28. Patrisha Co.'s records for April disclosed the following data relating to direct labor: Actual cost P10,000 Rate variance 1,000 favorable 1.500 unfavorable 9.500 Actual direct labor hours for April amounted to 2,000. Patricia's standard direct labor rate per hour in Efficiency variance Standard cost April was c. P4.75 d. 4.50 a. P5.50 b. 5.00

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: 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: Give detail definition on operational cost and explain in detail how the operational cost is…

A: Introduction:- The following definition of operational cost as follows under:- Operating costs are…

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?

A: Cost accounting system is a system in which all the costs related to manufacturing, selliing the…

Q: How to deal with cost accounting

A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…

Q: What is activity base cost management?

A: Activity-based costing commonly referred to as ABC is a part of cost accounting. Cost accounting is…

Q: Examples of transaction costs

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

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: task order price system, explain the importance of unit cost

A: Task order price system is a system in which performance of tasks are priced based on the value of…

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: 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: Distinguish between inventoriable costs and period costs.

A: Characterizations of expenses. Inventoriable expenses is characterised as prices that become a part…

Q: Define the term manufacturing overheads.

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

Q: cost

A: A standard fee accounting gadget works with the aid of using monitoring uncooked substances as they…

Q: objectives of the accumulation and reporting of cost accounting information

A: Cost accounting information is the information regarding costs regarding activities, processes, or…

Q: Define production cost report.

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

Q: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

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.