QUESTION NO. 1: i) A civil engineering firm with the sugar and related product (like ice cream).Books of accounts show different amounts of Material ,FOH ,Work in process at different dates of time. Once the material with amount 2000 dollar is credit. How you interpret this with other accounts. What is the stage of company in job order costing.

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: What are some management techniques in cost management

A: Cost Management refers to the practice of estimating, recording and closely the monitoring the costs…

Q: It is the collection of cost data in some way through an accounting system O A. Cost allocation B.…

A: Cost accumulation includes the usage of a formal cost accounting structure or system to gather and…

Q: Relevant examples of direct and indirect costs

A: Relevant examples of direct and indirect costs.

Q: Which of the following describes the term ‘cost unit’?   A basis for cost classification A…

A: Cost unit is the per-unit cost incurred to produce the product. It includes both costs i.e fixed…

Q: How to deal with cost accounting

A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…

Q: How cost accounting covers the problem of price assessment

A: Cost Accounting Cost accounting is also a form of group action accounting that aims to capture a…

Q: In Cost accounting the main emphasis is on ?

A: Cost accounting is the classification, documentation, and appropriate distribution of expenditure…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: Balance Sheet Presentation of Available-for-Sale Investments During Year 1, its first year of…

A: Given that , shares purchased by Hawking  860 units shares purchased by pavlov    2330 units .

Q: Describe the term direct costing.

A: Direct costing: It is the method wherein, the variable manufacturing costs are allocated to…

Q: Distinguish between activities and cost objects in activity-based costing.

A: Definition: Activity-based method (ABC): The costing method which allocates overheads to the…

Q: Define the term manufacturing overheads.

A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…

Q: The cost equation and the distinction between product and period costs are described

A: The cost equation and the distinction between product and period costs are described will be…

Q: Define production cost report.

A: The production cost report. summarizes the production and cost activity within a department for a…

Q: 4. Describe and list examples of the three category of expenses? Product costs Period costs…

A: Expenses are an essential part of running any business, as they represent the costs that must be…

Q: actors affecting the classification of a cost as direct or indirect include: OA. cost behaviour…

A: Direct Cost:- Costs that are directly related to the production of goods are called direct costs…

Q: Define the term process-costing system.

A:

Q: How standard costing control the business activity

A: Standard Costing is the technique of setting up standard costs and applying them to measure the…

Q: A direct cost is a cost that is classified by     Traceability     Behaviour     Controllability…

A: Following is the answer to the given question

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: Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the…

A: Net Pay = Gross Pay - Mandatory Deductions  Mandatory Deductions = Income Tax + SSS + Philhealth +…

Q: Define fixed overhead costs.

A: Definition:   Manufacturing Overheads: The cost which is indirectly related to the production is…

Q: explain the concept of equivalent units in cost accounting

A: In process costing, some units may have fully finished but other units may still be under…

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.