- Which of the following is the cost method used by companies that produce different products in certain batches ?      a) Normal cost method  B) Standard cost method  NS) Phase cost method  D) full cost method  TO) Order cost method

Q: Kaizen costing aims to reduce costs during the A. production B. post-production C. design D. testing…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: 6. Conventional CVP analysis requires management to classify all costs as either with respect to…

A: Cost volume profit (CVP) analysis is an accounting technique of determining the effect of change in…

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: What formula do we use in accounting to determine estimated total manufacturing overhead (MOH)?…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: bsorption costing and variable costing are two different methods of assigning costs to units…

A: Product costs: Product costs are the costs which are incurred in the production of the goods. These…

Q: 6. What the effect of JIT Systems on Product Costing?

A: Just-in-time, or JIT, is a technique of inventory management or control in which labor, materials,…

Q: Q- 2: and variable costing? What is the basic difference between absorption costing

A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…

Q: ed as one level item. sts. om variable manufacturing

A: Contribution income statement shows the contribution margin by deducting variable cost from sales…

Q: What will the unit product cost under Full costing method.

A: Formula: Unit product cost = Direct material + Direct labor + Variable manufacturing overhead +…

Q: 5. ABC differs from traditional product costing in which of the following ways? a. Overhead is…

A: A single, volume-based cost driver, such as direct labour hours or machine hours, is used in…

Q: VOLUME BASED COST SYSTEMS Pg 4   Would you please tell me the formula and how to solve for "Total…

A: Manufacturing overhead costs: Manufacturing overhead costs are costs that are not directly related…

Q: None

A: A standard cost is a predetermined cost that serves as a benchmark for measuring performance. Let's…

Q: On a CVP graph, the intersection of the sales revenue line and the total cost line is known as the:…

A: The Break-even point indicates that total units are to be sold by the business entity to recover its…

Q: How do you prepare an absorption and variable costing income statement show a draft or format only.

A: An income statement is prepared by the organization to measure the revenues generated during the…

Q: Explain the difference between full absorption costing and direct costing. How does absorption…

A: Full absorption costing and direct costing are two different approaches to calculating the cost of…

Q: What is the purpose of a production report? (AVERAGE FIFO METHOD COSTING)

A: A dashboard that includes a production report makes it easier to monitor the most crucial KPIs from…

Q: Traditionally indirect cost like overheads were distributed to end products on the assumption that…

A: Traditionally indirect cost like overheads were distributed to end products on the assumption that…

Q: (a) Under traditional product costing, compute the total unit cost of each product. Prepare a simple…

A: ABC is the activity based costing method. Under ABC system, the cost assigned is based on the…

Q: Which of the following statements is true? Multiple Cholce Varlable costing treats direct materials…

A: The period costs are the costs which are expensed in the period they are incurred. Example selling…

Q: 10. Total of all direct costs is termed as A. prime cost B. works cost C. cost of sales D. cost of…

A: Option a: This option is correct because prime cost in accounting refers to the total direct costs…

Q: 2. What are the key reasons for product cost differences between simple costing systems and ABC…

A: Financial accounting and cost accounting are two significant branches of accounting. Financial…

Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Sales…

A: Concept Introduction:   Product costs are the costs which are incurred only when a product is…

Q: Which costs assignment method would you use to assign prime costs to a product: a.direct tracing…

A: Prime cost: prime cost is total of direct cost that is direct material, direct labor and direct…

Q: 20 Under variable costing, which of the following costs are treated as period costs? Select one:…

A: Direct materialsPRODUCT COSTSDirect laborPRODUCT COSTSVariable manufacturing overheadPRODUCT…

Q: What costs are included in the manufacturing of products under variable costing?

A: Lets understand the basics.There are two methods are generally followed for costing in the entity…

Q: 11. Choose the scope of cost accounting that is primarily prepared for different level of…

A: Cost accounting is a process by which costs of products and services are ascertained and controlled.…

Q: Which of the following cost per unit remains fixed in respect of the volume of production. a.…

A: Some cost do not change with the level of activity of production.

Q: Marginal and Absorption Costing are TWO (2) techniques which may be used to determine an…

A: Answer:-  Accounting:- Accounting may be summed up as the procedures used by a corporation to…

Q: One of the steps in applying the average cost method does not exclude: Group of answer choices add…

A: Correct option is-c .ubtract the beginning work in process costs from the current period's…

Q: product-costing systems are structured on multiple volume-based cost drivers. True or False?

A: Traditional Product-costing system refers to the concept of cost allocation under which the the…

Q: What is the difference between a product cost and a period cost? Give three examples of each. 2.…

A: The costs can be classified as classified as product cost, period cost, direct costs or indirect…

Q: Consider the following statements regarding traditional costing system: I – Overhead costs are…

A: Introduction  Traditional costing system may be defined as that type of costing system in which…

Q: On a CVP graph, the intersection of the sales revenue line and the total cost line is known as the:…

A: CVP stands for Cost-Volume-Profit analysis. It is helpful in determining the change in the total…

Q: What formula do we use in accounting to determine estimated total manufacturing overhead (MOH)?…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Select which of the following requires a separate measurement of cost. a. Activity b. Volume c.…

A: Solution: A cost object is anything for which a separate measurement of costs is desired.

Q: 10- The direct costs are: a. apportioned to products/centres b. absorbed by products c. traced to…

A: Option a: Joint costs are apportioned to products, so it is an incorrect option. Option b:…

Q: 28. Which of the following must be known about a production process to institute a variable costing…

A:

Q: What is the high-low method used to estimate? a. variable costs and production capacity b. total…

A: The high-low method is a method using which the variable cost per unit and total fixed cost is…

Q: Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and…

A: The indirect costs include the factory overhead costs incurred into the production process.  The…

Q: Which of the following is not an objective of product costing systems? a. To assist in the…

A: Product costing refers to the total amount of total costs allocated to a specific product on the…

Q: Which of the following statements about overhead allocation based on volume alone is correct?…

A: When overhead costs are allocated based solely on volume (such as units produced), it doesn't…

Q: The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the…

A: Solution A unit cost is a total expenditure incurred by a company to produce , store and sell one…

Q: tatement is true or false, and correct the false tatement(s): Manufacturing cost is called period…

A: Manufacturing cost is the cost incurred to manufacture units . It includes direct material , direct…

Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.