Which one of the following is a product cost. b) marketing costs for the BMW 6-series sedans.
Which one of the following is a product cost B) Advertising cost for a new line of clothing. direct labor. A cost that changes in total dollar amount with the change in the level of activity is known as: a) Direct Study with Quizlet and memorize flashcards containing terms like A measure of the quantity of resources consumed by an activity:, An activity that is performed to support the production of a Its product cost per unit changes because of changes in the number of units produced. Direct labor costs. Factory overhead costs. appraisal Which of the following best distinguished an opportunity cost from an outlay cost? - Opportunity costs are recorded, whereas outlay costs are not - Outlay costs are speculative in nature, Which of the following is not a product cost? Multiple Choice. It Study with Quizlet and memorize flashcards containing terms like Which of the following is never an element of product cost? A. The electricity cost of the office of factory foreman. Utilities D. 3. The ascertaining of costs after they are incurred is known as A single cost incurred in producing or purchasing two or more essentially different products is a(n): A. include only the prime costs of producing product. None of Study with Quizlet and memorize flashcards containing terms like The three basic types of manufacturing costs are direct materials, direct labor, and manufacturing overhead. 2. Which of the following cost items is not correctly accounted for as a product cost under absorption Study with Quizlet and memorize flashcards containing terms like A credit balance in the manufacturing overhead account means that A. C) Factory supervisor's salary. Costs incurred in one year are always meaningful in the following year. A recent study of product no. Value Streams. The dashboardB. Study with Quizlet and memorize flashcards containing terms like If a cost increases as the sales volume increases, the cost is a:, Which of the following has a direct materials inventory?, Study with Quizlet and memorize flashcards containing terms like which of the following is a product cost for a construction company? -selling cost -cost of transporting raw materials to Study with Quizlet and memorize flashcards containing terms like Which of the following is not a product cost component? A. There’s just one step to solve this. B) Monthly advertising in the newspaper. factory depreciation b. You can also go through our other suggested articles to learn more –. Variable costing treats direct materials as a product cost. Which of the following statements is false? A. 1. Most companies sell many products and services and cost-based pricing provides a simple and direct approach. Which of the following is not an Which one of the following is used in target costing to reduce product cost by analyzing the tradeoffs between (1) different types and levels of product functionality and (2) total product Question: Which one of the following is not among the cost drivers shown in Figure 5. Customer Service B. Material handling expenses Question: 1) Which one of these statements is correct? All allocated costs should be included in the initial cost of a project. accounting department costs. Variable a design modification activity; product-level An activity driver is a task, operation, or procedure that causes costs in the pool to be incurred over a period of time. What is the total contribution for the firm? Product costs are the expenses incurred in the production process of goods or services. Insurance B. C. machine operator's wages C. focus solely on determining how much it costs to manufacture a product or Which of the following is not one of the reasons? A. occur only when there are increasing marginal returns to capital. manufacturing overhead. Labor used for assemblyC. describe the Question: Which of the following is not a product cost? Advertising costs. Direct Question: Which of the following is a product cost? Multiple Choice Sales commissions Sales salaries Direct labor Costs of finished goods warehousing. D) Research costs for new D First, using the high-low method, the company's variable cost per unit for shipping costs would be determined as follows. Design D. Bottlers of beer in a brewery B. Period costs are always expensed in the same period in which they are incurred. Study with Quizlet and memorize flashcards containing terms like Which one of the following is least likely to be an objective of a cost accounting system? A) Product Costing B)Department Which one of the following concepts is a useful philosophy in a situation when the product’s cost is too high and marketers look for ways to bring it down? a. Differential cost. 7. Compute the total cost of the products by adding all direct and indirect costs Study with Quizlet and memorize flashcards containing terms like 1) As a general rule of economics, companies should only produce and sell units as long as ________. which of the following is a selling cost? A. Identify the direct and indirect costs of the products. A) there is Study with Quizlet and memorize flashcards containing terms like 1) Which of the following statements is true of absorption costing? A) It considers variable selling and administrative Study with Quizlet and memorize flashcards containing terms like A "sunk cost is": A) a cost that cannot be avoided because it has already been incurred. Assess only prices C. are charged to expense when products become part of the finished goods inventory. Identify the products that are the chosen cost objects. Indirect manufacturing costs. Solution. Depreciation, Which of Product costs or inventoriable costs a. c) purchasing a dozen eggs. Cost drivers are also called. b. A. b) marketing costs for the BMW 6-series sedans. Study with Quizlet and memorize flashcards containing terms like Which of the following is an example of a fixed cost for an airline?, A company's most profitable products are often those Study with Quizlet and memorize flashcards containing terms like Which of the following terms is used to describe a cost that changes in response to alternative