Cost classifications For each of the following costs, check the columns that most likely apply (both variable and fixed might apply for some costs).Product  Costs Direct Indirect Period Variable FixedWages of assembly-line workersDepreciation of plant equipmentGlue and threadOutbound shipping costsRaw materials handling costsSalary of public relations managerProduction run setup costsPlant utilitiesElectricity cost of retail storesResearch and developmentexpense

Q: Which of the following is not a product cost? Multiple Cholce O Direct materlals ) Direct labor…

A: Product cost is that which is not included in the direct manufacturing of the goods. Direct…

Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). office salaries…

A: Fixed cost will remain fixed for unit Variable cost will change with change in level of activity…

Q: The advantage of this cost assignment method is that actual cost for materials and labor and…

A: The budgeted costing prepares the budgeted on basis of the estimated cost The standard costing uses…

Q: Which one of the following costs can be accurately identified as forming part of a cost centre?…

A: cost center - it is a department that indirectly contributes to the organization's profits.  They…

Q: Cost classifications For each of the following costs, check the column(s) thatmost likely apply:Cost…

A: Fixed cost: A fixed cost is a cost incurred by a company that remains fixed irrespective of the…

Q: A system for accumulating detailed information about the cost of producing a product is known as a…

A: In accounting, there are several branches or systems for use. These are financial accounting,…

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: The relevant range of activity costing is: Select one: O a. Is the cost that causes change in total…

A: Under activity costing, indirect costs or overhead are allocated to products or jobs on the basis of…

Q: What system would a manufacturer of unique special orders or batch processes most likely use to…

A: Cost accounting is very important area of accounting, which helps in accounting of various types and…

Q: Which of the following is a cost pool used with the activity-based costing method? a. total factory…

A: The ABC cost system or activity based system is used to allocate the overhead costs on the basis of…

Q: Advertising of a specific product is an example of O A. batch-level costs. O B. product-sustaining…

A: Batch level costs are those costs which are associated with the units which are produced in the…

Q: (a) Under traditional product costing, compute the total unit cost of each product. Prepare a simple…

A: ABC is the activity based costing method. Under ABC system, the cost assigned is based on the…

Q: Selling and administrative expenses are considered to be: a. A period cost under variable costing b.…

A: Selling  expenses means the expense incurred while selling the goods like sale men commission , sale…

Q: When materials and supplies are used in a product that will be sold to customers, the usage of the…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: Fixed costs depend on the: Select one: a. amount of resources acquired b. amount of resources used…

A: Since you have posted multiple questions, we will do the first one for you. Please post the other…

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales commissions…

A: ABC system: Activity based cost system is widely used in the manufacturing industry. Under this…

Q: Traditional Volume-based costing allocates indirect product costs based on the volume of output,…

A: Note: Hello. Since your question has multiple parts, we will solve the first question for you. If…

Q: Identify the flow of cost in manufacturing firm step by step and how it is related to prime costand…

A: Costs Cost is the amount expended on any particular product or amount related to a specific product.…

Q: Comparison between ABC and Traditional costing

A: Traditional costing is also written as volume based costing. Under this method, overheads are…

Q: Activity based costing

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

Q: Listed below are costs found in various organizations. Required: For each cost item, Indicate…

A: Businesses can determine which expenses are stable such as unaffected by changes in production…

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: Case Study: Cost Accounting for Operational Efficiency and Decision-Making introduction: Cost…

A: Cost Accounting -One type of management accounting system called cost accounting is used to assess…

Q: 1. Which of the fol absorption costing and variable costing Equipment depreciation. B) Variable…

A: Solution: Unit product cost under variable costing = Direct materials + Direct labor + Variable…

Q: Classify each of the following costs as Product (direct/indirect) or Period and Variable, Fixed or…

A: 1. Product costs are the costs directly incurred from the manufacturing process. Product costs are…

Q: The traditional cost drivers used in computing overhead absorption rates are: a.direct labour hours,…

A: Overhead cost are Indirect cost It includes: Accounting fees Advertising cost Insurance expense…

Q: Activity-based-costing *   a. allocates overhead to multiple activity cost pools, and it then…

A: Activity-based costing: Activity based costing is the method of costing which is used to assign…

Q: Shipping, selling, marketing, sales order processing, return processing, and advertising activities…

A: Hello I am only answering first question as per the policy and if you want others to be answered…

Q: Classify each of the following costs as either unit-level, batch-level, product-level, or…

A: Activities that are completed every time a batch of goods or products is created, or a set of…

Q: Classify each of the following costs as Product (direct/indirect) or Period and Variable, Fixed or…

A: 1. Product costs are the costs directly incurred from the manufacturing process. Product costs are…

Q: Which of the following is not a step st driver rate by the volume of cost w to reduce the costs of…

A: Explanation: Activity based costing is a costing  technique where production is split into different…

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: ost accounting method assumes that the cost of production is driven by the number of units produced?…

A: The basic premise of ABC Costing is that each activity within an organization consumes resources,…

Q: Which of the following statements about overhead allocation based on volume alone is correct?…

A: When overhead costs are allocated based solely on volume (such as units produced), it doesn't…

Q: Indirect manufacturing costs can be traced to the product that created the costs generally include…

A: Factory overhead is the indirect cost incurred in the process of manufacturing. Therefore, it is…

Q: What term refers to a grouping of costs that consists of direct labor and factory overhead costs and…

A: Conversion cost is the total of labour cost and factory overhead cost/manufacturing Overhead cost.…

Q: The difference between marginal costing and absorption costing net income centres on how to account…

A: Absorption costing means that inventory is valued at total manufacturing cost including fixed…

Q: A costing system where all product costs are recorded at standard cost while the products are being…

A:

Q: In Traditional product costing systems, the measure of product activity is usually some volume based…

A: Lets understand the basics. There are two costing system are followed which are, (1) Traditional…

Q: When materials costs differ significantly among products in a value stream, the valuestream product…

A: In contrast to traditional costing, value stream costing is an accounting technique for tracking…

Q: Indicate with a check mark whether each of the following would be a product cost or a period cost…

A: Product cost is any cost incurred for the production of the products , thus all costs up to the time…

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.