Which of following is not correct about normal costing? Select one: O a. Product cost includes the applied indirect manufacturing cost O b. Product cost includes the traced actual direct materials O C. Actual direct labor cost is traced to jobs d. Product cost does not include selling and administrative expenses e. Predetermined rate is used to apply direct manufacturing costs Which one of the following is.not correct about variable costing systems?

Which of following is not correct about normal costing? Select one: O a. Product cost includes the applied indirect manufacturing cost O b. Product cost includes the traced actual direct materials O C. Actual direct labor cost is traced to jobs d. Product cost does not include selling and administrative expenses e. Predetermined rate is used to apply direct manufacturing costs Which one of the following is.not correct about variable costing systems?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 4SEQ: For which cost concept used in applying (he cost-plus, approach to product pricing are fixed...

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Similar questions

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
What types of costs are customarily included in the cost of manufactured products under (A) the absorption costing concept and (B) the variable costing concept?
What advantage does the FIFO cost method have over the average cost method relative to providing information for cost control?
Which statement is correct? A. Activity-based cost systems are less costly than traditional cost systems. B. Activity-based cost systems are easier to implement than traditional cost systems. C. Activity-based cost systems are more accurate than traditional cost systems. D. Activity-based cost systems provide the same data as traditional cost systems.
Overhead costs are the source of product cost distortions. Do you agree or disagree? Explain.
How does absorption costing differ from variable costing? When will absorption-costing operating income exceed variable-costing operating income?
Why are there objections to using absorption costing when segment reports of profitability are being prepared?
In the variable costing income statement, how are the fixed manufacturing costs reported, and how are the fixed selling and administrative expenses reported?
Using this information from Planters. Inc., what is the cost per unit under both variable and absorption costing?
Explain why service companies use different activity bases than manufacturing companies to classify costs as fixed or variable.
Under which costing system non manufacturing costs will not be included in calculating product costs? a. Absorption costing and Variable costing systems. b. Variable costing system only. C. Absorption costing system only. d. Activity based costing system only. e. None of the given answers
What is the key difference between Absorption Costing and Marginal Costing? A Absorption Costing treats Manufacturing Overhead as a period cost. B Marginal Costing treats Fixed Manufacturing Overhead as a period cost. C Absorption Costing only considers variable costs to calculate net income. D Marginal Costing only considers variable costs to calculate net income.