Describe allocation of joint costs across products.

Q: Define cost behaviour.

A: High-Low Method: The high-low method is the method by which the variable component and the fixed…

Q: Define and give examples of the following terms: cost pool, cost object, and cost allocation (or…

A: Responsibility accounting: Responsibility refers to the several concepts and tools used by managers…

Q: Define the following terms: joint products, joint costs, and split-off point.

A: Joint Products: When two are more products are produced in a process using the same basic raw…

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: Distinguish between two methods of allocating common costs.

A: Cost Allocation Method: The cost allocation method is the method by which the costs to be assigned…

Q: Classify the following cost drivers as structural, executional, or operational.

A: Classification of cost derives: Classification 0f the given cost drivers as structural, executional,…

Q: Explain the measures of cost allocation.

A: The company incurs a different cost to provide goods and services to the customers. The entity…

Q: Explain the relationship between the costs of flexible and committed resources, usage of resources,…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Explain the advantages of conference method for estimating a cost function.

A: Conference method: Conference method uses, perceptions, analysis, knowledge and related information…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

Q: Define the term total costs.

A: Costs: Costs refer to the expenses incurred by the business in the procurement of the materials,…

Q: Define the following terms: joint production process, joint costs, joint products, split-off point,…

A: Joint production process: A joint production process results in two or more products, called as…

Q: What is the difference between a structural cost driver and an executional cost driver? Provide…

A: Cost driver: cost driver is a particular unit or specific activity that is responsible for a change…

Q: Briefly explain how to use the physical-units method of joint cost allocation.

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: Define Joint costs?

A: Joint Products: When two are more products are produced in a process using the same basic raw…

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: The joint costs allocated to product Y were

A: Joint costs are those costs which are incurred for producing two or more than two products at the…

Q: a int process, Joint 1. Mabait Inc., Manufactures products X, product cost were P120,000 Additional…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Describe factors for measuring cost allocation.

A: Cost:   It is the economic value incurred by the company to manufacture a product or render a…

Q: What Is Total Cost Reporting?

A: Cost accounting is the branch of accounting that inspects the cost structure of a business. This…

Q: From a decision-making point of view, should joint costs be allocated among joint products?

A: Joint products means products which use the same resources and are made in the same process. For…

Q: Define the term net realizable value, and explain how this concept can be used to allocate joint…

A:

Q: Define separable cost.

A:

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.