The most important element of cost in manufacturing industries is : Select one: a. Labor b. Material c. Direct cost d. Indirect cost

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: Conversion costs include A. product and period costs B. direct labor and manufacturing overhead…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: The three major cost components of manufacturing a product are a. Direct materials, direct labor,…

A: Definition: Manufacturing cost: The cost incurred in the production process of the finished product…

Q: Define the following: direct material costs, direct manufacturing-labor costs, manufacturing…

A: Direct Material Costs: It includes cost of direct materials used in manufacturing of finished goods.…

Q: 1. Which of the following are period costs? Raw materials Direct materials and direct labor Direct…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: are all manufacturing costs that are related to the cost object but CANNOT be traced to that cost…

A: The costs which are not directly related to production process are called Period costs.These are not…

Q: Costs that can be traced to a unit of product but not in a cost-effective way: (A) Direct Cost (B)…

A: TRACEABLE COST  All Direct Cost are Traceable cost Such as Direct Material & Direct Labour.…

Q: A costing approach in which all manufacturing costs are product costs." This statement best…

A: All manufacturing cost will include the direct material , direct labor , variable and fixed…

Q: Please help me understand how to find direct labor and total manufacturing costs.

A: Cost accounting is one of the important field of accounting, under which several type of costs are…

Q: Question: In a manufacturing setting, direct labor costs are considered: a) Variable costs b) Fixed…

A: Variable costs - Fixed costs - Mixed costs- Overhead costs

Q: Factory utilities Indirect labor Advertising P15,000 Depreciation-Factory Equipment 14,500 10,800…

A: Formula: Product costs = Direct materials + Direct labor + Manufacturing overhead

Q: Which of the following is an example of functional classification of cost?   A Direct material…

A: Functional classification of cost includes the categorising of costs according to their functions…

Q: Alameda Manufacturing manufactures a variety of wooden picture frames using recycled wood from old…

A: Given the following information: Advertising: $24,000 Cost of hardware (hangers, decorations,…

Q: All costs other than manufacturing overhead that are associated with the manufacturing process are…

A: Conversion costs = Direct labor costs + Manufacturing overhead. Conversion costs includes…

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

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: In reviewing Smith's assessments and conclusions, has he proposed the optimal recommendations?…

A: Question -3 Costing System - A costing system is created to keep track of the costs incurred as a…

Q: what are the three major components of product costs: direct materials, direct labor, and…

A: The costs of producing a product are referred to as product costs. Direct material, direct labour,…

Q: Direct labour cost is an element of_________ a. All of the given options b. Prime cost c. Conversion…

A: A direct labor cost is referred to as the wages that are incurred directly to produce the goods or…

Q: CVP o

A: Cost in accounting refers to the amount, that is incurred to generate revenue for the business. The…

Q: A Product's cost is the sum of its direct-material cost, its direct-labor cost, and its overhead…

A: A Product's cost is the sum of its direct-material cost, its direct-labor cost, and its overhead…

Q: Which of the following correctly describes the term cost driver? a.The primary factor which is…

A: Cost driver is the driver cause of which the cost is incurred. On the basis of this we find the…

Q: Which of the following is a cost behavior-oriented approach to production costing a. Absorption…

A: Lets understand the meaning of marginal costing. Marginal costing as the name suggest consider the…

Q: Which of the following quantities is an example of an activity cost driver in activity-based…

A: Activity Cost Driver :— It is an element that used as a basis for the allocation of activity…

Q: With respect to cost classifications for manufacturers:a. What is the total manufacturing cost?b.…

A: For a manufacturer,  Total manufacturing cost = Direct Material Cost + Direct Labour Cost + Variable…

Q: List and explain in your own words the of product costs(manufacturing overhead)

A: Costs are that amount which is incurred during the production of goods and services. The costs which…

Q: The most important element of cost in manufacturing industries is Select one: O a. Labor O b.…

A: The cost of the manufacturing industries includes the cost which is involved in the production…

Q: Costs Direct materials Factory rent Direct labor Factory utilities Supervision in the factory…

A: Any expenses incurred in the creation of a product are considered product costs. Direct materials,…

Q: Choose the three components of product cost from the list below.   a) Indirect material, direct…

A: Product costs seem to be the expenses involved in the production of goods that have been meant for…

Q: Prime cost is:

A: Prime cost is the direct cost incurred in the process of manufacturing a product and typically…

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.