
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.
To identify: The series as fixed, variable, mixed, step-wise or curvilinear.

Want to see the full answer?
Check out a sample textbook solution
Chapter 18 Solutions
Loose-Leaf for Financial and Managerial Accounting
- What is the amount of total assets?arrow_forwardThe equipment was sold for $60,000 The equipment was originally purchased for $33,000. At the time of the sale, the equipment had accumulated depreciation of $30,000. Calculate the gain or loss to be recorded on the sale of equipment.arrow_forwardWhat is the problem forma net income?arrow_forward
- What is the total variable overhead variance of this general accounting question?arrow_forwardOn January 1, 2014, Wonder, Inc., reports net assets of $965,000, although equipment (with a four-year life) having a book value of $525,000 is worth $600,000, and an unrecorded patent is valued at $56,200. Halifax Corporation pays $910,000 on that date for an 85% ownership in Wonder. If the patent is to be written off over a 12-year period, at what amount should it be reported on consolidated statements at December 31, 2015? a) $50,500.77 b) $46,833.33 c) $42,755.55 d) $38,901.22arrow_forwardNeed help with this question solution general accountingarrow_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:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





