In computing the current period’s manufacturing cost per equivalent unit, the FIFO method of process costing considers current period costs a. Only b. Plus cost of beginning work in process inventory c. Less cost of beginning work in process inventory d. Plus cost of ending work in process inventory

In process costing, costs are accounted for by a. year. b. process. c. job. d. batch

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

Question: In cost accounting, what is the primary purpose of calculating the predetermined overhead rate? A) To allocate indirect costs to products based on a predetermined formula.B) To determine the actual overhead costs incurred during a specific production period.C) To calculate variable costs associated with each unit of production.D) To assess fixed costs that remain constant regardless of production levels.