Fixed Cost: Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production. Variable Cost: Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost. Mixed Cost: Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable. Step-Wise Cost: It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production. Curvilinear Cost: It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production. Total Cost: Sum total of expenses incurred by the business to earn revenue from sales are known as total cost. To identify: The appropriate term for the given definitions.

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Answer 1

Question

Chapter 18, Problem 2E

To determine

Fixed Cost:

Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production.

Variable Cost:

Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost.

Mixed Cost:

Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable.

Step-Wise Cost:

It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production.

Curvilinear Cost:

It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production.

Total Cost:

Sum total of expenses incurred by the business to earn revenue from sales are known as total cost.

To identify: The appropriate term for the given definitions.

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expert of accounting question

ABC Manufacturing's cost is $7,200 at 800 units, $11,500 at 1,600 units, and $14,300 at 2,400 units. This cost is a __. A. step cost. B. fixed cost. C. mixed cost. D. variable cost.

I need the correct answer to this financial accounting problem using the standard accounting approach.

Answer 2

Question

Chapter 18, Problem 2E

To determine

Fixed Cost:

Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production.

Variable Cost:

Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost.

Mixed Cost:

Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable.

Step-Wise Cost:

It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production.

Curvilinear Cost:

It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production.

Total Cost:

Sum total of expenses incurred by the business to earn revenue from sales are known as total cost.

To identify: The appropriate term for the given definitions.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 18, Problem 2E

To determine

Fixed Cost:

Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production.

Variable Cost:

Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost.

Mixed Cost:

Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable.

Step-Wise Cost:

It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production.

Curvilinear Cost:

It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production.

Total Cost:

Sum total of expenses incurred by the business to earn revenue from sales are known as total cost.

To identify: The appropriate term for the given definitions.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 18, Problem 2E

To determine

Fixed Cost:

Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production.

Variable Cost:

Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost.

Mixed Cost:

Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable.

Step-Wise Cost:

It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production.

Curvilinear Cost:

It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production.

Total Cost:

Sum total of expenses incurred by the business to earn revenue from sales are known as total cost.

To identify: The appropriate term for the given definitions.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 18, Problem 2E

To determine

Fixed Cost:

Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production.

Variable Cost:

Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost.

Mixed Cost:

Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable.

Step-Wise Cost:

It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production.

Curvilinear Cost:

It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production.

Total Cost:

Sum total of expenses incurred by the business to earn revenue from sales are known as total cost.

To identify: The appropriate term for the given definitions.

Answer 6

Chapter 18, Problem 2E

To determine

Fixed Cost:

Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production.

Variable Cost:

Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost.

Mixed Cost:

Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable.

Step-Wise Cost:

It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production.

Curvilinear Cost:

It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production.

Total Cost:

Sum total of expenses incurred by the business to earn revenue from sales are known as total cost.

To identify: The appropriate term for the given definitions.

Answer 7

Chapter 18, Problem 2E

To determine

Fixed Cost:

Fixed cost refers the cost which remains constant for particular time duration and there is no effect on it of the level of production.

Variable Cost:

Variable cost refers the cost which varies due to the change in the level of production. Higher production level refers higher the variable cost, and lower production level refers lower the variable cost.

Mixed Cost:

Mixed cost is the cost, the one proportion of which is fixed and another proportion is variable.

Step-Wise Cost:

It is the cost which is fixed to some extend and after that point it changes but it doesn’t change with the change in production.

Curvilinear Cost:

It is the cost which is nonlinear cost which increases at different rates. It is inconsistent to the change in production.

Total Cost:

Sum total of expenses incurred by the business to earn revenue from sales are known as total cost.

To identify: The appropriate term for the given definitions.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 18 - Prob. 1MCQ Ch. 18 - Prob. 2MCQ Ch. 18 - Prob. 3MCQ Ch. 18 - Prob. 4MCQ Ch. 18 - Prob. 5MCQ Ch. 18 - Prob. 1DQ Ch. 18 - Prob. 2DQ Ch. 18 - When output volume increases, do fixed costs per...Ch. 18 - How is the cost-volume-profit analysis useful?Ch. 18 - Prob. 5DQ

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Chapter 18 Solutions