Work-in-process inventory, January 1, 2019 0000 Work-in-process inventory, December 31, 2019 00 0n Conversion costs during the 00 year Direct materials used

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 is the most important purpose of the cost of production report? Why?

A: Production report is the report which is made by the manufacturing company which makes the goods or…

Q: When materials and supplies are used in a product that will be sold to customers, the usage of the…

A: The answer for the multiple choice question and relevant explanation are presented hereunder :…

Q: Describe the term cost of the direct materials.

A: Cost:  Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: Briefly explain how product costs are viewed on a flow-of-activity basis.

A: Product costs on a flow-of-activity basis involve looking at the costs associated with the…

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

Q: actors affecting the classification of a cost as direct or indirect include: OA. cost behaviour…

A: Direct Cost:- Costs that are directly related to the production of goods are called direct costs…

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.