15. Mindanao, Ine, made the following expenditures relating to Product M: *Legal costs to file patent on Product M, P20,000, Production of the finished product would not have been undertaken without the patent. *Special equipment to be used for the development of Product M, P120,000. The equipment can be used only for Product M. Estimated useful life is four(4) years. *Labor and material costs incurred in producing a prototype model, P400,000. *Cost of testing the prototype, P160,000, What is the total amount of costs that will be expensed when incurred?

Q: The definition of the cost is the collection of cost data in some organized way by means of an…

A: Cost is amount of cost incurred

Q: Please explain with examples briefly benefits of accounting system for manual cost accounting?

A: Cost accounting: It is a branch of managerial accounting that focuses on calculation of total cost…

Q: Give detail definition on operational cost and explain in detail how the operational cost is…

A: Introduction:- The following definition of operational cost as follows under:- Operating costs are…

Q: why it is necessary to monitor cost per product or unit operating cost in order to determine the…

A: Cost refers to the value in money to be incurred for running the business or day-to-day activities…

Q: Please explain with examples briefly benefits of accounting system for automated cost accounting?

A: Cost accounting: It is a form of managerial accounting which focuses on calculation of company's…

Q: What are the different type of costs? Describe each.

A: In cost accounting, The accounting process deals with the total costs incurred in the production…

Q: Explain the difference between direct costs and indirect cost

A: Direct cost is the cost incurred by the organization while performing their center business process…

Q: Define the meaning of cost. Please help me I really need the answer, clear explanation please, thank…

A: Cost: It refers to the monetary expenditure that a firm must incur in order to purchase or hire the…

Q: Is there a difference between relevant costs and incremental costs? Explain

A: Relevant cost: Relevant cost is the cost which is relevant in decision making of a project, and…

Q: What are the different types of Costs? (all type of Costs please like direct cost, indirect, fixed,…

A: Cost of a product is the amount incurred in the process of bringing the product to its final state.

Q: What are the different types of cost?

A: Costs refer to any expenditure done by a business or a firm in the process of production of a…

Q: Which of the following costs is relevant in decisionmaking? committed costs accounting costs cash…

A: Following is the answer to the given question

Q: Giving examples, distinguish between  Direct costs and indirect costs

A: Direct Costs are the costs that can be directly traced with the goods produced. It generally…

Q: Discuss the characteristics and costs of useful information. What makes information useful and what…

A: Accounting information is broad in nature and should be structured to meet the information needs of…

Q: relevant and irrelevant cost

A: Relevant and irrelevant costs are categories of costs based on their effect on decision making.

Q: Explain service method of allocating prior service cost.

A: Service cost refers to the part of pension expenses deducted every year. Service cost is amortized…

Q: Define and discuss the difference between indirect and direct cost. Provide an example of each.

A: Direct costs are expenses for manufacturing and selling products. Direct costs include the cost of…

Q: How are joint costs allocated? Explain and analyze using numerical example.

A: Joint Costs In business different costs are incurred in the production process, but in certain…

Q: What is a standard cost? Explain? Give an example?

A: Standard Cost: Standard cost is the benchmark amount of per unit product, per unit input or per unit…

Q: In order to analyze the c-v-p relationship , what types of costs should be classified ? Why?

A: C-V-P relationship means the cost volume and profit relationship. This is usually done to recognize…

Q: Data Master is a computer software consulting company. Its three major functional areas are computer…

A: It is a cost allocation technique used in managerial accounting. This method involves allocating…

Q: What is life-cycle and/or full-cost accounting? IS THERE A DIFFERENCE?

A: In this question, we have to tell about life-cycle costing and full cost accounting, whether these…

Q: Explain the major reasons for allocating costs.

A: The entity allocates its cost by using a different measure. The cost that is allocated is common and…

Q: need distrebution the cost of service centers to the production center.

A: Overhead is the cost that is directly involved in the production process of the company. It is…

Q: avoidable and unavoidable cost?

A: Costs are the amount incurred for the different purposes of the business. It is defined in monetary…

Q: Cost allocation is a general term that refers to identifying accumulated costs with, or tracing…

A: Answer:- Cost allocation:- Identification, agglomeration, and assignment of costs to cost objects…

Q: Can you label revenue, loss, total costs, dollars, variable cost, and fixed cost on the provided…

A: Cost Volume Profit Analysis (CVP Analysis): This analysis is helpful in determining how any type of…

Q: are measures of activities that require the use of resources and thereby cause costs Value Chain…

A: Solution: Cost drivers are measure of activities that requires the use of resources and thereby…

Q: Define Cost Pool, Cost Object and Cost Driver

A: Cost accounting forms a part of managerial accounting method that is used for measurement of total…