Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. Prime Costs: Prime cost is a sum total of direct material costs and direct manufacturing labor costs . All direct material costs and direct manufacturing labor costs are prime costs. Conversion Costs: Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs. To identify: The total prime costs and total conversion costs.

Question

Want to see the full answer?

Answer 1

Question

Chapter 2, Problem 2.37P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

Prime Costs:

Prime cost is a sum total of direct material costs and direct manufacturing labor costs. All direct material costs and direct manufacturing labor costs are prime costs.

Conversion Costs:

Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs.

To identify: The total prime costs and total conversion costs.

2.

To determine

Inventoriable Costs:

Inventoriable Costs is the cost of inventory hold by the business and are shown as an asset in the balance sheet and will be treated as an expense in the period in which the goods are sold.

Period Costs:

Period Costs is the cost incurred by the business except the cost of goods sold. Period costs are the expense of the same period in which it is incurred.

To identify: The total inventoriable costs and total period costs.

3.

To determine

To identify: The situation when design and R & D costs are regarded as product costs.

4.

To determine

To identify: The unit costs.

5.

To determine

To identify: The total costs.

6.

To determine

To identify: The depreciation on equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Cypher Tech Solutions uses a job costing system and has a predetermined overhead rate of $28 per direct labor hour. This is based on estimated overhead of $30,800 and 1,100 estimated direct labor hours. In addition, Selling, General, and Administrative (SG&A) costs for the period totaled $142,000. Total units produced during the period were 1,400,000. Job #204 incurred direct material costs of $85 and four direct labor hours costing $76 per hour. What is the total cost of Job #204?

Calculate the cost of goods sold

HELP

Answer 2

Question

Chapter 2, Problem 2.37P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

Prime Costs:

Prime cost is a sum total of direct material costs and direct manufacturing labor costs. All direct material costs and direct manufacturing labor costs are prime costs.

Conversion Costs:

Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs.

To identify: The total prime costs and total conversion costs.

2.

To determine

Inventoriable Costs:

Inventoriable Costs is the cost of inventory hold by the business and are shown as an asset in the balance sheet and will be treated as an expense in the period in which the goods are sold.

Period Costs:

Period Costs is the cost incurred by the business except the cost of goods sold. Period costs are the expense of the same period in which it is incurred.

To identify: The total inventoriable costs and total period costs.

3.

To determine

To identify: The situation when design and R & D costs are regarded as product costs.

4.

To determine

To identify: The unit costs.

5.

To determine

To identify: The total costs.

6.

To determine

To identify: The depreciation on equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 2, Problem 2.37P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

Prime Costs:

Prime cost is a sum total of direct material costs and direct manufacturing labor costs. All direct material costs and direct manufacturing labor costs are prime costs.

Conversion Costs:

Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs.

To identify: The total prime costs and total conversion costs.

2.

To determine

Inventoriable Costs:

Inventoriable Costs is the cost of inventory hold by the business and are shown as an asset in the balance sheet and will be treated as an expense in the period in which the goods are sold.

Period Costs:

Period Costs is the cost incurred by the business except the cost of goods sold. Period costs are the expense of the same period in which it is incurred.

To identify: The total inventoriable costs and total period costs.

3.

To determine

To identify: The situation when design and R & D costs are regarded as product costs.

4.

To determine

To identify: The unit costs.

5.

To determine

To identify: The total costs.

6.

To determine

To identify: The depreciation on equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 2, Problem 2.37P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

Prime Costs:

Prime cost is a sum total of direct material costs and direct manufacturing labor costs. All direct material costs and direct manufacturing labor costs are prime costs.

Conversion Costs:

Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs.

To identify: The total prime costs and total conversion costs.

2.

To determine

Inventoriable Costs:

Inventoriable Costs is the cost of inventory hold by the business and are shown as an asset in the balance sheet and will be treated as an expense in the period in which the goods are sold.

Period Costs:

Period Costs is the cost incurred by the business except the cost of goods sold. Period costs are the expense of the same period in which it is incurred.

To identify: The total inventoriable costs and total period costs.

3.

To determine

To identify: The situation when design and R & D costs are regarded as product costs.

4.

To determine

To identify: The unit costs.

5.

To determine

To identify: The total costs.

6.

To determine

To identify: The depreciation on equipment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 2, Problem 2.37P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

Prime Costs:

Prime cost is a sum total of direct material costs and direct manufacturing labor costs. All direct material costs and direct manufacturing labor costs are prime costs.

Conversion Costs:

Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs.

To identify: The total prime costs and total conversion costs.

2.

To determine

Inventoriable Costs:

Inventoriable Costs is the cost of inventory hold by the business and are shown as an asset in the balance sheet and will be treated as an expense in the period in which the goods are sold.

Period Costs:

Period Costs is the cost incurred by the business except the cost of goods sold. Period costs are the expense of the same period in which it is incurred.

To identify: The total inventoriable costs and total period costs.

3.

To determine

To identify: The situation when design and R & D costs are regarded as product costs.

4.

To determine

To identify: The unit costs.

5.

To determine

To identify: The total costs.

6.

To determine

To identify: The depreciation on equipment.

Answer 6

Chapter 2, Problem 2.37P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

Prime Costs:

Prime cost is a sum total of direct material costs and direct manufacturing labor costs. All direct material costs and direct manufacturing labor costs are prime costs.

Conversion Costs:

Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs.

To identify: The total prime costs and total conversion costs.

Answer 7

Chapter 2, Problem 2.37P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

Prime Costs:

Prime cost is a sum total of direct material costs and direct manufacturing labor costs. All direct material costs and direct manufacturing labor costs are prime costs.

Conversion Costs:

Conversion cost is sum total of direct manufacturing labor costs and manufacturing overhead costs. All direct manufacturing labor costs and manufacturing overhead costs are conversion costs.

To identify: The total prime costs and total conversion costs.

Answer 8

2.

To determine

Inventoriable Costs:

Inventoriable Costs is the cost of inventory hold by the business and are shown as an asset in the balance sheet and will be treated as an expense in the period in which the goods are sold.

Period Costs:

Period Costs is the cost incurred by the business except the cost of goods sold. Period costs are the expense of the same period in which it is incurred.

To identify: The total inventoriable costs and total period costs.

Answer 9

2.

To determine

Inventoriable Costs:

Inventoriable Costs is the cost of inventory hold by the business and are shown as an asset in the balance sheet and will be treated as an expense in the period in which the goods are sold.

Period Costs:

Period Costs is the cost incurred by the business except the cost of goods sold. Period costs are the expense of the same period in which it is incurred.

To identify: The total inventoriable costs and total period costs.

Answer 10

3.

To determine

To identify: The situation when design and R & D costs are regarded as product costs.

Answer 11

3.

To determine

To identify: The situation when design and R & D costs are regarded as product costs.

Answer 12

4.

To determine

To identify: The unit costs.

Answer 13

4.

To determine

To identify: The unit costs.

Answer 14

5.

To determine

To identify: The total costs.

Answer 15

5.

To determine

To identify: The total costs.

Answer 16

6.

To determine

To identify: The depreciation on equipment.

Answer 17

6.

To determine

To identify: The depreciation on equipment.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 21

Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3Q Ch. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9Q Ch. 2 - What are three different types of inventory that...

To identify: The situation when design and R & D costs are regarded as product costs.

To identify: The unit costs.

To identify: The total costs.

To identify: The depreciation on equipment.

Want to see the full answer?

Chapter 2 Solutions