Which cost is classified as a product cost? Which cost is classified as a product cost?a) Selling expensesb) Direct materialsc) Administrative expensesd) Marketing expenses

Explanation of Product Cost: Product costs are those costs that are directly involved in…

Answered: Which cost is classified as a product…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 8MC: Which of the following is not considered a product cost? A. direct materials B. direct labor C....

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Similar questions

Why are product costs assigned to the product and period costs immediately expensed?
For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost
Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expense
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.
Using the costs listed in the previous problem, classify the costs as either product costs or period costs.
Why are units shipped used to calculate the value-stream product cost?
Explain the difference between a period cost and a product cost.
Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used
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?
The ability to assign a cost directly to a cost object by means of a causal relationship is a. allocation b. traceability c. separability d. value chain process
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
Accumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.

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Which cost is classified as a product cost? a) Selling expenses b) Direct materials c) Administrative expenses d) Marketing expenses