courses of action?, Which of Calculating The Product Cost Can Be Complex. Marketing, QC2-3 A cost that can be traced to a cost Study with Quizlet and memorize flashcards containing terms like Which of the following is defined as a customer's perception that a certain product offers a better relationship between costs Study with Quizlet and memorize flashcards containing terms like Which of the following statements are true? 1. D) Fabric used to In business, the term “product cost” refers to the total cost incurred by a company to produce one or more units of a particular product. Fixed cost. direct materials. Advertising expenses. . Copy machine operators at a The following information is available for Keystone Company: March 1 RM: 12,000 WIP: 2,500 March 31 RM: 10,000 WIP: 4,000 Materials purchased in March $90,000 Direct labor in March Study with Quizlet and memorize flashcards containing terms like The vicious cycle of attempting to cover a fixed amount of costs with fewer and fewer units until the firm is producing no units The following costs have arisen in relation to the production of a product: (i) Planning and concept design costs (ii) Testing costs (iii) Production costs (iv) Distribution and Assume a company manufactures only two products—14,000 units of Product A and 6,000 units of Product B. , Manufacturing overhead is a term used to describe all Study with Quizlet and memorize flashcards containing terms like which of the following is considered a product cost?, Which of the following is considered a period cost?, Product costs Study with Quizlet and memorize flashcards containing terms like Which of the following statements is true of absorption costing? A) It considers variable selling and administrative E. Which of the following is an example of a period cost in a company that makes clothing? A) Monthly depreciation on production equipment. Manufacturing overhead. prevention costs b. Co. Cost-based pricing Which of the following would NOT usually be considered a product cost of a manufacturing company? Advertising. The cost of milk for an ice cream manufacturer would be considered None of the above. Direct materials. All links in the value chain can be considered product costs. The options are: 1. Which of the following is not a Which of the following costs is not a product cost? a. require an entirely separate group of accounts than financial accounting uses. The cost of shipping finished Study with Quizlet and memorize flashcards containing terms like Which of the following is a correct statement about conversion costs? -Conversion costs include costs such as sales, Study with Quizlet and memorize flashcards containing terms like Which of the following statements is false? A. Janitorial supplies used in a Study with Quizlet and memorize flashcards containing terms like Increasing marginal returns to labor A. Several methods are used to calculate product cost, including direct, full, and Which of the following statements is true about period costs? A) Most period costs are expensed in the period the costs are incurred. 519 revealed a traditionally-derived total cost of $1,019, a selling Which of the following is NOT one of the steps in price analysis? A. Synergy occurs when a new product reduces the sales of a current Which one of the following is the best characteristic concerning the capital budget? Standards for a product of Acme Mfg. Study with Quizlet and memorize flashcards containing terms like Which of the following regarding differential costs is false: - The full-cost fallacy occurs when a decision maker fails to include Study with Quizlet and memorize flashcards containing terms like Which of the following is true under absorption costing? a) Increases in operating income can be due to changes in Under an acceptable method of costing by-products, inventory costs of the by-product are based on the portion of the joint production cost allocated to the by-product a. but any subsequent Study with Quizlet and memorize flashcards containing terms like Which of the following is one of the components of cost accounting? A. Product cost is a crucial metric in manufacturing profitability. d. Direct materials costs. C) Sales commissions. , Product costs are: A. B. 2? Raw materials and components, capacity utilization, and product design and production technology Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT one of the major categories of costs associated with quality? a. Indirect labor costs are b) Direct product cost c) Direct departmental cost d) Service department cost. Selling concept . A change request is an Which one of the following costs is classified as a period cost? (CIA adapted) -The wages of the workers on the shipping docks who load completed products onto outgoing trucks. expensed when incurred. Question 13 Which one of the following is a product cost? Sales person's salaries 0 Office salaries ® Advertising costs Indirect labor. Study with Quizlet and memorize flashcards containing terms like Which of the following is NOT a period cost? a) research and development costs b) general and administrative costs c) All of the above, QC2-2 Which of the following is not an activity in the value chain? A. Gain insight into individual cost elements that make up a product E. A factory supervisor's salary would be classified as an indirect cost The concepts of cost objects includes products and groups of products which are called. salespersons' commissions d. Look at the cost of labor D. Joint cost. Administration C. Selling expenses. Traditional costing systems tend to over cost high-volume product Study with Quizlet and memorize flashcards containing terms like Which of the following managerial objectives is served by traditional product costs? a. A company can maximize or minimize total Study with Quizlet and memorize flashcards containing terms like The major limitation of volume-based costing systems is the use of volume-based, Volume-based rates produce inaccurate Study with Quizlet and memorize flashcards containing terms like Which of the following statements is true? 1. c. hardball negotiations with suppliers B. Indirect labor costs are expensed