What is the amount to be backflushed from RIP to finished goods?

Q: Which of the following income is considered while preparing cost sheet?   O a. Interest received…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: What risks exist in a production conversion cycle?

A: The following are some of the risks that exists in the conversion cycle:   Authorization of…

Q: How do you calculate Cost of goods purchased

A: Cost of goods purchased (COGP) refers to the total cost incurred by a company to purchase inventory…

Q: Why is JIT costing sometimes called backflush costing?

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

Q: How does the unit cost of producing an item depend on the total quantity of items that have been…

A: Unit cost is the cost of producing per unit. Unit cost includes both variable and fixed cost that…

Q: What happen when the inventories increasing or deacresing

A: Inventories form a part of assets of the entity and comprises of stock of raw material, work in…

Q: how do I make a cost of production report?

A:

Q: Describe cost depletion and percentage depletion. Whyis the percentage depletion method permitted?

A: Depletion: Depletion is defined as the reduction in the value of natural resources due to its…

Q: Why costing procedure is different for spoiled or defective material?

A: Spoilage means loss occurred during the production. It occurs due to sub-standard material,…

Q: What are the arguments for and against "backflush" costing?

A: Arguments for and against Backflush costing: Backflush costing system is that the method of…

Q: How do you find cost of goods manufactured?

A: Cost of goods manufactured is the total costs incurred to manufactured goods it includes materials…

Q: What is the most important purpose of the cost of production report? Why?

A: Production report is the report which is made by the manufacturing company which makes the goods or…

Q: Costs that vary in proportion to volume changes but not directly are considered

A: Mixed Costs are the costs in which some of its component is fixed, i.e. it doesn't change with the…

Q: Which of the following cost includes determining how much to order, cost of invoices, clerical labor…

A: Sunk cost refers to money that has already been spent and which can not be recovered. Sunk costs are…

Q: st of googs sold and intrest expens

A: The cost of goods sold can be calculated by using the inventory turnover ratio. Inventory turnover…

Q: What is a cost of production report and what information does it show?

A: Production means conversion of raw materials into finished goods and the process involved is…

Q: How do you compute the unadjusted cost of goods sold?

A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The…

Q: Which of the following is an example of a cost that varies in proportion to changes in the activity…

A: Packaging costs is the variable cost which varies with the total output. It will increase with the…

Q: Why is it difficult to assign a dollar figure to an intangible cost? Can it ever be done? Explain…

A:

Q: when goods are sold their costs are transferred to finished goods inventory. True or False?

A: The inventory accounts are classified as Work in process, finished goods inventory, raw materials.…

Q: 41) The cost of interest, insurance, taxes, depreciation, breakage, warehousing, opportunity costs…

A: Inventory of the business is essential assets of the business. Ordering cost and carrying costs are…

Q: what is production cost? what is tangible assets? what is operating expenses? what is cost of goods…

A: Expenses are those costs which are required to be incurred by the company to smoothly run the…

Q: What costs are incurred when making a product? How are they recorded when incurred?

A: Cost to create a product is know as product cost. These cost include all direct cost like direct…

Q: How are spoiled units accounted for in Process Costing?

A: Spoiled Units refers to the units which does not meet the required standards for quality and utility…

Q: The cost of is not included in the cost of production a. Abnormal loss b. Direct costs c. Normal…

A: Cost of production: Cost of production may be defined as the aggregate of all the costs incurred to…

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: Provide the meaning of material cost and the procedure for estimation of material cost

A: Material costs are those costs incurred to produce a product or provide a service. Any product has a…

Q: How is the cost price of the finished product formed / shaped?

A: production of goods and providing of services various cost , These are variable and fixed , the…

Q: Do the engineering decisions account for the majority of product costs?

A: Yes, engineering decisions will account for the majority of the cost of the product. The main task…

Q: How do I calculate the finished goods in Part 2?

A: Here to Calculate the details of finished goods for the working in process after consider the fact…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.