1. A ___________ is anything for which a measurement of costs is desired. A. Cost Allocation...
1. A ___________ is anything for which a measurement of costs is desired.
A. Cost Allocation Base
B. Cost Pool
C. Cost Object
D. Cost Application Base
4. ___________ is the process of assigning indirect costs to products.
A. Cost Allocation
B. Job Costing Recording
C. Cost Pooling
D. Cost Tracing
Homework Answers
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1A) Option C is the answer Cost object is anything for which a measurement of costs is desired |
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4) Option A is the answer Cost allocation is the process of assigning indirect costs to products |
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1. A ___________ is anything for which a measurement of costs is
desired.
A. Cost Allocation...
4.an increase in direct labor costs per unit a. Increases the fixed costs b. increases profits...
4.an increase in direct labor costs per unit a. Increases the fixed costs b. increases profits C. Increases variable costs d. Increases overhead costs 5.which of the following is true of the work in process control account? a. It tracks all direct material purchases b. Its balance is the sum of amounts from all "in process individual job costs records C. It is an expense account d. It tracks overhead costs in process from beginning through completion 6. The cost...
The cost allocation base O A. are costs related to a particular cost object that cannot...
The cost allocation base O A. are costs related to a particular cost object that cannot be traced to that cost object in an economically feasible way B. is anything for which a measurement of costs is desired O C. is a systematic way to link an indirect cost or group of indirect costs to cost objects D. is a grouping of individual indirect cost items
m anfatur veral different products. Unit costs associated with 19) The American West Com ORD210 are...
m anfatur veral different products. Unit costs associated with 19) The American West Com ORD210 are as follows Direct materials Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions (2% of sales) Administrative salaries Total $200 What are the inventoriable costs per unit associated with Product ORD210? A) $124 B) $114 C) 5144 Explanation: A) D) 5134 C) $90. $24.520 510 5144 20) Pederson Company reported the following: Manufacturing costs Units manufactured Units sold Beginning inventory S187000 17.000...
26. A cost allocation rule is the method or process used to assign the costs in...
26. A cost allocation rule is the method or process used to assign the costs in the A) cost allocation; cost pool. B) Cost pool; cost object. C) cost object; cost pool. D) cost pool; opportunity cost 27. The cost of the direct labor will be treated as an expense on the income statement when A) payroll costs are paid. B) products are completed. C) products are sold. D) payroll costs are incurred 28. The corporate controller's dalary...
1. Which of the flowing out t o - 25 min mandat 1.225 of direct op...
1. Which of the flowing out t o - 25 min mandat 1.225 of direct op medi o a a customer s 2. When 24000 units produced warbleco 125 or when 1000 For a manufacturing company direct mandou may be induced and Only in the merchandisiner i ng Only in bom work in procesory and the y 5in a cos e coa product the ssin a company's balance sheet when the co COGSonywhere products Labies in a company's lance sheet...
The dual-rate cost-allocation method classifies costs in each cost pool into a ________. A) budgeted-cost pool...
The dual-rate cost-allocation method classifies costs in each cost pool into a ________. A) budgeted-cost pool and an actual-cost pool B) variable-cost pool and a fixed-cost pool C) direct-cost pool and an indirect-cost pool D) direct-cost pool and a reciprocal-cost pool To guide cost allocation decisions, the ability to bear criterion ________. A) is the primary criterion used in activity-based costing B) allocates cost among the beneficiaries in proportion to the benefits each receives. C) results in subsidizing products that...
True or False 6. An architect is a business which is likely to use job costing....
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
1) In perfect competition, additional sales will be profitable if ________. A) the marginal cost is...
1) In perfect competition, additional sales will be profitable if ________. A) the marginal cost is less than marginal revenue B) sales price exceeds the variable product cost C) total variable cost is less than sales price D) the fixed cost equals the contribution margin 2) When allocating indirect production costs to cost objects, which of the following is/are a cost-allocation base(s)? A) some measure of input or output that determines the amount of cost to be allocated to a...
2. Job costing is A) used by businesses to price identical products B) used by businesses...
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed 3. Which of the following companies will use a process costing system? A) an oil refining company B) a manufacturer of ships C) a custom kitchen cabinet company D) an advertising firm 4. Job-costing is likely to be used by A) oil...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
4.an increase in direct labor costs per unit a. Increases the fixed costs b. increases profits C. Increases variable costs d. Increases overhead costs 5.which of the following is true of the work in process control account? a. It tracks all direct material purchases b. Its balance is the sum of amounts from all "in process individual job costs records C. It is an expense account d. It tracks overhead costs in process from beginning through completion 6. The cost...
The cost allocation base O A. are costs related to a particular cost object that cannot be traced to that cost object in an economically feasible way B. is anything for which a measurement of costs is desired O C. is a systematic way to link an indirect cost or group of indirect costs to cost objects D. is a grouping of individual indirect cost items
m anfatur veral different products. Unit costs associated with 19) The American West Com ORD210 are as follows Direct materials Direct manufacturing labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions (2% of sales) Administrative salaries Total $200 What are the inventoriable costs per unit associated with Product ORD210? A) $124 B) $114 C) 5144 Explanation: A) D) 5134 C) $90. $24.520 510 5144 20) Pederson Company reported the following: Manufacturing costs Units manufactured Units sold Beginning inventory S187000 17.000...
1. Which of the flowing out t o - 25 min mandat 1.225 of direct op medi o a a customer s 2. When 24000 units produced warbleco 125 or when 1000 For a manufacturing company direct mandou may be induced and Only in the merchandisiner i ng Only in bom work in procesory and the y 5in a cos e coa product the ssin a company's balance sheet when the co COGSonywhere products Labies in a company's lance sheet...
True or False
6. An architect is a business which is likely to use job costing. 7. Prime costs are direct labour and direct material. 8. GAAP requires a product cost for finished goods inventory only. 9 Goods that are in production but not yet complete are classified as work in process. 10. Inventory is reported at cost in the statement of financial position. 11. Cost of sales is shown in the statement of financial position 12. Non-manufacturing costs are...
2. Job costing is A) used by businesses to price identical products B) used by businesses to price unique products for different jobs C) used to calculate equivalent units D) used to calculate the percentage of work completed 3. Which of the following companies will use a process costing system? A) an oil refining company B) a manufacturer of ships C) a custom kitchen cabinet company D) an advertising firm 4. Job-costing is likely to be used by A) oil...
2. The formula for pre-determined overhead rate is: a. Estimated allocation base divided by estimated overhead b. Estimated allocation base minus estimated overhead c. Estimated overhead minus estimated allocate base d. None of the above 3. If Product T requires highly skilled employees to make it and Product Pis labor intensive and if machine hours is 20% of the non-overhead cost, then a. The allocation base for Product P should be direct labor cost and the allocation base for Product...
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