Beginning Merchandise Inventory $11,20,000 Sales commission $ 5,850 Direct wage $ 1, 00,000 Other direct Expenses $1000 Factory Rent $ 11,000 Factory Building depreciation $ 20,000 Office managers salary $ 18,000 Advertising $ 5,900 Sales discount $2,500 Sales [?] Closing Merchandise Inventory $1,15,000 Merchandise purchased $ 2, 10,000 Purchase returns $ 15,000 Purchase allowance $5,000 Freight in $ 11,000 Freight out $15,000

Q: Classify the following costs into either being product cost or period cost:(a) Raw material costs

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product.…

Q: What are life-cycle costs? How do these costs relate to the production life cycle?

A: Life cycle cost is the summation of all costs related to a product, structure, system, or service…

Q: How does a product cost differ from a general, selling, and administrative cost? Give examples of…

A: Product Cost: Product costs are the expenses directly associated with making a particular product.…

Q: What are the factors affecting equipment costs?

A: Equipment cost is the total cost incurred to bring the equipment in the useable state. It includes…

Q: manufacturing cost and non-manufacturing cost, provide an example of each type.

A: COST is a measurement in monetary terms of the amount of resources used for the purpose of…

Q: Need help to calculate the production cost per unit

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Change in direct materials cost per equivalent unit

A: The cost per equivalent unit for the material is based on the equivalent units for material and the…

Q: Explain Classifying Costs for Manufacturing Environments?

A: The costs are classified in the manufacturing environment as follows: Based on nature: Direct…

Q: Question: In a manufacturing setting, direct labor costs are considered: a) Variable costs b) Fixed…

A: Variable costs - Fixed costs - Mixed costs- Overhead costs

Q: manufacturing overhead handled in a process cost system

A: Indirect cost is the cost that is not directly involved in the production process of the company.

Q: what are relevent cost of direct material

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

Q: What are the uses for activity-based cost information in service industries?

A: Costing method is a method in which the total cost of the product is calculated.

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: Define the term manufacturing overheads.

A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…

Q: What is the unit product cost under variable costing

A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit for…

Q: re the difference between traditional product costs and activity-based product

A: Traditional product costs: The traditional method of allocating product costs is to allocate the…

Q: What is FIFO ? Explain FIFO in Process Costing in details.

A: The FIFO approach of process costing transfers expenses to the next division and then to completed…

Q: Define production cost report.

A: The production cost report. summarizes the production and cost activity within a department for a…

Q: do you determine the production

A:

Q: Which factors contribute to the cost of direct labor?

A: Direct labour refers to the labour which is directly related to the production of products of any…

Q: Indirect material, pounds per unit 0.15 Indirect material, cost per pound $2 Indirect labor hours 1…

A: solution: A flexible budget is a budget that is flexible for volume or level of activity. This is…

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: What kind of cost are considered Manufacturing Overhead Cost?

A: Manufacturing overhead costs are the costs in a factory that you can't easily link directly to a…

Q: How is the cost price of the finished product formed / shaped?

A: production of goods and providing of services various cost , These are variable and fixed , the…

Q: What does indirect cost includes?

A: Indirect costs: The costs, which do not relate directly with the manufacturing of products, are…

Q: What is the cost per equivalent unit for materials?

A:

Q: What is the independent and dependent variable? Labor Cost or Material Cost

A: A variable cost is one that changes depending on the volume of output or the scope of the services…

Q: what are the three major components of product costs: direct materials, direct labor, and…

A: The costs of producing a product are referred to as product costs. Direct material, direct labour,…

Q: s relevent cost of direct labour

A: Direct Labor: Direct labor includes personnel that are directly concerned within the production…

Q: Describe the Units-of-Production Method?

A:

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.