3. Standard costing can be used to apply costs for which of the following? A) Direct Materials B) Direct Labor C) Indirect Materials and Indirect Labor D) Factory Utilities E) All of the above can be applied using standard costing

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: Describe fixed manufacturing overhead under absorption costing.

A: Absorption costing: Under this method, manufacturing cost such as direct material and labor is…

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: Explain in simple terms the notion of equivalent units of production (EUP). Why is it necessary to…

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…

Q: Define the following: direct material costs, direct manufacturing-labor costs, manufacturing…

A: Direct Material Costs: It includes cost of direct materials used in manufacturing of finished goods.…

Q: Under direct/marginal costing, a unit of product includes which costs? direct material, direct…

A: Marginal costing is the method of determining the operating income. It separately shows the variable…

Q: The most important element of cost in manufacturing industries is : Select one: a. Labor b. Material…

A: Cost: It refers to the aggregated amount that is spent by the business in the process of…

Q: What process is used to assign costs in an ABC system? Provide numerical example. I want the…

A: ABC  or Activity based costing system- It is  based upon the  fact that activities cause costs and…

Q: Under an activity based costing system, what is the per-unit overhead cost of Z

A: Activity based costing is a management accounting technique which used to allocate overhead cost and…

Q: A costing approach in which all manufacturing costs are product costs." This statement best…

A: All manufacturing cost will include the direct material , direct labor , variable and fixed…

Q: Activity based costing

A: Definition: Costing: Costing is calculated as an amount spent by the company in order to produce a…

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: Marginal costing and absorption costing are two product costing methods used in the manufacturing…

A: a) Overheads are the expenditure which cannot be conveniently traced to or identified with any…

Q: In case product produced or jobs undertaken are of diverse nature, the system of costing to be used…

A: SOLUTION EXPLANATION- JOB COSTING IS AN ACCOUNTING METHOD DESIGNED TO HELP YOU TRACK THE COST OF…

Q: Which of the following is a method used to allocate overhead costs based on the activities that…

A: A) Job costingJob costing involves the accumulation of the costs of materials, labor, and overhead…

Q: Case E Abnormal loss of 2,000 units occurs at the end of the process. In process, beg... Received…

A: Equivalent units are the number of units completed based on the percentage of completion. It is…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: Which cost accounting method assumes that the cost of production is driven by the number of units…

A: Methods of costing Different industries follow different methods for ascertaining cost of their…

Q: All of the following are names for the product costing method in which both fixed and variable costs…

A: Cost can be defined as the amount of value of work incurred for the performance of services or for…

Q: Which of the following would be both a prime cost and a conversion cost? direct labor direct…

A: Process costing: Process costing is included costs like labor, material, and overhead which…

Q: Define cost accounting, what are the two basic types of product costing. Explain any one of them…

A: Cost accounting is that branch of accounting in which the cost to be incurred for the manufacturing,…

Q: Activity based costing system differs from traditional costing systems in the treatment of, A)…

A: Direct costs are the cost that can be traced on the process and production of goods.

Q: Which of the following is a cost behavior-oriented approach to production costing a. Absorption…

A: Lets understand the meaning of marginal costing. Marginal costing as the name suggest consider the…

Q: COST ACCOUNTING - Process costing. Compute for the equivalent production of the following cases…

A: Process costing refers to an accounting system which is used by manufacturing companies who are…

Q: Cost assignment and cost allocation are used to support and explain the relationship between cost…

A: The process of assigning costs is giving those expenses to the actions or things that caused the…

Q: Choose the three components of product cost from the list below.   a) Indirect material, direct…

A: Product costs seem to be the expenses involved in the production of goods that have been meant for…