On the cost reconciliation part of the production report, the weighted-average method treats allunits transferred out in the same way. How does this differ from the FIFO method of handlingunits transferred out?

Q: true of false: A collection of costs to be assigned is called a cost pool.

A: Activity based Costing system is a method which is used to calculate total amount of Cost by…

Q: Which of the following statements is true about byproduct costing?    Byproduct costs are allocated…

A: Byproduct costing is the method of allocating costs to the main product and byproducts in a…

Q: In an activity-based costing system, the first step in assigning costs is to • A. separate…

A: Activity-based costing is the method of allocating/assigning the indirect cost to various products…

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales commissions…

A: ABC system: Activity based cost system is widely used in the manufacturing industry. Under this…

Q: When products and their costs are moved from one process to the next process, these costs are…

A: Process costing is a method of costing used to ascertain the cost of a product at each stage or…

Q: When refining a costing system, the desire to identify direct costs, is primarily drive by the fact…

A: While refining a costing system the main purpose for direct costs is to identify and classify as…

Q: In a process costing system, the cost per equivalent unit must be computed before computing…

A: Note : Cost per equivalent units = Cost / Equivalent units

Q: In your own words, explain the difference between absorption costing and variable costing methods.…

A: Absorption costing: Its also called as Full costing.

Q: Direct labor and manufacturing overhead often are combined into a single cost category termed…

A: Lets understand the basics. Costs are divided into several parts which are, (1) Prime cost (2)…

Q: Compute predeterminedoverhead rates and explainwhy estimated overhead costs(r ather than actual…

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

Q: Which of the following statement about Activity Based Costing is true? a)  Costs which change with…

A: In the activity level costing the indirect cost is allocated on the basis of their activity. for…

Q: Which method is used to see if a relationship between the cost driver and total cost exists?…

A: Cost drivers means activity units that will cause change in total cost for example, number of…

Q: Which of the following statements is true? Select one: O a. The most complex of the cost estimation…

A: High-low method: It is the method of estimating the variable cost per unit and the fixed costs by…

Q: single-rate method is when all indirect costs are combined in one cost po cated to cost objects via…

A: The overhead rate is a cost allocated to the production of a product or service. Overhead costs are…

Q: In terms of cost behaviour, telephone expense and direct materials are classified as: a. Variable…

A: In the context of the given question, we are required to find the correct option from the available…

Q: Indicate whether the following statement is true or false, then support your view. By using a…

A: Traditional method of costing is the method of allocating overheads based on the single cost driver.…

Q: Activity Based Costing (ABC) is an alternative method for allocating costs to products by…

A: Activity based costing is also known as ABC COSTING . Traditional costing applies an predetermined…

Q: Which of the following is not a method of cost absorption? (a) Percentage of direct material cost…

A: Absorption Costing -Absorption costing is a costing system that is used in valuing inventory. It not…