2. How much of the materials in (1) above consisted of indirect materials?

Q: Why is it important to consider the relationships amongcost, quality, and selling prices when…

A: The question has covered the relationship between Cost, Quality , and Selling Price For setting up…

Q: Explain the implementation issues of the cost estimation methods

A: Cost estimation is the process of determining the probable cost of a product before starting the…

Q: Define Raw materials.

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

Q: The standards for direct materials are made up of which of the following components?

A: The pricing standard and quantity standard are the elements of direct material variances. Direct…

Q: Conversion costs include A. product and period costs B. direct labor and manufacturing overhead…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Q1) Below are the examples of cost objects, except: a. product b. services c. department d.…

A: Cost object means something that the company should measure separately as a object which is…

Q: Which of the following is a conversion cost?A. raw materialsB. direct laborC. sales commissionsD.…

A: Conversion costs seem to be the expenses of converting raw resources into finished goods. In cost…

Q: What is included in indirect materials and indirect labor ?

A:

Q: What is the most important purpose of the cost of production report? Why?

A: Production report is the report which is made by the manufacturing company which makes the goods or…

Q: The standards for direct materials are made up of which of the following components? a.variance…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Examples of transaction costs

A: Transaction costs are the costs which occur during buying or selling of services and goods. They are…

Q: 3. Why there is a need to identify the standard cost?

A: Standard cost is the estimated cost of a certain process, resource or any item.

Q: Define each of the following terms:d. Flotation cost, F

A: Primary market is the place where company sells or offers new equity shares to the investors. New…

Q: Conversion costs are A. direct materials plus manufacturing overhead. B. direct labor plus…

A: Conversion cost are those cost which are incurred to convert raw material into finished goods.

Q: How does adding direct material at the beginning or end of a process affect the equivalent unit

A: Process costing is a significantly costing system to measure, monitor and control under different…

Q: what are relevent cost of direct material

A: The management of the manufacturing firm has to take certain decisions regarding the…

Q: Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are…

A: Direct materials refers to the tangible components that make up a product. Cost accounting uses the…

Q: Define cost of equipment.

A: Definition:   Assets: These are the resources owned and controlled by business and used to produce…

Q: What is underapplied overhead? Overapplied overhead?

A: The under applied overhead is explained as below,

Q: Define the term Raw-materials- inventory?

A: Inventory is the materials such as raw materials, finished products, in-process goods that are…

Q: What does the word "overhead application rate" mean?

A: Overhead is a term that refers to a continuous   The term "overhead application rate" refers to the…

Q: Describe the term cost of the direct materials.

A: Cost:  Cost refers to the expenses incurred by the business to earn revenue from sales, in other…

Q: What are the equivalent units of production?

A: Work-in-Process: It refers to the partially finished goods of a company waiting to be completed.…

Q: In terms of cost behaviour, telephone expense and direct materials are classified as: a. Variable…

A: In the context of the given question, we are required to find the correct option from the available…

Q: How can the work-in-process concept be viewed?

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

Q: Describe the effects of using direct and indirect material.

A: Direct materials are required directly in the production process like wood required to make…

Q: How are costs assumed to flow through the manufacturing process?

A: The costs incurred during manufacturing process are said to be manufacturing cost.

Q: Briefly explain how to use the physical-units method of joint cost allocation.

A: Cost:   It is the economic value of resources incurred by a firm to manufacture a product or render…

Q: standard cost

A: Standard cost systems are cost accounting systems in which standard is set for each item of cost and…

Q: Provide the meaning of material cost and the procedure for estimation of material cost

A: Material costs are those costs incurred to produce a product or provide a service. Any product has a…

Q: Do the engineering decisions account for the majority of product costs?

A: Yes, engineering decisions will account for the majority of the cost of the product. The main task…

Q: i) ii) a) b) d) explain the meaning of the term/technique, give two examples of its application,…

A: Cost accounting is one of the branches of accounting that deals with the costing and management of…

Q: Prime cost is? A)Group of answer choices B)indirect materials cost and direct labor cost.…

A: Prime cost refers to the cost related to direct labour and direct material  For example in the…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.