Answered: What are conversion costs? A) A fixed…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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"Under variable costing system, the unit product cost includes:" "Direct materials, direct labor, and variable overhead" "Direct materials, direct labor, and fixed overhead" "Direct materials, direct labor, variable overhead, and fixed overhead" Direct materials and direct labor
Which cost accounting method assumes that the cost of production is driven by the number of units produced? A. Activity-Based Costing (ABC)B. Standard CostingC. Absorption CostingD. Variable Costing
Which cost accounting method assumes that the cost of production is driven by the number of units produced? A. Activity-Based Costing (ABC)B. Standard CostingC. Absorption CostingD. Variable Costing
In terms of cost behaviour, telephone expense and direct materials are classified as: a. Variable and fixed, respectively b. Fixed and variable, respectively c. Mixed and fixed, respectively d. Mixed and variable, respectively
how do you determine the production cost per unit ?
Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.15 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.00 Variable maintenance per unit $0.70 Variable utilities per unit $0.10 Supervisor salaries $11,000 Maintenance salaries $8,000 Insurance $3,000 Depreciation $1,500 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,500, 3,000, and 2,600, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February March Units to Produce Variable Costs $4 Total Variable Manufacturina Costs $1 $4
Indirect manufacturing costs can be traced to the product that created the costs generally include the cost of material and the cost of labor generally include all the fixed costs All the items listed here
It is important to understand variable and fixed costs, average expenses, and the overall costs.
• The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the total product costs divided by the number of units produced. c. product plus period cost d. is the total prime costs divided by the number of units produced. e. includes period costs.
5) Activity based costing system differs from traditional costing systems in the treatment of A) direct labor costs B) direct material costs C) prime costs D) indirect costs
Under variable costing, all fixed manufacturing costs are treated as a a. product cost included in the cost of goods manufactured. b. product cost included in the cost of ending inventory. c. period expense deducted from manufacturing margin. d. period expense deducted from contribution margin.
How is the cost price of the finished product formed / shaped?

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What are conversion costs? A) A fixed cost. per unit. B) Raw Material and Direct Labor. C) Raw Material and Variable Cost. D) Direct Labor & Manufacturing overhead.