1.
Concept Introduction:
Product cost: When a cost is incurred to produce a product, it is called product cost. The costs like direct materials, direct labor, direct
Period cost: Any cost which cannot be grouped into prepaid expenses, inventory or fixed assets are termed as period costs. Normally a period cost is related to an expense in some specific period. Examples of period costs are selling expenses, advertising expenses, etc.
The total amount of product costs incurred to make 20000 units.
2.
Concept Introduction:
Product cost: When a cost is incurred to produce a product, it is called product cost. The costs like direct materials, direct labor, direct overheads can be grouped as product cost as they are directly linked with production.
Period cost: Any cost which cannot be grouped into prepaid expenses, inventory or fixed assets are termed as period costs. Normally a period cost is related to an expense in some specific period. Examples of period costs are selling expenses, advertising expenses, etc.
The total amount of period costs incurred to sell 20000 units.
3.
Concept Introduction:
Product cost: When a cost is incurred to produce a product, it is called product cost. The costs like direct materials, direct labor, direct overheads can be grouped as product cost as they are directly linked with production.
Period cost: Any cost which cannot be grouped into prepaid expenses, inventory or fixed assets are termed as period costs. Normally a period cost is related to an expense in some specific period. Examples of period costs are selling expenses, advertising expenses, etc.
The total amount of product costs incurred to make 22000 units.
4.
Concept Introduction:
Product cost: When a cost is incurred to produce a product, it is called product cost. The costs like direct materials, direct labor, direct overheads can be grouped as product cost as they are directly linked with production.
Period cost: Any cost which cannot be grouped into prepaid expenses, inventory or fixed assets are termed as period costs. Normally a period cost is related to an expense in some specific period. Examples of period costs are selling expenses, advertising expenses, etc.
The total amount of period costs incurred to sell 18000 units.
Want to see the full answer?
Check out a sample textbook solution
Chapter 1 Solutions
MANAGERIAL ACCOUNTING CONNECT ACCESS <C>
- Solve quiarrow_forwardAssess the role of modern accounting theories in guiding research in accounting.Discuss how contemporary theories, such as stakeholder theory, legitimacy theory, andbehavioral accounting theory, shape research questions, hypotheses formulation, andempirical analysis.arrow_forwardNeed answerarrow_forward
- Define research methodology in the context of accounting theory and discuss theimportance of selecting appropriate research methodology. Evaluate the strengths andlimitations of quantitative and qualitative approaches in accounting research.arrow_forwardCritically evaluate the progress and challenges in achieving a single set of globalaccounting standards. Discuss the benefits and drawbacks of globalization inaccounting, providing relevant examples.arrow_forwardMany experts using ai tools and giving incorrect solutions . pls give correct answer when you 100% sure . if you have problem with image comment i will write valuearrow_forward
- Step by step correct answer. without using chatgpt. answer should be coarrow_forwardAnswer corarrow_forwardFinancing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Just need the correct LOC? Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit 0 Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $ 552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to…arrow_forward
- When iuploading image then it get blurry Comment in comment section I will write data.arrow_forwardCorrect answer pleasearrow_forwardIn 2022, North Shore Community College had a total student body that was 5% more than in 2021, which was 5% more than in 2020. The enrollment in 2022 was 4,200. How many students attended the college in 2021? How many students attended the college in 2020?arrow_forward
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education