Items with minimal sales value are known as Select one: a. ending work-in-process units b. reworked units c. spoilage d. scrap
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- 5) Choosing to outsource a component of a product or manufacture it internally is an example of a(n): A. Opportunity cost. B. Sunk cost. C. Out-of-pocket cost. D. Period cost. E. Fixed cost.“In accounting for spoiled units, we are dealing with cost assignment rather than cost incurrence.”Explain.The type of process loss that should not be allowed to affect the cost of good units is called? a.Standard loss b.Normal loss c.Abnormal loss d.Seasonal loss
- A by-product is best described as * a. A product that s produced from materials that would otherwise be considered scrap. b. A product that has a lower selling price than the main product. c. A product manufactured along with the main product, a sales value that does not cover its cost of production. d. A product that usually yields a small amount of revenue when compared to the revenue from the main product.A price that can't be quickly or efficiently linked to a cost object is referred to as: Additional charges may apply. The total cost Costs incurred indirectly Cost of conversion.In a process account, abnormal losses are valued:A. at their scrap value.B. the same as good production.C. at the cost of raw materials.D. at good production cost less scrap value.
- A non-value-adding cost 1. Not essential to manufacturing a product 2. The same as discretionary cost 3. Unavoidable 4. Usually direct to a product2.Costs that are incurred in bringing the inventories to their present location and condition are capitalized as cost of inventories and these include a.costs of designing products for specific customers. b.abnormal amount of wasted materials, labor and production costs. c. storage cost not necessary in the production process before a further production stage. d. selling costs.In process costing by-product is defined as; a. A product produced at the same time as other products which has no value b. A product produced at the same time as other products which requires further processing to put it in a saleable state c. A product produced at the same time as other products which has a relatively low volume compared with the other products d. A product produced at the same time as other products which has a relatively low value compared with the other products
- Which of the following cost includes determining how much to order, cost of invoices, clerical labor cost, costs of processing orders, temporary storage, inspection and return of poor quality products? a. Sunk Cost b. Ordering Cost c. Depreciation d. Carrying Cost26) Cost of abnormal wastage is. a. Charged to the product cost b. Charged the costing profit and loss account c. Not charged at all d. Charged partly to the product and profit and loss accountDisadvantages of activity-based costing include which of the following? a. It is not acceptable under GAAP for external reporting. b. It can be costly to implement. c. It can be used in activity-based management. d. Both a. and b.