Question: In a manufacturing setting, direct labor costs are considered: a) Variable costs b) Fixed costs c) Mixed costs d) Overhead costs

Q: Which of the following is not a product cost? Multiple Cholce O Direct materlals ) Direct labor…

A: Product cost is that which is not included in the direct manufacturing of the goods. Direct…

Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). direct labor…

A: A cost that changes, in total dollar amount, with the change in the level of activity is called…

Q: What is the basic difference between absorption costing and variable costing?   What are the…

A: Product costs are those kinds of costs which is related to the procedure of production directly like…

Q: explain fixed and variable costs within a relevant range of production

A: The objective of this question is to understand the concepts of fixed and variable costs within a…

Q: allocation bases are

A: Activity-based costing is commonly known as ABC. It is a costing method that allocates indirect…

Q: a. what are the primary differences between traditional and activity-based costing?

A: Traditional costing and Activity based costing are two types of costing methods that are being used…

Q: Production cost include direct materials, direct labor, and selling costs. True or False

A: Cost accounting is one of useful branch of accounting. Under this, different type of costs and…

Q: The allocation of indirect costs in an activity-based costing system a. may require other costs to…

A: In ABC(Activity-Based Costing) costs are traced to specific activities (activity pools) within an…

Q: Selling and administrative expenses are considered to be: a. A period cost under variable costing b.…

A: Selling  expenses means the expense incurred while selling the goods like sale men commission , sale…

Q: manufacturing cost and non-manufacturing cost, provide an example of each type.

A: COST is a measurement in monetary terms of the amount of resources used for the purpose of…

Q: Which of the following statements is true? Multiple Cholce Varlable costing treats direct materials…

A: The period costs are the costs which are expensed in the period they are incurred. Example selling…

Q: How is the distinction between direct and indirect costs handled differently under volume-based…

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

Q: costing is seen as part of the total life-cycle costing approach, in that cost savings are sought at…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Conversion costs are A. direct materials plus manufacturing overhead. B. direct labor plus…

A: Conversion cost are those cost which are incurred to convert raw material into finished goods.

Q: Explain how variable costing system costing is used to calculate the cost of goods manufactured.…

A: (1)  Variable costing system The variable costs are included in the product cost in variable…

Q: Marginal costing and absorption costing are two product costing methods used in the manufacturing…

A: a) Overheads are the expenditure which cannot be conveniently traced to or identified with any…

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: Product costs are also called: * Direct costs. Overhead costs. Manufacturing overhead costs None of…

A: Product cost includes, Cost which is arises to manufacture a product directly i.e  Direct Material ,…

Q: How do the cost flows in backflush costing systems differ from those in traditional costing systems?

A:

Q: Variable manufacturing overhead costs are treated as period costs under both absorption and variable…

A: Variable manufacturing overhead cost is treated as product cost under both absorption and variable…

Q: Explain the variable costing income statement and provide a hypothetical example of a variable…

A: Income statement is prepared to assess the performance of a firm for an accounting period. Income…

Q: What is the unit product cost under variable costing

A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit for…

Q: Which of the following would be both a prime cost and a conversion cost? direct labor direct…

A: Process costing: Process costing is included costs like labor, material, and overhead which…

Q: Which costing system would be more efficient when direct materials and direct labor costs are high,…

A: There are mainly two types costing method Traditional costing Activity based costing

Q: Indirect material, pounds per unit 0.15 Indirect material, cost per pound $2 Indirect labor hours 1…

A: solution: A flexible budget is a budget that is flexible for volume or level of activity. This is…

Q: Activity based costing system differs from traditional costing systems in the treatment of, A)…

A: Direct costs are the cost that can be traced on the process and production of goods.

Q: The cost that is used for the benefit of many cost objects and cannot be easily related to any…

A: Answer is as follows

Q: What is absorption costing and marginal costing in the context of overhead costs? Discuss the…

A: The difference between Absorption Costing and Marginal Costing is discussed hereunder :

Q: In Traditional product costing systems, the measure of product activity is usually some volume based…

A: Lets understand the basics. There are two costing system are followed which are, (1) Traditional…

Q: In activity-based costing, some manufacturing costs may be excluded from product costs TRUE FALSE

A: Lets understand the basics. Activity based costing is as the name suggest allocate cost based on the…

Q: The direct costs of materials that change with the number of units produced is an example of a fixed…

A: False, the direct cost of materials is not an example of fixed production cost because it is a…