Instructions a. Define the terms variable costs, fixed costs, and mixed costs. b. Classify each cost above as either variable, fixed, or mixed.

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

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: Cost estimation is the process of   a. Summarizing pwst costs into fixed variable components.…

A: Solution: Cost estimation is the process of "Estimating the relationship between costs and the costs…

Q: Marginal Costing

A: Option a is wrong because marginal costing is not a technique of cost reduction. Cost reduction…

Q: Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and…

A: Variable costs are the costs that varies with the change in output but per unit variable cost…

Q: Which of the following is a carefully predetermined cost that is usually expressed on a per unit of…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: Distinguish between the single-rate and the dual-rate methods. The single-rate (cost-allocation)…

A: Cost Allocation: The process of assigning the cost to the cost object is cost allocation. The cost…

Q: In cost accounting, differentiate between allowable, allocable, reasonable, and consistent costs.

A: Allowable: A cost is allowable to a project if it meets the following criterias- The costs are…

Q: Label each of the following statements as either true (“T”) or false (“F”). Relevant costs are also…

A: Relevant costs: These costs can be defined as the costs that can be avoided if we choose over option…

Q: For each of the following costs, identify whether it is a Fixed, Variable or Both

A: Introduction to variable cost- Variable cost is one of the costs among fixed cost and semi-variable…

Q: Q- 8: opportunity cost, and sunk cost. Define the following terms: differential cost,

A:

Q: Distinguish betweenproduct costs and periodcosts and give examplesof each.

A: Product cost: The product cost relates to the manufacturing costs such as direct material, direct…

Q: Select all of the following that are the same as a relevant cost: unavoidable cost Oavoidable cost…

A: Relevant cost is a cost that is specifically relevant to a particular decision being made. It is a…

Q: Summary, identify and relate the concepts of costs variable, step-variable, fixed, step-fixed,…

A: Answer:-  Cost meaning:- Cost is the sum money that a business spends on the development or…

Q: Identify the costs included under variable costing.

A: The costs can be distinguished as variable and fixed costs.

Q: In cost accounting, relevant range refers to the range over which a. cost relationships are valid b.…

A: Cost accounting refers to managerial accounting that is related to capturing the total cost of…

Q: The “fixed cost per unit function” may also be described as: a.an asymptote b.the total cost line…

A: Introduction:- Fixed costs, also known as indirect costs or overhead costs, are corporate expenses…

Q: Define the following terms, and explain the relationship between them: (a) cost estimation, (b) cost…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: Determining cost behavior Identify each cost below as variable (V), fixed (F), or mixed (M),…

A: Variable Cost: That cost which changes with changes in volume of activity is called variable cost.…

Q: Define and discuss the difference between indirect and direct cost. Provide an example of each.

A: Direct costs are expenses for manufacturing and selling products. Direct costs include the cost of…

Q: Why is it important to keep track of both direct and indirect costs? How do these costs effect…

A: (a )If we keep a tracking record of direct and indirect costs we can determine the firm's…

Q: Why are the terms direct costs and indirect costs independent of the terms fixed costs and variable…

A: The terms "direct costs" and "indirect costs" are independent of the terms "fixed costs" and…

Q: Direct costs can be referred to as fixed costs. True or False?

A: Cost are divided into two parts which are, (1) Direct cost (2) Indirect cost Direct costs are the…

Q: Sandhill Engineering licensed software to oil-drilling firms for 5 years. In addition to providing…

A: A journal entry is a record of business transactions in a business's accounting books

Q: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

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: In order to analyze the c-v-p relationship , what types of costs should be classified ? Why?

A: C-V-P relationship means the cost volume and profit relationship. This is usually done to recognize…

Q: Sheets & Homes Budget for Costs and Activities For the Year Ended February 28, 2017 Direct materials…

A: Costs are classified into two categories i.e. variable cost and fixed cost. Variable cost has a…

Q: What costs are assigned to a segment under the contribution approach? Distinguish between a…

A: The first part of the question is asking about the costs that are assigned to a segment under the…

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

Q: Distinguish between fixed and variable costs while dealing with semi-variable expenses.

A: Fixed and variable costs: The term "variable cost" refers to a cost subject to change based on the…

Q: Classify the following fixed costs as normally being either committed or discretionary:c. Research.

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

Q: Can you label revenue, loss, total costs, dollars, variable cost, and fixed cost on the provided…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.