Under Standard Costing System, direct material price variance shall be appropriately computed using A. Actual direct materials used B. Actual direct materials purchased C. Actual direct materials wasted D. Actual direct materials converted to work in process

Which of the following are steps in process costing?   Question 5 options:   A)  Visualize the physical flow of units   B)  Calculate the equivalent units   C)  Determine the per-unit costs   D)  Calculate the Cost of Goods Manufactured and the Ending WIP Inventory   E)  All of the above

Please indicate which are product costs and which are period costs.   Under Absorption Costing: Direct Materials are considered a  Direct Labor is considered a Variable overhead is considered a Fixed overhead is considered a Under Variable Costing: Direct Materials are considered a  Direct Labor is considered a Variable overhead is considered a Fixed overhead is considered a

Prime cost is? A)Group of answer choices B)indirect materials cost and direct labor cost. C)direct materials cost and direct labor cost. D)direct labor cost and indirect labor cost. E)direct materials cost and indirect labor cost.

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

When using a normal costing system     direct material and direct labor are recorded at standard cost and overhead is treated as a period cost.   direct material and direct labor are recorded at actual cost and overhead is treated as a period cost.   direct material and direct labor are recorded at standard cost and overhead is applied to products using a predetermined overhead rate.   direct material and direct labor are recorded at actual cost and overhead is applied to products using a predetermined overhead rate.

How would I start a Production Cost Report.  Should I use the refined weighted average method to start or should I use this formula? Units completed / and transferred out + Equivalent units of ending work in process-Materials= Equivalent Units of Production Materials?

When computing the cost per equivalent unit under the wighted-average method of process costing, the cost per equivalent unit for direct material is computed by dividing the total direct-material cost by the total equivalent units. True or False?

Define product cost variances.

A direct material standard cost is: Group of answer choices The cost of direct materials that should be incurred to produce one unit of output or product. The amount of direct materials that should be used to produce one unit of output or product. The cost of all materials and supplies used to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production.