Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and fixed cost. Direct cost and indirect cost. Product cost and period cost. O Relevant cost and irrelevant cost.

Q: What type of cost drivers do modern costing systems use and how does it differ from the cost drivers…

A: Cost Driver Business activities are  influenced by a cost driver . Cost drivers are the factors…

Q: Explain unit product cost under variable costing.

A: Variable Costing: “Variable costing is a method that allocates only variable manufacturing costs to…

Q: When pricing products and using cost-plus pricing, which type of cost is perceived to be the safest…

A: In absorption costing , fixed manufacturing overhead will be included in stock valuation where as in…

Q: Understand costclassifications used in makingdecisions: differential costs,opportunity costs, and…

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: ost flow methods and assumptions. What

A: The different cost flow methods and assumptions are as follows: FIFO LIFO Weighted average

Q: Explain the difference between total variable costs and variable costs per unit.

A: Cost can be categorized as variable and fixed costs.

Q: Which is more consistent with cost-volume-profit analysis, variable costing or absorption costing?…

A: Absorption Costing: "Absorption costing is a method that allocates "direct labor, direct materials,…

Q: In applying the high-low method of cost estimation to mixed costs, how is the total fixed cost…

A: Mixed cost also called the semi variable cost . Mixed cost contains both fixed and variable cost .…

Q: How do you prepare an absorption and variable costing income statement show a draft or format only.

A: An income statement is prepared by the organization to measure the revenues generated during the…

Q: Describe the uses of cost-plus pricing.

A: Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling…

Q: Are selling and administrative expenses treated as product costs or as period costs under variable…

A: Selling and administrative expenses:   These expenses incurred by the company does not relate to the…

Q: Show income comparison's of absorption and variable costing?

A: Absorption costing method can be defined as the all the costs that is associated with the production…

Q: Explain average cost method.

A: Average cost method: Under average cost method inventories are priced at the average of all…

Q: When using the total cost concept of applying the cost-plus approach to product pricing, what is…

A: Answer In total cost concept  of applying  cost plus approach  of product pricing , the total cost…

Q: When pricing a product or service, managers must consider which of the following? Only period costs…

A: Pricing a product is considered as one of the marketing strategy.

Q: Which costing techniques are related to a predetermined cost as a performance targe and actual…

A: Solution: "Standard costing" are related to a predetermined cost as a performance target and actual…

Q: Why is it important to keep track of both direct and indirect costs? How do these costs effect…

A: (a )If we keep a tracking record of direct and indirect costs we can determine the firm's…

Q: determine unit cost under variable costing?

A: Costing techniques are important concept used in cost accounting branch. There are two type of…

Q: Giving examples, distinguish between Variable cost and Fixed costs

A: Introduction: Costs: Costs are of two types: 1 ) Fixed costs 2 ) variable costs

Q: Cost classifications used for preparing financial statements Include: Multiple Choice Product cost…

A: Answer : Concept :  Product cost is the cost that can be directly associated with the product and…

Q: In CVP Analysis, total costs are defined as costs derived from product costs and period costs. TRUE…

A: Cost-volume-profit analysis is used to determine how the company's profit has been affected due to…

Q: Explain variable costs, fi:xed costs, average variablecosts, average fixed costs, and average total…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: ost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost…

A: Cost Classification Determining the cost in the organisation is one of the important part in the…

Q: calculate the total product cost per unit under variable costing.

A: Total product cost per unit is the cost of the unit which has been incurred by the company in order…

Q: Marginal Costing refers to product costing methods that exclude ________ from product costs a)…

A: Using marginal costing, only variable costs are included in product cost.

Q: Assuming that direct labor is a variable cost, the primary difference between the absorption and…

A: Major difference between absorption and variable costing is fixed cost allocation across all units…

Q: Classify each cost item of Pick, AUM branch, as variable, fixed or semi-variable.

A: Types of Cost 1. Variable Cost: The cost which vary with the variation in the volume of output is…

Q: Briefly define total cost and marginal cost.

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Q: It is important to understand variable and fixed costs, average expenses, and the overall costs.

A: Introduction: We're only responding to the first three subparts, so if you have a question that…

Q: Explain the difference between  - Absorption and Marginal Costing

A: The Question has covered the concept of Absorption and Marginal Costing. Absorption Costing The…

Q: The cost that is used for the benefit of many cost objects and cannot be easily related to any…

A: Answer is as follows

Q: В. Explain the following: Product costs and Period costs and one example of each. Distinguish…

A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and…

Q: What is meant by the term cost driver? What is a volume-based cost driver?

A: Activity-based costing: It is a method that helps in finding the activities performed by a company…

Q: simple cost analysis method to identify fixed costs and variable costs in a linear cost function is…

A: High low method is method which separates the elements of fixed cost and variable cost from the…

Q: difference between absorption costing and variable costing

A: [Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: key different in accounting for costs between absorption and variable costing

A: Absorption costing and variable costing are two methods of costing products.

Q: h of the following is the format of the income statement that is MOST useful in decision-making?…

A: Solution: For the purpose of decision making, we need to have comparison of relevant revenues and…

Q: Which one of the following is correct about variable costing systems? Select one: a. Normally result…

A: Under the variable costing system, the product cost includes direct material, direct labor, direct…

Q: Briefly explain the difference between absorption costing and variable costing.

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With…

Q: A 'product' cost is a cost that is classified by:    a. behavior       b. function       c.…

A: The cost incurred on production directly or indirectly related to production is said to be product…

Q: Distinguish between fixed cost and variable cost.

A: Fixed Costs: These are the costs that remain constant in total dollar amount irrespective to the…

Q: Product and period cost according to absorption costing and Variable costing with examples ?

A: Absorption costing is a method where all the cost related to the manufacturing process is considered…