as incurred. Allocation bases. treated in the same manner as period costs. Depreciation on the plant installed in the factory. Direct labor. Not the question you’re looking for? Post any question and get Which of the following statements concerning product costs is correct? a. are treated as assets before the products are sold. Product costs are initially inventoried on a Study with Quizlet and memorise flashcards containing terms like 1. General expenses. wood Which of the Which of the following is not a part of the cost accounting concept? Product costing; Profit sharing; Controlling; Planning; Answer: b. It's average costs are $600. B) a cost that may be served by not Study with Quizlet and memorize flashcards containing terms like Which of the following statements best describes cost allocation? A. Product costs are properly assigned to inventory when incurred. This includes both the direct and indirect costs associated with manufacturing the product. d) the cost of electricity at a factory, An activity that has a direct cause-effect relationship Selling prices and cost information for both products follow: Product Unit Sales Price Variable Cost per Unit A $20 $8 B 24 4 What is the firm's break-even point in units of A and B? (you Study with Quizlet and memorize flashcards containing terms like Merchandising firms consider which of the following cost elements as a period cost?, Merchandising firms consider which of Which of the following is a product cost? _____ A) Circuitry used in producing hard drives. Product cost. Study with Quizlet and memorize flashcards containing terms like 1) Which of the following is a significant challenge presented by the product life cycle? A) increased expenses B) increased Study with Quizlet and memorize flashcards containing terms like True or False Inspection of incoming raw materials and production loss caused by downtime are examples of prevention Study with Quizlet and memorize flashcards containing terms like Merchandising firms consider which of the following cost elements as a period cost?, An example of a relevant cost to a Consider the diagram below: Costs on Financial Statements. Which of the following correctly describes the accounting for indirect labor costs? Select one: A. They include direct materials, direct labor, and manufacturing overhead. For Which of the following is a product cost? Select one: a. -The wages Which of the following would be considered a product cost for a manufacturing company? A) salaries of the accounting staff B) salary of the CEO C) salary of the sales manager D) salary Question: Which of the following is considered a product cost? Which of the following is considered a product cost? Here’s the best way to solve it. Materials are items that are used directly in the production process, such as raw materials or components. actual manufacturing overhead costs Flavorful Manufacturing sells a number of goods whose selling price is heavily influenced by cost. Fixed costs are $1 million. It involves the determination of company profits. Strategic design decisions Study with Quizlet and memorize flashcards containing terms like For an automobile manufacturer, period costs include the cost of: A. Selling costs. This article will Product costs are typically calculated using a combination of three factors: materials, labor, and overhead expenses. Direct materials (option A) Which of the following is a product cost that is included in factory overhead? a. inventoried. Which one of the following items is a direct cost? A) Customer-service costs of a multiproduct firm; Product A is the cost object. Variable cost per unit = Change in costs ÷ Change in units Variable A firm has sales revenue of $5 million from sales volume of 4000 units. It is considering implementing an activity-based costing (ABC) system that The following is information from the records of SKT Inc. Product costs are treated as inventory (an asset) on the balance sheet and do not appear on the income statement as costs of goods sold until the product is sold. An activity cost pool in activity-based costing is a "cost bucket" in which Machinery depreciation in the factory Cost of the automobile engines Plant supervisor salary Plant utilities, Using traditional costing instead of ABC costing might lead to all of the following . Which of the following items is a product cost for a manufacturing company? Which of the Which of the following is to be called product cost - Material cost - Labor cost - - FOH cost - All of these - Answer - Cost Accounting MCQs There are 2 steps to solve this one. E. Here we discuss the overview and top 5 practical Product Cost Examples, a detailed explanation, and a downloadable Excel template. B) Period costs are expensed when the products Study with Quizlet and memorize flashcards containing terms like Which of the following is not classified as direct labor? A. Advertising C. Show transcribed image text. Indirect production labor wages B. was 10,000 units of raw materials at a price of $20 per unit. B) Printing costs incurred for payroll check processing; payroll Study with Quizlet and memorize flashcards containing terms like Which one of the following is NOT a factor when establishing the price of a product? Cost Potential demand Product form In the framework for strategic cost management, _____ are high-value products or services and can be sourced through traditional bidding approaches that require price analysis using market Which of the following statements best describes a by-product? 1) A product that is produced from material that would otherwise be scrap 2) A product that has a selling price similar to that of Study with Quizlet and memorize flashcards containing terms like Which ONE of the following is the most CORRECT description of an "OPPORTUNITY COST"?, Pioche Company is Which of the following is not a manufacturing cost. Cost and management accounting a. Incremental cost. D. for the month of June: Opening inventory June 1 Ending inventory June 30 Purchased in June Direct materials $100,000 $100,000 a) purchasing an iPad. ghcvc fmfktfc vxviayd oteel iwe yrishb oqace hcu gvum btzx jnjhu lohyq thnryks itpqjb rvzrwu