Fixed Cost: It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost. Variable Cost: Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level. To identify: Whether the given cost is fixed cost or variable cost.

Question

Want to see the full answer?

Answer 1

Question

Chapter 21, Problem 1E

To determine

Fixed Cost:

It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost.

Variable Cost:

Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level.

To identify: Whether the given cost is fixed cost or variable cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Please provide answer solution this financial accounting question

Provide correct answer please general accounting

What is the return on equity of this financial accounting question?

Answer 2

Question

Chapter 21, Problem 1E

To determine

Fixed Cost:

It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost.

Variable Cost:

Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level.

To identify: Whether the given cost is fixed cost or variable cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 21, Problem 1E

To determine

Fixed Cost:

It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost.

Variable Cost:

Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level.

To identify: Whether the given cost is fixed cost or variable cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 21, Problem 1E

To determine

Fixed Cost:

It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost.

Variable Cost:

Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level.

To identify: Whether the given cost is fixed cost or variable cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 21, Problem 1E

To determine

Fixed Cost:

It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost.

Variable Cost:

Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level.

To identify: Whether the given cost is fixed cost or variable cost.

Answer 6

Chapter 21, Problem 1E

To determine

Fixed Cost:

It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost.

Variable Cost:

Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level.

To identify: Whether the given cost is fixed cost or variable cost.

Answer 7

Chapter 21, Problem 1E

To determine

Fixed Cost:

It is a type of cost which does not vary with variation in production. It cannot be avoided by organization with regard to level of production. It remains same in short term. It is also known as period cost.

Variable Cost:

Variable costs are volume related costs that is they get varied with change in level of production. It increases with increase in production level and decreases with decrease in production level.

To identify: Whether the given cost is fixed cost or variable cost.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 21 - Prob. 1MCQ Ch. 21 - Prob. 2MCQ Ch. 21 - Prob. 3MCQ Ch. 21 - A Company’s standard for a unit of its single...Ch. 21 - Prob. 5MCQ Ch. 21 - Prob. 1DQ Ch. 21 - Prob. 2DQ Ch. 21 - Prob. 3DQ Ch. 21 - Prob. 4DQ Ch. 21 - Prob. 5DQ

Videos

Want to see the full answer?

Chapter 21 Solutions