For each of the following costs, check the type that most likely apply (both variable and fixed might apply for some costs).   - Product Costs   - Direct   - Indirect   - Period   - Variable   - Fixed   a) Raw materials   b) Staples used to secure packed boxes of product   c) Plant janitors wages   d) Order processing clerks wages   e) Advertising expenses   f) Production workers wages   g) Production supervisors salaries

For each of the following costs, identify whether it is a Fixed, Variable or Both: Cost Wages of assembly-line workers Depreciation-office equipment Glue and fasteners Delivery costs Raw materials handling costs Salary of marketing manager Production run setup costs Plant utilities Electricity cost of manufacturing plant Research and development expenses Type

Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Sentence a. An example of factory overhead is b. Direct materials costs combined with direct labor costs are called c. Long-term plans are called d. Advertising costs are usually viewed as plans. costs. costs. e. The management process by which management monitors operations by comparing actual and expected results is f. The plant manager's salary would be considered to the product. g. The salaries of factory supervisors are normally considered a cost.

Which of the following is considered part of the product costs under absorption costing but not under variable costing? Group of answer choices Direct materials Selling expenses Variable overhead Fixed manufacturing overhead

All of the following are variable costs except for which of the following? Group of answer choices Production supervisor’s salary Sales commission based on number of sales units Direct material costs Direct labor costs

Standard costs are used in companies for a variety of reasons. Which of the following is a benefit of using standard costs? a. They are used to estimate the cost of inventory. b. They are used to control costs. c. They are used to plan direct materials, direct labor, and variable factory overhead. d. all of these choices

Which of the following is an example of a variable cost? a.Insurance on the production equipment b.Direct materials c.The production supervisor's salary d.Depreciation of the factory building e.None of these

Activity-based costing can be used to allocate period costs to various products that the company sells. False True

Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions.

ABC costing attempts to apply:  A) all manufacturing costs more accurately. B) manufacturing overhead more accurately.  C) both manufacturing overhead and nonmanufacturing overhead more accurately. D) raw material, direct labor and manufacturing overhead more accurately. only financial risks and opportunities