Answered: Costs incurred from converting raw…

Costs incurred from converting raw materials to finished goods are known as: Multiple Choice Direct materials costs. Conversion costs. Direct costs. Period costs. Prime costs.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter13: Emerging Topics In Managerial Accounting

Section: Chapter Questions

Problem 13MCQ

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Costs incurred from converting raw materials to finished goods are known as: Multiple Choice Direct materials costs. Conversion costs. Direct costs. Period costs. Prime costs.

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Similar questions

Describe the product life cycle. How do unit-level costs behave in relation to the product life cycle? Batch-level costs? Product-level costs? Facility-level costs?
Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used
Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
Which of the following are prime costs? A. indirect materials, indirect labor, and direct labor B. direct labor, indirect materials, and indirect labor C. direct labor and indirect labor D. direct labor and direct materials
Why is the cost per equivalent unit often determined separately for direct materials and conversion costs?
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Under variable costing, a unit of product includes which costs? direct material, direct labor, and manufacturing overhead Direct material, direct labor, and variable manufacturing overhead Direct material, direct labor, and fixed manufacturing overhead D. Direct material, direct labor, and all variable manufacturing overhead
Using the costs listed in the previous problem, classify the costs as either product costs or period costs.
Why are units shipped used to calculate the value-stream product cost?
What manufacturing cost term is used to describe the cost of materials that are an integral part of the manufactured end product?
Why are product costs assigned to the product and period costs immediately expensed?