Variable Costing differs from Full Absorption Costing in that it applies: A. all fixed and variable cost to a product. B. all variable cost a product. C it applies only manufacturing cost to a product. D it applies only manufacturing variable and fixed cost to a product.
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- Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overheadFor which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard costAbsorption costing is also referred to as: A. direct costing B. marginal costing C. full costing D. variable costing
- Under variable costing, a unit of product includes which costs? direct material, direct labor, and manufacturing overhead Direct material, direct labor, and variable manufacturing overhead Direct material, direct labor, and fixed manufacturing overhead D. Direct material, direct labor, and all variable manufacturing overheadWhich of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expenseThe primary difference between variable costing and absorption costing is a. in variable costing, fixed manufacturing overhead is a product cost. b. in absorption costing, fixed manufacturing overhead is a product cost. c. in variable costing, variable selling and administrative costs are product costs. d. in absorption costing, fixed selling and administrative costs are product costs.
- Costs treated as product costs under direct costing are: A. Variable production cost only B. All variable and fixed manufacturing costs C. Prime costs only D. All variable costsUnder full absorption costing, which of the following are included in product costs?Only variable manufacturing costs.Only conversion costs.All fixed and variable manufacturing costs.Only direct materials and direct labor.Variable Costing differs from Full Absorption Costing in that it applies: all fixed and variable cost to a product. A. B. all variable cost a product. C. ABCD D. it applies only manufacturing cost to a product. it applies only manufacturing variable and fixed cost to a product. In Full Absorption Costing all: A. variable and fixed manufacturing cost are applied to a product for inventory costing. B. conforms to the expense recognition principle. BOD C. D. meeting GAAP requirements. all of the above. Job costing is use for products that: A. are manufactured in a continuous process. are difficult to identify during production. ABCD B. C. D. is the most efficient method of calculating the cost of a product. is used to calculate the cost of a product when the product can be uniquely identified. Process Costing is used to calculate a products manufacturing cost in: ABCD most industries. industries that have a continuous production process of the same product. the construction industry. a…
- What is the key difference between Absorption Costing and Marginal Costing? A Absorption Costing treats Manufacturing Overhead as a period cost. B Marginal Costing treats Fixed Manufacturing Overhead as a period cost. C Absorption Costing only considers variable costs to calculate net income. D Marginal Costing only considers variable costs to calculate net income.The primary difference between variable costing and absorption costing is in variable costing, fixed manufacturing overhead is a product cost. in absorption costing, fixed manufacturing overhead is a product cost. invariable costing, variable selling, and administrative costs are product costs. in absorption costing, fixed selling and administrative costs are product costs.Selling and administrative expenses are considered to be: a. A period cost under variable costing b. A product cost under variable costing c. Part of fixed manufacturing overhead under variable costing O d. A product cost under absorption costing.
