2. How much of the materials in (1) above consisted of indirect materials?

Q: Define Raw materials.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: The standards for direct materials are made up of which of the following components?

A: The pricing standard and quantity standard are the elements of direct material variances. Direct…

Q: What is the most important purpose of the cost of production report? Why?

A: Production report is the report which is made by the manufacturing company which makes the goods or…

Q: The standards for direct materials are made up of which of the following components? a.variance…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Examples of transaction costs

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

Q: Define each of the following terms:d. Flotation cost, F

A: Primary market is the place where company sells or offers new equity shares to the investors. New…

Q: Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are…

A: Direct materials refers to the tangible components that make up a product. Cost accounting uses the…

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: What are the equivalent units of production?

A: Work-in-Process: It refers to the partially finished goods of a company waiting to be completed.…

Q: In terms of cost behaviour, telephone expense and direct materials are classified as: a. Variable…

A: In the context of the given question, we are required to find the correct option from the available…

Q: How can the work-in-process concept be viewed?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: Describe the effects of using direct and indirect material.

A: Direct materials are required directly in the production process like wood required to make…

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: Do the engineering decisions account for the majority of product costs?

A: Yes, engineering decisions will account for the majority of the cost of the product. The main task…

Q: i) ii) a) b) d) explain the meaning of the term/technique, give two examples of its application,…

A: Cost accounting is one of the branches of accounting that deals with the costing and management of…

Q: Prime cost is? A)Group of answer choices B)indirect materials cost and direct labor cost.…

A: Prime cost refers to the cost related to direct labour and direct material  For example in the…

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.