FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
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- What are the three categories of manufacturing costs included in the cost of finished goods and the cost of work in process?arrow_forwardProduct (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.arrow_forwardExplain the difference between a period cost and a product cost.arrow_forward
- Why are product costs assigned to the product and period costs immediately expensed?arrow_forwardWhat is the most important purpose of the cost of production report?arrow_forwardAccumulating costs means that a. costs must be summed and entered on the income statement. b. each cost must be linked to some cost object. c. costs must be measured and tracked. d. costs must be allocated to units of production. e. costs have expired and must be transferred from the balance sheet to the income statement.arrow_forward
- How are standards for materials and labor costs determined?arrow_forwardHow is manufacturing overhead handled in a process cost system?arrow_forwardDescribe the product life cycle. How do unit-level costs behave in relation to the product life cycle? Batch-level costs? Product-level costs? Facility-level costs?arrow_forward
- Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overheadarrow_forwardHow does process costing treat the costs transferred in from another department?arrow_forwardWhich of the following are prime costs? A. indirect materials, indirect labor, and direct labor B. direct labor, indirect materials, and indirect labor C. direct labor and indirect labor D. direct labor and direct materialsarrow_forward
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