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.

A costing system where all product costs are recorded at standard cost while the products are being made is referred to as   A.) standard costing B.) variable costing C.) normal costing D.) full costing

! Required information [The following information applies to the questions displayed below.] Cane Company manufactures two products called Alpha and Beta that sell for $135 and $95, respectively. Each product uses only one type of raw material that costs $6 per pound. The company has the capacity to annually produce 105,000 units of each product. Its unit costs for each product at this level of activity are given below: Direct materials Direct labour Variable manufacturing overhead Traceable fixed manufacturing overhead Variable selling expenses Common fixed expenses Cost per unit Alpha $30 23 10 19 15 18 $115 Beta $18 16 8 21 11 13 $87 The company considers its traceable fixed manufacturing overhead to be avoidable, whereas its common fixed expenses are deemed unavoidable and have been allocated to products based on sales dollars.

Cost of Goods manufactured is equal to: A. Beginning W.I.P. + Manufacturing Cost less indirect cost applied – Ending W.I.P B. Beginning W.I.P. + Direct material used during current period + Direct Labour cost for current period + Manufacturing overhead applied for current period – Ending W.I.P C. Beginning W.I.P. less indirect manufacturing overhead + Direct material used during current period + Direct Labour cost for current period + Manufacturing overhead applied for current period – Ending W.I.P D. Beginning W.I.P. less period cost + Manufacturing Cost less indirect cost applied – Ending W.I.P

Manufacturing overhead is what is left after subtracting direct labor and direct material from total manufacturing costs. True or False True False

Which of the following is not a method of cost absorption? (a) Percentage of direct material cost (b) Machine hour rate (c) Labour hour rate (d) Repeated distribution method

provide correct option with explanation

None

Prime costs are: A) Direct Materials only B) Direct Labor and Overhead C) Direct Materials and Overhead D) Direct Materials and Direct Labor

A cost objective is: Select one: O A. Confined to direct costs O B. The purpose for which costs are accumulated O C. Relevant only to the manufacturing situation O D. All of the above