What is the Production Cost (Cost of production) for ABC Company?

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 are life-cycle costs? How do these costs relate to the production life cycle?

A: Life cycle cost is the summation of all costs related to a product, structure, system, or service…

Q: A traditional income statement classifies costs by function; costs are classified as either product…

A: The question is related to Classification of cost. The traditional income statement classifies costs…

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: 2. How would components of Revenues and Expenses differ between a merchandise company versus a…

A: a. Merchandise Company - This company does buy and sells of inventory from suppliers to customers.…

Q: How should a company decide on the number of cost pools it should use to allocate costs to…

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With the…

Q: 1. What types of costs are allocated? What is a support department? What is a producing department?…

A: Allocation refers to distribution of total overhead cost to the departments that have actually used…

Q: How can variable costing income statement be used in manufacturing enterprises?

A: In a Variable costing income statement, all variable costs are deducted from the sales, to compute…

Q: What is the danger in allocating common fixed costs among products or other segments of an…

A: The costs which are not allocated to any specific segment in the business organization are called…

Q: What accounts in the income statement are used to determine labor cost per man hour? Wages would be…

A: Labor costs include wages, salaries, benefits, and any additional expenses incurred by the employer,…

Q: What is the company’s contribution margin (CM) ratio?

A: Contribution margin is the amount of sales revenue left after charging variable expenses.…

Q: is this still applicable if the company uses cost model?

A: Under cost model, the property is recorded at cost less accumulated depreciation and impairment…

Q: how the aborption costing method and the activity based costing method impact business oganizations

A: Absorption costing and activity-based costing (ABC) are two methods of determining the cost of…

Q: which Costs  are associated with various elements of working capital of companies

A: Meaning of Working Capital. Working capital is a tool to measure company's liquidity, short term…

Q: Product costing is the process of:  A. accumulating the costs of a production process. B. assigning…

A: Cost accounting  is a form under the various available systems of accounting including financial…

Q: The most sector needs the cost accounting information is Select one: a. Manufacturing sector b. Bank…

A: Cost accounting information includes the information related to: Total Cost of producing the…

Q: What are the difference between the cost of goods sold of manufacturing and service type businesses…

A: Introduction:

Q: How can factoring help a company manage itscash flow?

A: Sales means delivery of goods and services by the seller. It can be for cash sales or sales made on…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: Which factors contribute to the cost of direct labor?

A: Direct labour refers to the labour which is directly related to the production of products of any…

Q: What are the answers to Total Manufacturing cost for both Garcon Co. and Pepper Co.?

A: Formula: Total Manufacturing costs = Direct materials used + Direct labor + Total factory overhead.

Q: How would a knowledge of cost behavior patterns such as those above be of help to a manager in…

A: The question is based on the concept of cost determination and the behaviour in the cost budget. A…

Q: Prime cost for the business is calculated as

A:

Q: What factors explain the differences in company performance in the same industry?

A: For firms within the same business sector like Mcdonalds, Starbucks, burger king, etc in the…

Q: Describe how the income statement of a manufacturing company differs from the incomestatement of a…

A: The income statement is a statement that encompasses all the revenues and expenses for the year. The…

Q: Based from the reference below discuss the sunk costs and opportunity cost in a firm.

A: Costs are those expenses which are incurred by the firm for the purpose of generating revenue from…

Q: Why Gross sales is important in a Company?

A: Gross sales: Gross sales is a metric for the total sales of the company, that are unadjusted for the…

Q: Which can be considered a product cost in a manufacturing company

A: Product costs are those costs that are incurred in the process of manufacturing a product. It should…

Q: Which of the following is a part of Prime Cost? a. Direct Labour b. Indirect Wages c. Rent of…

A: Prime cost includes all the direct costs such as direct material, direct labor, and direct expenses.…

Q: What is cost principle and give example of business situation of it

A: The cost principle is an accounting principle that requires assets, liabilities, and equity…

Q: What is a company’s cost structure? How can cost structure affect a company’s profits?

A: Company's cost structure expresses the proportion of fixed costs to variable cost. Cost structure…

Q: In the context of a real-life company, an identification and discussion of the different types of…

A: The question is related to Cost Accounting. Cost  is the amount of resource given up in exchange of…

Q: why service industry not involved production cost and retail industry involve in production cost?

A: In the method of Job costing a particular service is obtained by allocating costs to a distinct…