7. Department Z of Cherry Corporation had the following data for the month of October, 2019: Beginning work in process, 70% complete Started in process during the month Ending work in process, 80% complete The cost of the beginning work in process was P140,000, and the production costs for the month amounted to P1,172,000. How many equivalent production units were completed in October, 2019 using FIFO method? a. 280,000 40,000 units 300,000 60,000 b. 300,000 c. 320,000 d. 340,000

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: 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: Relevant examples of direct and indirect costs

A: Relevant examples of direct and indirect costs.

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: 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: How to deal with cost accounting

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

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: Define unit costs.

A: Unit cost is the cost incurred by the company in the production, storage and selling of one unit of…

Q: Define the term manufacturing overheads.

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

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: 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: 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: How are costs allocated in an ABC system?

A: ABC system means activity-based costing.

Q: Direct costs and indirect costs can be easily traced directly to a cost object.

A: Most of business purchases materials process them into finished goods and sells these goods to…

Q: 1. Define the acțivity based costing system.

A: Activity-based costing or ABC is a system to find out the cost of a product.

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.