bor costs costs Osts ermined overhead rate for W

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: QUESTION 12 Raw material and direct labor costs are examples of ____.   a. fixed costs   b.…

A: Raw material and direct labor costs are used directly for the production and operation. So as it is…

Q: How do i caculate the fixed cost

A: The objective of this question is to understand how to calculate the fixed cost in a business. Fixed…

Q: how do I find direct cost per unit

A: Direct Cost A direct cost is a price that is directly associated with the production of particular…

Q: when total contribution margin equals total fixed cost this indicates operating income

A: The contribution margin is described as that amount which is computed after reducing variable costs…

Q: Indirect costs are known as: (a)  Avoidable costs (b)  Overheads (c)  Incremental costs (d)…

A: 1) Indirect costs means costs which are not directly related to cost of production. Indirect costs…

Q: explain fixed and variable costs within a relevant range of production

A: The objective of this question is to understand the concepts of fixed and variable costs within a…

Q: Assume an ending work in process of inventory of 100 units, 80% complete regarding materials and 30%…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: Assign costs to unitsusing the weighted-averagemethod.

A: Cost:   It refers to the economic value incurred by an organization for manufacturing a product or…

Q: 1.An activity that has a direct cause-effect relationship with the resources consumed is a(n) Group…

A: In activity based costing the cost are apportioned based on the respective cost drivers

Q: Distinguish between the single-rate and the dual-rate methods. The single-rate (cost-allocation)…

A: Cost Allocation: The process of assigning the cost to the cost object is cost allocation. The cost…

Q: costs that change proportionately according to the changes in the cost driver.......

A: variable costs are the costs that change according to the changes in the cost drivers or changes…

Q: A direct costs is a cost that is:

A: Solution:- B) Option "B" is the correct answer Reason:- A direct cost is the that is identifiable as…

Q: Explain variable overhead costs.

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

Q: Question: In a manufacturing setting, direct labor costs are considered: a) Variable costs b) Fixed…

A: Variable costs - Fixed costs - Mixed costs- Overhead costs

Q: Describe planning for variable overhead costs.

A: Variable Cost: The cost which is not fixed is called a variable cost. This cost is directly…

Q: d.    Perpetual system, LIFO cost flow. e.    Periodic system, weighted-average cost flow. f.…

A: Perpetual inventory system - Movement of inventory is recorded on regular basis. Periodic inventory…

Q: Variable manufacturing overhead costs are treated as period costs under both absorption and variable…

A: Variable manufacturing overhead cost is treated as product cost under both absorption and variable…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.