Cost of goods manufactured is calculated as follows: Select one: a. Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. O b. None of the answers are correct O c. Beginning WIP + direct materials used + direct labor + manufacturing overhead - ending WIP. d. Direct materials used + direct labor + manufacturing overhead - ending WIP - beginning WIP. e. Direct materials used + direct labor + manufacturing overhead - beginning WIP + ending WIP.

Cost of goods manufactured is calculated as follows: Select one: a. Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP. O b. None of the answers are correct O c. Beginning WIP + direct materials used + direct labor + manufacturing overhead - ending WIP. d. Direct materials used + direct labor + manufacturing overhead - ending WIP - beginning WIP. e. Direct materials used + direct labor + manufacturing overhead - beginning WIP + ending WIP.

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Description: Cost of goods manufactured is calculated as follows:Select one:a. Beginning WIP + direct materials used + direct labor + manufacturing overhead + ending WIP.O b.None of the answers are correctO c. Beginning WIP + direct materials used + direct labor

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 17MC: Under absorption costing, a unit of product includes which costs? A. direct material, direct labor,...

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Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expense
Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used
With nonuniform inputs, the cost of EWIP is calculated by a. adding the materials cost to the conversion cost. b. subtracting the cost of goods transferred out from the total cost of materials. c. multiplying the unit cost in each input category by the equivalent units of each input found in EWIP. d. multiplying the total unit cost by the units in EWIP. e. None of these.
Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Which of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expenses
Under variable costing, a unit of product includes which costs? direct material, direct labor, and manufacturing overhead Direct material, direct labor, and variable manufacturing overhead Direct material, direct labor, and fixed manufacturing overhead D. Direct material, direct labor, and all variable manufacturing overhead
Which is not a step In activity-based costing? A. identify the activities performed by the organization B. identify the cost driver(s) associated with each activity C. compute a cost rate per production D. assign costs to products by multiplying the cost driver rate by the volume of the cost driver units consumed by the product
Which is not a task typically associated with ABC systems? A. calculating the overhead application rate for each cost pool B. applying a single cost rate C. identifying a cost driver D. more correctly allocating overhead costs
For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost
Which of the following are prime costs? A. indirect materials, indirect labor, and direct labor B. direct labor, indirect materials, and indirect labor C. direct labor and indirect labor D. direct labor and direct materials
Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver for production/estimated overhead for the activity B. estimated overhead for the product/estimated use of the cost driver for the activity C. estimated use of the cost driver for production/estimated overhead for the activity D. estimated overhead for the activity/estimated use of the cost driver for the activity
The cost behavior patterns below are lettered A through H. The vertical axes of the graphs represent total dollars of expense, and the horizontal axes represent production in units, machine hours, or direct labor hours. In each case, the zero point is at the intersection of the two axes. Each graph may be used no more than once. Required: Select the graph that matches the lettered cost described here. a. Depreciation of equipmentthe amount of depreciation charged is computed based on the number of machine hours that the equipment was operated. b. Electricity billflat fixed charge, plus a variable cost after a certain number of kilowatt hours are used. c. City water billcomputed as follows: d. Depreciation of equipmentthe amount is computed by the straight-line method. e. Rent on a factory building donated by the citythe agreement calls for a fixed fee payment, unless 200,000 labor hours are worked, in which case no rent need be paid. f. Salaries of repair workersone repair worker is needed for every 1,000 machine hours or less (i.e., 0 to 1,000 hours requires one repair worker, 1,001 to 2,000 hours requires two repair workers, etc.).