Units Purchased Units Cost Units Issued Date 5/1 (BI) 10 20 P15 5/5 20 5/15 15 5/19 10 5/24 15 18 5/30 15

Q: a prod

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

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Which one of the following is a fixed cost? a. Raw material costs b. Salary with commission c.…

A: A fixed cost is one that does not adjust in the short term, even though a company's sales volume or…

Q: what do i put for beginning inventroy #of units and cost per unit?

A: Perpetual Inventory System is a method of costing the ending inventory and the inventory sold. Under…

Q: how do I find direct cost per unit

A: Direct Cost A direct cost is a price that is directly associated with the production of particular…

Q: What modifications are made to the cost classification of product costs in estimating service costs?

A: Cost classification refers to the separation of various expenses into different categories. It is…

Q: The following may be included in the cost of inventories, except:   a. Selling costs b. Wasted…

A: Inventoriable cost means the cost incurred to manufacture the product and included in inventory.…

Q: What is the standard cost income statement?

A:

Q: What are the methods used to determine the cost of goods?

A:

Q: How do you prepare an absorption and variable costing income statement show a draft or format only.

A: An income statement is prepared by the organization to measure the revenues generated during the…

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: 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: Standard cost is a Select one: O a. Actual cost b. Historical cost c. Predetermined cost O d. direct…

A: Let's start with understanding of meaning of standard cost  Standard cost:- Standard cost is the…

Q: How is the Conversion Costs account used in JIT costing?

A: Just-in-time manufacturing system: Just-in-time (JIT) manufacturing system is an approach to…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER).…

A: Concept Introduction:   Product costs are the costs which are incurred only when a product is…

Q: Which accounts are adjusted for the under-allocated or over-allocated overhead in JIT costing?

A: Just-in-time manufacturing system:     Just-in-time (JIT) manufacturing system is an approach to…

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: Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Sales…

A: Concept Introduction:   Product costs are the costs which are incurred only when a product is…

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: What is the standard cost income statement? Give an example?

A: Meaning of Standard cost income statement:A standard cost is the estimated cost of production based…

Q: Define the following concepts: a)Prime cost    b) Non production cost         c)Total cost

A: Cost is the monetary value of expenditures for raw materials, technology, supplies, services, labor,…

Q: What is normal costing?

A: Normal Costing Normal costing is refer as the method of costing which helps for derivation of cost.…

Q: Describe the account analysis method for estimating a cost function.

A: Definition:   Account Analysis Method: The account analysis method of estimating a cost function…

Q: How do you get total of period cost?

A: Period Costs are not directly associated with the finished products manufactured, rather associated…

Q: COSTING METHOD. 1. What is average cost method? 2. What is FIFO cost method?

A: Solution: 1.   Average cost method: Average cost method is also known as weighted average method.…

Q: hat is Total Cost of Ownership (TCO) and how is it determined. Provide an example. please list 4…

A: Answer; Total cost of ownership (TCO) is the price of the asset used in purchases plus the cost that…

Q: How are costs assigned differently using the average cost method?

A: Inventory valuation is the valuation of inventory at the time of its purchase and sale using…

Q: is this still applicable if the company uses cost model?

A: Under cost model, the property is recorded at cost less accumulated depreciation and impairment…

Q: Use T-accounts to showthe flow of costs in ajob-order costing system.

A: Every industry maintains different inventory accounts and every industry can use job order costing.…