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

In detail discuss what are  the advantages and disadvantages of using FIFO for process costing. In periods when costs are increasing how will FIFO affect reported net income? What about in periods of declining costs? Explain.

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 statements about activity-based costing (ABC) is false? Group of answer choices In activity-based costing, cost drivers are what cause costs to be incurred. Activity-based costing is more likely to result in major differences from traditional costing systems if the firm manufactures only one product rather than multiple products. Activity-based costing is useful for allocating marketing and distribution costs. Activity-based costing differs from traditional costing systems in that it allocates costs according to the rates at which a product consumes different activities.

When a company implements activity-based costing, manufacturing overhead cost is often shifted from low volume products to high volume products, with a higher unit cost resulting for the high volume products. Please explain (True or False) thoroughly.

Companies can choose from different costing methods: process/product costing and activity-based costing. Think about a company, what are the differences between the two costing methods, and how do these apply to your company?

A cost that would be included in product costs under both absorption costing and variable costing is:     supervisory salaries.     variable selling expenses.     factory rent.     variable manufacturing costs.

Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it   4. Which of the following statements is true? An activity measure in activity-based costing expresses how much of an activity is carried out and it is used as the allocation base for assigning overhead costs to products and services. Activity-based management involves focusing on activities to eliminate waste, decrease processing time, and reduce defects. An activity-based costing system is generally more difficult to set up and run than a traditional cost system.   Multiple Choice Statements I and II are true. Statements II and III are true. All of the statements are true. None of the statements are true.