272 Chapter 8III. Multiple Choiceto batches ofWhich of the following is a hybrid costing system that applieslike or similar products?Fixed costing systemb.1,Process costing systemc.a.d.Variable costing systemIn backflush costing, the journal entry to record direct-labor costs incurredwould include aOperation costing system2.Credit to work-in-processCredit to cost of goods soldDebit to work-in-processa.с.b.Debit to conversion costsd.A manager's needs regarding cost management and accuracy in productcosting, and the underlying production system, determine the choice of a(n)Costing systemb.3.Operation systemProduction systema.с.Manufacturing systemd.When backflush costing is used, managers generally do not use which of thefollowing to keep track of operations?Complex costing methodsb.4.* Nonfinancial measuresa.с.Computer monitoringd.Personal observations5.Key features in a just-in-time production system include all of the followingexceptStreamlining operations.b.a.Continuous striving for quality improvement.Elimination of storage and handling costs.d.с.Prorating manufacturing lead time.All of the following are reasons to use backflush costing, exceptManagers tend to use their limited resources on developing moreaccurate product cost data.b. Complex ledger systems may be too costly to develop under traditionalcost tracking systems.Accuracy is critical when allocating accurate conversion cost per unit.d.6.a.C.A fairly rough allocation may be sufficient for external reportingpurposes.7.exceptDirect materials are traced to each batch of goods.b.All of the following statements about operation costing systems are truea.Direct materials are not treated in the same manner as in a job-costingsystem.Conversion costs are traced to each process.d.c.Conversion costs are allocated only to units passing through that operation.2020.12.03 16:31

Name: 272 Chapter 8III. Multiple Choiceto batches ofWhich of the following
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: 272 Chapter 8III. Multiple Choiceto batches ofWhich of the following is a hybrid costing system that applieslike or similar products?Fixed costing systemb.1,Process costing systemc.a.d.Variable costing systemIn backflush costing, the journal entry t

“Since you have posted multiple questions, we will solve the first question for you. To get the…

Business

Accounting

III. Multiple Choice Which of the following is a hybrid costing system that applies to batches of 1. like or similar products? Fixed costing system Process costing system Variable costing system ngord direct-labor costs incurred a. с. b. Operation costing system d.

III. Multiple Choice Which of the following is a hybrid costing system that applies to batches of 1. like or similar products? Fixed costing system Process costing system Variable costing system ngord direct-labor costs incurred a. с. b. Operation costing system d.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Q3
Question Content Area Which of the following is a reason for easy identification and control of variable manufacturing costs under the variable costing method? a. Fixed costs, such as property insurance, are normally the responsibility of higher management not the operating management. b. Variable and fixed costs are reported separately. c. Variable costs can be controlled by the operating management. d. all of the above
Under variable costing, all fixed manufacturing costs are treated as a a. product cost included in the cost of goods manufactured. b. product cost included in the cost of ending inventory. c. period expense deducted from manufacturing margin. d. period expense deducted from contribution margin.
6- Absorption costing makes an apportionment of indirect costs so that the products absorb these costs. The main problem with this procedure can be pointed out: *a) only considers fixed costsb) the apportionment is arbitraryc) disregards variable costsd) only considers variable costs
В. Explain the following: Product costs and Period costs and one example of each. Distinguish clearly between Financial Accounting and Management Accounting under 3 (THREE) different factors, which are: i. Stakeholders, ii. Time frame and iii. Regulations. С. Before calculating costs we need to understand how different costs behave. In cost accounting we typically classify costs by three types of behaviour: Fixed costs - costs which don't change as the activity level changes Variable costs - costs which change in direct proportion to changes in the activity level Semi-variable costs- costs which have both fixed and variable elements. Explain the purpose classifying costs into the behavior patterns. D.
A costing system where all product costs are recorded at standard cost while the products are being made is referred to as A.) standard costing B.) variable costing C.) normal costing D.) full costing
(4)
What is the key difference between Absorption and Variable Costing? A Full Costing treats Manufacturing Overhead as a period cost B Variable Costing treats Fixed Manufacturing Overhead as a period cost C Absorption Costing only considers variable costs to calculate net income D Variable Costing only considers variable costs to calculate net income
Which of the following statements is true? O The first step in activity-based costing is to assign overhead costs to products using cost drivers ABC usually results in less appropriate management decisions Activity-based costing allocates overhead to multiple activity cost pools and assigns the cost pools to products using cost drivers O Traditional costing systems use multiple predetermined overhead rates
Which of the following is considered part of the product costs under absorption costing but not under variable costing? Group of answer choices Direct materials Selling expenses Variable overhead Fixed manufacturing overhead
Question A(iii) and B please
What is the right cost hierarchy in Activity-Based-Costing ABC Select one: O a. Organization, facilities, products, customers, batch level and then unit level O b. Organization, facilities, customers, products, batch level and then unit level O c. Organization, products, facilities, customers, batch level and then unit level O d. Organization, customers, products, facilities, batch level and then unit level