Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales 421,790 Finished goods inventory, January 1 47,660 Finished goods inventory, January 31 43,440

Q: a prod

A: Standard costs are the anticipated costs of manufacturing the product. Standard Direct Materials…

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: What modifications are made to the cost classification of product costs in estimating service costs?

A: Cost classification refers to the separation of various expenses into different categories. It is…

Q: Understand thedifferences between directand indirect costs

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

Q: What are the methods used to determine the cost of goods?

A:

Q: Why is it that product costs are distinguished from period costs?

A: Product cost is the cost that is incurred to manufacture the product. The product cost will include…

Q: Define restructuing costs.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: How can I get Cost of Sales

A:

Q: What is the relationship between total carrying cost and totalordering cost at the EOQ?

A: It indicates an inverse relationship between the cost of ordering and the cost of holding at…

Q: st of googs sold and intrest expens

A: The cost of goods sold can be calculated by using the inventory turnover ratio. Inventory turnover…

Q: Examples of transaction costs

A: Transaction costs are the costs which occur during buying or selling of services and goods. They are…

Q: Define how costs of goods and other costs such as taxes contribute to the performance besides sales?

A: Performance of the business is usually measured by the ability of the company to generate the net…

Q: Define cost of goods sold.

A: Cost:   It refers to the sum total of economic value to get an asset in place and ready for use.

Q: Explain cost of goods sold budget.

A: Budgeting is a process to prepare the financial statement by the manager to estimate the…

Q: ferent between Informal and formal cost of sales

A: Step 1   The cost of sales is the amount of all expenses incurred in the production of a product or…

Q: what are relevent cost of direct material

A: The management of the manufacturing firm has to take certain decisions regarding the…

Q: Why cant prime cost be added to conversion cost to get total product cost?

A: Product Costs: Product costs are the costs that are incurred to produce a product or providing a…

Q: What is the market value of goods

A:

Q: What type of cost is included in economic costs, but not included in accounting costs?a. Explicit…

A: Economic costs are the costs in which consideration is given to opportunity costs as well.

Q: a) Why are neutral expenes eliminated and imputed cost added to derivee cost from expenses

A: Deriving the cost from expenses is necessary to ascertain the exact cost incurred and to…

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: How cost accounting covers the problem of Evaluation of alternative while buying

A: Cost accounting system is a framework that guides the firm to calculate their cost and helps in…

Q: The cost equation and the distinction between product and period costs are described

A: The cost equation and the distinction between product and period costs are described will be…

Q: Describe how changes in the demand, ordering cost,or holding cost affect the EOQ.

A: Conceptual base- Economic Order Quantity (EOQ) is the order quantity that minimizes total inventory…

Q: A transfer of a particular cost from one cost to another

A: Yes, We can transfer of a particular cost from one cost to another.

Q: Explain how the accounting definition of an asset is related to the choice between absorption and…

A: Absorption costing:   Absorption costing is compulsory under Generally Accepted Accounting…

Q: Current Cost Concept - Measurement of Elements  Why is Accounts Payable one of the elements that is…

A: Accounts payable is the amount owed by a company to its suppliers or vendors for goods and services…

Q: Which of the following summarizes the weighted average cost flow assumption? O Weighted average…

A: The weighted average cost flow assumption is a method of assigning costs to inventory and the cost…