Fortune Producers manufactures three joint products, JKA, JKB, and JKC and a by- product JJD, all in a single process. Results for July are as follows: Materials used Conversion cost .10,000 kgs., P24,000 28,000 Output Kilograms 4,000 3,000 1,000 2,000 Product JKA JKB JKC JJD Sales Value per kg. P11 10 26 1 The revenue from the by-product is credited to the sales account. Process costs are apportioned on a relative sales value approach.

Q: What is equivalent production? Explain in terms of its effect on computed unit costs.

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…

Q: a prod

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

Q: What are some management techniques in cost management

A: Cost Management refers to the practice of estimating, recording and closely the monitoring the costs…

Q: Define cost behaviour.

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

Q: What is Unit-Profit or Unit-Cost Calculation?

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

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: What are the cost associated with production? (COSTING METHOD)

A: The cost associated with production includes costs like direct material costs, direct labor costs,…

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: Define product cost

A: Direct costs is referred to as the cost which can be traceable to a product directly. Example,…

Q: What are the factors Affecting Cost Management?

A: The objective of this question is to identify and explain the various factors that can influence…

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: What are cost-control processes?

A: In every business, cost is the most relevant and sensitive data that every management wants to…

Q: What is the difference between Cost-Volume Profit graph and Profit-Volume graph?

A: Introduction:- Cost-Volume Profit graph displays the relationship between the cost of units…

Q: What are the Step-Cost Behaviors?

A: The objective of this question is to understand the concept of step-cost behaviors in the field of…

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: Define the term total costs.

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

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: Define unit costs.

A: Unit cost is the cost incurred by the company in the production, storage and selling of one unit of…

Q: What is the unit product cost under variable costing

A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit for…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: do you determine the production

A:

Q: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

Q: What is cost approach measurement?

A: A process that involves finding out the economic value or the fair value of a business entity refers…

Q: What is cost management?

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: what is the weighted average cost per unit

A: The weighted average method of computing the ending inventory is used to calculate the cost of goods…

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Q: hat is distinguish between product and period cos

A: Product costs are the costs directly linked with the creation of a product or service for sale.…

Q: What is product costs? Give an example?

A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: How is conversion costs per equivalent unit calculated?

A: The cost per unit is calculated as total cost divided by number of units.