a int process, Joint 1. Mabait Inc., Manufactures products X, product cost were P120,000 Additional information is provided below: If processed Further Units Value at Sales Additional Product Produced Split-Off Values Cost 12,000 P80,000 P110,000 P18,000 P 90,000 P 60,000 Y 8,000 P70,000 P14,000 4,000 P50,000 P10,000 Assuming that joint product cost are allocated using the physical measure (units produced) approach, what were the total cost allocated to product X? a. P54,000 b. P58,000 с. Рб6,000 d. P78,000

Q: Explain unit product cost under variable costing.

A: Variable Costing: “Variable costing is a method that allocates only variable manufacturing costs to…

Q: Identify the two types of costs that make upa product’s total cost.

A: Product costs are costs that are incurred to form a product that's supposed available to customers.…

Q: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: Of the various methods used to allocate joint costs, which makes the most sense to you?

A: In accounting a joint cost is referred to as that cost that is related to more than one product.…

Q: how activity based costing has been discovered?

A: Activity-based costing, often known as ABC, is a way of allocating overhead and indirect expenses to…

Q: Distinguish between two methods of allocating common costs.

A: Cost Allocation Method: The cost allocation method is the method by which the costs to be assigned…

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: Explain why standard costing is more suitable for controlling the cost of unit-level activities

A: Standard costing is a cost accounting method in which predetermined levels of sales, production,…

Q: Explain Classifying Costs for Manufacturing Environments?

A: The costs are classified in the manufacturing environment as follows: Based on nature: Direct…

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: Define the following terms: joint production process, joint costs, joint products, split-off point,…

A: Joint production process: A joint production process results in two or more products, called as…

Q: Cost and Costing, as well as the importance of calculating costs in product management, may be…

A: Cost refers to the value of money that has been used to produce or manufacture something. It can…

Q: Explain the major reasons for allocating costs.

A: The entity allocates its cost by using a different measure. The cost that is allocated is common and…

Q: Briefly explain how product costs are viewed on a flow-of-activity basis.

A: Product costs on a flow-of-activity basis involve looking at the costs associated with the…

Q: Briefly explain how to use the physical-units method of joint cost allocation.

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: What are Joint Costs?

A: The entity incurs different types of costs while carrying out its day-to-day operations. When a…

Q: Explain why managers need to allocate indirect costs to the cost objects when calculating product…

A: Cost accounting is one of the important branch of accounting. Under this, different type of costs…

Q: Explain unit product cost under absorption costing.

A: Absorption costing (also known as the “Cost-Plus” approach), is a method that is centered upon 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.