None What are the two examples of product costs? (Choose two.)A) Period expensesB) Selling and administrative expensesC) Manufacturing overheadD) Direct materials

The correct answers are:C) Manufacturing overheadD) Direct materials Explanation:Product costs are…

Answered: What are the two examples of product…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4MC: Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions...

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Similar questions

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 overhead
Using the costs listed in the previous problem, classify the costs as either product costs or period costs.
Which of the following are prime costs? A. indirect materials, indirect labor, and direct labor B. direct labor, indirect materials, and indirect labor C. direct labor and indirect labor D. direct labor and direct materials
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 overhead
Why are labor and manufacturing overhead grouped together as conversion costs?
Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expenses
Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overhead
Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
Why are product costs assigned to the product and period costs immediately expensed?
Explain the difference between a period cost and a product cost.
Describe the product life cycle. How do unit-level costs behave in relation to the product life cycle? Batch-level costs? Product-level costs? Facility-level costs?
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product

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What are the two examples of product costs? (Choose two.) A) Period expenses B) Selling and administrative expenses C) Manufacturing overhead D) Direct materials