Which of the following is false with regard to direct materials for a bakery?a. Flour and sugar would probably be direct materials.b. Oil to lubricate factory machines would be an indirect material.c. Paper cupcake liners, that become part of the product, must be accounted for as direct materials.Od. Eggs would probably be a direct material.

Paper cupckake liners are used after the cake is prepared. It does not form part of the cake. Direct…

Answered: Which of the following is false with…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which one of the following costs would not be inventoriable? Production electric bill Wages of forklift driver loading finished product onto delivery vans Plastic gloves worn by assembly line workers Wages of maintenance workers in a factory
Standard costs are used in companies for a variety of reasons. Which of the following is a benefit of using standard costs? a. They are used to estimate the cost of inventory. b. They are used to control costs. c. They are used to plan direct materials, direct labor, and variable factory overhead. d. all of these choices
The opportunity cost of making a component part in factory with excess capacity for which is no alternative use is: A. Zero B. Total production costs of the component C. Total variable cost of the component D. Fixed manufacturing costs of the component
Which of the following statements is false? (You may select more than one answer.)a. In recent years, most companies have experienced increasing manufacturing overhead costs in relation to direct labor costs.b. Activity-based costing systems may use direct labor-hours and/or machine-hoursto assign unit-level costs to products.c. Facility-level costs are not caused by particular products.d. Product-level costs are larger for high-volume products than for low-volumeproducts.
Answer the below questions
Which of the following statements is true of raw materials? ) a) They are categorized as consumer products. b) They are the goods and services that hold little interest for consumers. (c) Thev include products used in producing other products. © d) Thev are large capital purchases designed for a long productive life.
1.) WHICH ONE OF THE FOLLOWING WOULD NOT BE CLASSIFIED AS MANUFACTURING OVERHEAD? (A) INDIRECT LABOR (B) DIRECT MATERIALS (C) INSURANCE ON FACTORY BUILDING (D) INDIRECT MATERIALS 2.) THE PRODUCT COST THAT IS MOST DIFFICULT TO ASSOCIATE WITH A PRODUCT IS (A) DIRECT MATERIALS. (B) DIRECT LABOR. (C) MANUFACTURING OVERHEAD. (D) ADVERTISING.
Which of the following is true about make-to-stockprocesses?A. Make-to-stock processes can be controlled based on the actual oranticipated amount of finished goodsB. Make-to-stock process is used when demand is seasonal and thefirm does not have enoughC. Services by their very nature often use make-to-stockprocesses.D. A and B
Which of the following statements is not a characteristic of a target costing system? It is a good system to compare the cost of your products with that of your competitors Assists with ensuring that a business can achieve its desired profit levels Focuses on cost reductions after the product has been designed Focuses on the manufacturing processes to see if improvements can be made from a cost perspective.
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