What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of producing goods O b. They consist of costs incurred in the management process only O c. Are the direct and indirect costs of marketing products O d. They consist of costs incurred in the manufacturing process only

What is the inventoriable product costs Select one: O a. Are the direct and indirect costs of producing goods O b. They consist of costs incurred in the management process only O c. Are the direct and indirect costs of marketing products O d. They consist of costs incurred in the manufacturing process only

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

what are the three major components of product costs: direct materials, direct labor, and manufacturing overhead?
Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Indirect materials used in making goods.
Discuss the difference between cost accumulation, tracing and allocation. Since all manufacturing cost are eventually included in the unit cost of a product, what difference does it make? Discuss why the distinction matter in the calculation of CVP or other metrics.
The three major components of cost of goods sold are: a. Direct labor, direct material, and profit b. Direct labor, overhead, and profit c. Direct labor, direct material, and overhead d. Direct material, indirect material, and marketing.
Which of the following correctly describes the term cost driver? a.The primary factor which is correlated with the amount of cost incurred to produce a product b.The total material, labor, and overhead cost of a completed job c.The inflation rate which causes costs to rise d.The initial purchase price of direct materials
Which of the following is NOT correct about the classifications of costs? Select one: a. On the basis of time of computation, costs are classified into historical costs and pre-determined costs. b. Costs are classified as product costs or period costs according to their behaviour with respect to physical capacity usage of the company. c. Costs are classified into direct costs and indirect costs on the basis of their identifiability with cost units or jobs or processes or cost centres. d. Costs behave differently when level of production rises or falls, and based on this, the costs are classified as fixed, variable, or mixed costs.
3.Activity based costing (ABC) is a method of allocating the indirect costs of sales commissions to products. A. true b. false
Please organize the list (picture) into the corresponding categories: Product Cost: Direct Materials Product Cost: Direct Labor Product Cost: Manufacturing Overhead Period Cost: Selling Expense Period Cost: Administrative Expense
Costs that can be conveniently and economically traced to specific products are called: Direct costs Traceable costs Certain costs Indirect costs