Define product cost

Q: a prod

A: Standard costs are the anticipated costs of manufacturing the product. Standard Direct Materials…

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: Explain unit product cost under variable costing.

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

Q: Distinguish between Period cost and Product cost? Give two examples of each cos

A: Classification of costs on the basis of functions:- 1. Product Cost 2. Period Cost

Q: Distinguish between the following set of terms: Direct product costs and indirect product…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

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: benefits of costing system

A: A costing system is prepared to analyze the costs incurred in a business organization. The system…

Q: Classify the following cost drivers as structural, executional, or operational.

A: Classification of cost derives: Classification 0f the given cost drivers as structural, executional,…

Q: How to deal with cost accounting

A: Cost accounting refers to the accounting which dealt with the aggregate cost of production of…

Q: What is activity base cost management?

A: Activity-based costing commonly referred to as ABC is a part of cost accounting. Cost accounting is…

Q: Explain Classifying Costs for Manufacturing Environments?

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

Q: How to calculate manufacturing costs

A: How to calculate manufacturing costs.

Q: xplain the main principles of Direct costing

A: Solution Concept Direct costing                 This is a method of costing which is based on the…

Q: Explain the purpose of the cost accounting system

A: Cost Accounting involves accounting for all the cost incurred by the business. This takes in account…

Q: Describe the term direct costing.

A: Direct costing: It is the method wherein, the variable manufacturing costs are allocated to…

Q: Define the term traditional cost accounting.

A: Traditional costing is described as all of the overhead prices are assembled collectively and then…

Q: Define absorption costing.

A: Absorption costing refers to managerial accounting cost method for expending each costs associated…

Q: Which one of the following is another name for product costs? Select one: a. Direct costs b. Period…

A: Product cost means the cost of producing one unit of finished goods.

Q: Define unit costs.

A: Unit cost is the cost incurred by the company in the production, storage and selling of one unit of…

Q: cost

A: A standard fee accounting gadget works with the aid of using monitoring uncooked substances as they…

Q: The cost equation and the distinction between product and period costs are described

A: The cost equation and the distinction between product and period costs are described will be…

Q: Define production cost report.

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

Q: Briefly explain how product costs are viewed on a flow-of-activity basis.

A: Product costs on a flow-of-activity basis involve looking at the costs associated with the…

Q: The product cost  period cost  opertunity cost

A: Solution:- 1)Calculation of product cost as follows under:- Product cost means costs incurred to…

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.