cost budget: A flexible overhead cost budget is referred as a thorough plan for…

Q: Define and explain the concept of cost accounting.

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Q: Define cost structure.

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Q: Define relevant cost.

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Q: Giving examples, distinguish between  Direct costs and indirect costs

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Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: Define cost drivers.

A:

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Q: In Cost accounting the main emphasis is on ?

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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.