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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- Describe dropping unprofitable products or segments.Which of the following is an example of an indirect cost? Multiple Choice Cost of labor Cost of downtime Cost of packaging materials Cost of materials None of the answer choices are correct.When the cost of lost units must be assigned, and those some units must be ignored in an equivalent unit schedule, these units are considered a. normal and discreteb. normal and continuousc. abnormal and discreted. abnormal and continuous (Please give a brief explanation why the answer is correct)
- When a traditional, volume-based costing system is used, which of the following products is most likely to suffer from cost distortion? Select one. a. A low-volume, low-complexity product b. A high-volume, medium-complexity product CA low-volume, medium-complexity product d.A low-volume, high-complexity productIn a make or buy decision, the relevant costs include variable manufacturing costs as well as A. Depreciation costs B. General office cost C. Avoidable fixed costs D. Factory management costUnder absorption costing, which of the following costs would not be included in finished goods inventory? a.direct labor cost b.direct materials cost c.variable and fixed selling and administrative expenses d.variable and fixed factory overhead cost
- TRUE OR FALSE STATEMENT 1: If the ending inventory of finished goods is understated, net income will be overstated. STATEMENT 2: Manufacturing overhead combined with direct materials is known as conversion cost.f) ‘Process costing is a term used in cost accounting to describe one method for collecting and assigning manufacturing costs to the units produced.’ There are some statements about the process costing: An abnormal loss occurs when expected output exceeds actual output. The scrap value of an abnormal loss is credited to the process account. The allocated cost of an abnormal gain is credited to the process account. The inputs to a process less the normal loss is the expected output. The normal loss in a process is allocated a cost in order to reconcile the costs of inputs and outputs. The FIFO method assumes opening WIP is the first group of units to be completed. Therefore, opening WIP is charged separately to completed production and CPU is based on current period costs. Required: Please identify which of the above statements are false and explain the reasons.Under absorption costing, fixed manufacturing overhead costs are:A. are deferred in inventory when production exceeds sales.B. are always treated as period costs.C. are released from inventory when production exceeds sales.D. none of the above
- A manufacturing process may produce a considerable quantity of scrap material because of the nature of the product. What methods can be used to account for the sales value of scrap material?Direct materials and direct labour costs are examples of: a. Variable costs of productionb. Fixed costs of productionc. Mixed costs of productiond. None of the aboveVolume-based cost systems tend to: Select one: a. over-cost low-volume products and under-cost high-volume products. Ob. under-cost low-volume products and over-cost high-volume products. O C. none of the given answer O d. under-cost low-volume products and under-cost high-volume products. O e. over-cost low-volume products and over-cost high-volume products. uestions_video Jump to...
