a. Direct materials, direct labor, and factory overhead. b. Period costs, product costs, and conversion costs. c. Indirect labor, indirect materials, and fixed expenses. d. Variable costs, fixed costs, and period costs. e. Overhead costs, fixed costs, and direct costs.

Q: describe three manufacturing cost terms. Provide an

A: Manufacturing cost is the cost that is incurred by the company on the manufacturing of the product…

Q: What are the three cost classifications of manufacturing?

A: This question tells about the three cost classifications of manufacturing

Q: Define equivalent units of production.

A: Definition:   Process costing: It is a method of cost accounting, which is used where the production…

Q: Production cost include direct materials, direct labor, and selling costs. True or False

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

Q: 4. By reference to the above data, explain the concept of equivalent units in process costing.

A: In process costing, some units may have fully finished but other units may still be under…

Q: What are the three common approaches for assigning overhead costs to products?

A:

Q: Direct labor and manufacturing overhead often are combined into a single cost category termed…

A: Lets understand the basics. Costs are divided into several parts which are, (1) Prime cost (2)…

Q: What is this exactly (cost of goods manufactured)? Can you give me 3 examples of direct materials,…

A: Introduction:- Cost of goods manufactured is the combination of Direct material, Direct labor and…

Q: Describe at a high level the various cost categories and expenditures.

A: Expenditures refer to money spent on goods, services, or investments. It is the amount of money used…

Q: 1. Planning is a function that involves ? 2. Product costs are costs that are a neccessary and…

A: Hi! There are two questions given, but we are entitled to solve only one question at a time so I…

Q: What are two additional types of costs incurred to support any manufacturing project?

A: The manufacturing companies are the companies which deal in the production or change in the raw…

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: The three major cost components of a manufactured product are:

A: Answer is B For a manufacturing type firm, the three main cost components included in the product…

Q: Describe four purposes of cost allocation.

A: Pricing Decisions:Pricing decisions are those decisions that are related to ascertain the price of a…

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…

Q: What are the three key features of cost accounting?

A: Cost accounting: It is a process of recording of all the costs incurred in the business in a way…

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.