present. What is the cost of direct material used?

Q: a prod

A: Standard costs are the anticipated costs of manufacturing the product. Standard Direct Materials…

Q: Classify the following costs into either being product cost or period cost:(a) Raw material costs

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product.…

Q: How much is the cost of th

A: To calculate the cost of acquisition or self construction, IAS 16 should be referred.

Q: The following information is available for the first year of operations of Creston Inc., a…

A: Direct material cost refers to the cost of the materials used in the production process that are in…

Q: January 1, 2020 December 31, 2020 Direct materials $40,000 $60,000 Work in process 80,000 50,000…

A: Direct material used = Beginning Direct material + Direct material purchased -  ending Direct…

Q: What are the cost associated with production? (COSTING METHOD)

A: The cost associated with production includes costs like direct material costs, direct labor costs,…

Q: What does the concept of cost of equipment includes? Describe in detail.

A: Property, plant, and equipment: These assets are long-lived economic resources which are owned by…

Q: ! Required information The Foundational 15 (Algo) [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5, LO1-6] [The…

A: Direct manufacturing costs :— It is the cost that are directly incurred in the manufacturing of…

Q: Year 2012 2013 2014 2015 60,000 15,000 45,000 6,000 90,000 17,000 67,500 8,500 30,000 7,500 22,500…

A: For every labor dollar spent, the approximate cost per meal  = Salary/Total meals served

Q: What are the differences between a product cost and a period cost

A: In accounting we say that costs are often product costs or period costs. The difference between the…

Q: How do you find cost of goods manufactured?

A: Cost of goods manufactured is the total costs incurred to manufactured goods it includes materials…

Q: What is the relationship between total carrying cost and totalordering cost at the EOQ?

A: It indicates an inverse relationship between the cost of ordering and the cost of holding at…

Q: What is included in indirect materials and indirect labor ?

A:

Q: Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other…

A: Prime cost comprises of direct materials, direct wages, and direct expenses.

Q: How much is the cost of goods manufactured? JR Company uses the normal cost system. The company…

A: Cost of goods manufactured shows total costs incurred in the business for production and…

Q: Clopack Company manufactures one product that goes through one processing department called Mixing.…

A: SOLUTION WORKING  1- BEGINNING INVENTORY UNITS 4200 ADD- UNITS ADDED CURRENTLY 36700 LESS-…

Q: what are relevent cost of direct material

A: The management of the manufacturing firm has to take certain decisions regarding the…

Q: Given the following information Beginning Work in Process Inventory (70% complete as to conversion)…

A: When weighted average process costing is used , then percentage completion of opening work in…

Q: What is this cost allocation?

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Define cost of equipment.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: Describe the term cost of the direct materials.

A: Cost:  Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: Cost per unit for material?

A: Weighted average method is one of the method of process costing. Under this method, equivalent units…

Q: Which factors contribute to the cost of direct labor?

A: Direct labour refers to the labour which is directly related to the production of products of any…

Q: What does period cost include

A: Period costs are the expenses which are typically related to passage of time and not to any…

Q: Total units of direct material ?

A: Cost accounting is one of the branches of accounting. Process costing is one of the processes of…

Q: Provide the meaning of material cost and the procedure for estimation of material cost

A: Material costs are those costs incurred to produce a product or provide a service. Any product has a…

Q: What are “initial direct costs” and how are they accountedfor?

A:

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: What is the cost per equivalent unit for materials?

A:

Q: Explain how a cost item can be both a direct cost and an indirect cost.

A: Direct Cost:  Direct Cost means Cost which can be directly allocated to Cost centre/Cost unit. It…

Q: What is the formula used to determine the amount of direct materials to be purchased?

A: Direct materials:   Direct materials are the materials and supplied that are directly consumed for…

Q: What is the independent and dependent variable? Labor Cost or Material Cost

A: A variable cost is one that changes depending on the volume of output or the scope of the services…

Q: How is conversion costs per equivalent unit calculated?

A: The cost per unit is calculated as total cost divided by number of units.

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.