Which one of the following is not a carrying cost?         Select one: A. Stores staffing, equipment, maintenance, and running costs B. Storage charges (rent, lighting, heating, etc.) C. Transportation costs D. Material handling costs

Q: Which of the following cost is included in cost of goods sold? customer service cost manufacturing…

A: In layman's language, the Cost of goods sold is nothing but the total cost incurred to produce a…

Q: Compute(a)the cost of goods purchased and (b) the cost of goods sold

A: Cost of Goods Purchased is the net cost of merchandise acquired. It is that situation when business…

Q: Required: a) Compute prime cost, manufacturing cost and cost of goods manufactured. b) Compute cost…

A: Prime costs is the cost of raw materials used and direct labour costs. Manufacturing costs includes…

Q: Which of the following is NOT one of the definitions of "Cost" concept? Select one: a. Cost means…

A: Cost is very broad term used in accounting. It denotes amount and level of expenses that can be…

Q: Purchase​ discounts, freight in and receiving costs   A. are used when setting a cost standard for…

A: Purchase discounts, freight in, and receiving costs are considered as part of the cost of the…

Q: Which of the following statements is true? a. Indirect materials and indirect labor are included in…

A: The true statement is "Indirect materials and indirect labor are included in the manufacturing…

Q: Which of the following is a common fixed cost to the salesdepartments in a department store?a.…

A:

Q: Is (freight-in, materials) included in the cost of goods manufactured statement

A: The cost of having goods or materials delivered to a business for manufacture or resale is known as…

Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). cost of goods…

A: Fixed costs are those costs which do not change with change in level of activity. Variable costs…

Q: I. The Cost of Goods Sold of a Merchandising company will include cost of Materials, Labor and…

A: Merchandising company is a company which is engaged in purchase and sale of readymade products. They…

Q: Compute cost of goods manufactured. using a formal schedule of cost of good manufactured  then…

A: Cost of goods manufactured shows the total costs incurred on the production of goods. It includes…

Q: If selling and administrative expenses are allocated to different products, they should be reported…

A: Period costs: These costs are not related to inventory, hence, they are not added to inventory…

Q: Indicate whether each of the following should be considered a product cost or a period cost. If you…

A: Direct  product cost is the cost incurred  to manufacture  a product  that can be directly…

Q: Cost of goods sold is also called cost of sales.

A: Cost of goods sold is the direct cost of producing those goods which are sold by the company during…

Q: Selling Expense is an example of     Period cost     Product cost     Cost of sales     Cost of…

A: Selling expense are those expense that incurred on selling the product after manufacturing. For…

Q: Which of the following is correct for total cost of product ?     Material + Labor + FOH…

A: Total cost of product : Total cost is derived by adding costs of Material , Labor and Factory…

Q: Which of the following would not be a period cost? Group of answer choices Research and development…

A: Solution: Period cost is the cost that is expensed in the income statement and same is not…

Q: how to find cost of goods sold

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of…

A: In cost accounting, the cost sheet is prepared for tracking the level of cost and cost allocation at…

Q: the equivalent units for materials and conversion costs. 2. Compute the unit costs for materials…

A: Answer 1) Equivalent units for material and conversion costs.   Physical units % material %…

Q: Which of the following costs may be classified as non-manufacturing costs? į Fuel costs of the…

A: Non manufacturing costs are the costs that are not related to manufacturing. The following costs may…

Q: Which of the following is not considered a product cost? Select one: a. direct labor b. direct…

A: Product cost includes all the cost incurred to manufacture the product.

Q: Inventory cost is least likely to include:A. production-related storage costs.B. costs incurred as a…

A: Transportation costs incurred to ship inventory to customers are an expense and may not be…

Q: Direct labor and direct materials are   a. period costs and expensed when the goods are sold   b.…

A: The different costs related to productions and selling are classified as product and period cost…

Q: 1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of go

A: Statement of Cost of Goods Manufactured:   Cost of goods manufactured can be defined as the total…

Q: Which of the following costs of conversion cannot be included in cost of inventory? A. Factory…

A: Introduction:- Costs of conversion of inventories include costs directly related to the units of…

Q: Product costs are:     Treated in the same manner as period costs Subtracted from cost of goods sold…

A: There are two types of costs that are incurred in business. One is product costs and other is Period…

Q: Describe how costs flow from inventory to cost of goods sold for the following methods: (a) FIFO and…

A: a.

Q: Required: a. Prepare a Statement of Cost of Goods Manufactured. b. Prepare an Income Statement

A: Cost of goods manufactured: The cost of goods manufactured equation is calculated by adding the…

Q: Distinguish between manufacturing & non-manufacturing overhead (product versus period costs) 2)…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: True or False. When the underapplied overhead is assigned to Cost of Goods Sold the effect is to…

A: Overheads: These are defined as the ongoing expenses that are incurred centrally in relation to a…

Q: The purpose of costing are as follows EXCEPT: a) Value inventory b) Record costs c) Price products…

A: The purpose of costing is. 1. To Formulate cost of a product 2.  To facilitate decision making 3. To…

Q: When trying to identify product and period costs, is cash, work inprocess, and raw materials…

A: Product cost:The product cost relates to the manufacturing costs such as direct material, direct…

Q: Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income…

A: Solution:- First we need to calculate schedule of cost of goods manufactured as follows under:-

Q: Profit or Loss is computed by subtracting cost / expenses from – a. income/revenue c. sales b.…

A: Answer 1) Profit or Loss is computed by subtracting cost / expenses from: income/revenue: This…

Q: How much is the cost of goods manufactured in department B?

A:

Q: Describe the schedule of cost of goods manufactured. How does it tie into the income statement?

A:

Q: The three major components of cost of goods sold are: a. Direct labor, direct material, and profit…

A: Cost of goods sold means cost of producing the goods which are being sold by the organisation. This…

Q: Calculate : a) Cost of raw materials consumed. b) Total cost of production. c) Cost of goods sold.

A: Hi student, Since there are multiple subparts in the question, we will answer only first three…

Q: While discovering gross benefit under ingestion costing, just that part of    producing overheads…

A: Ingestion costing considers all manufacturing costs, it includes both direct and indirect…

Q: Required: (a)Compute prime cost, manufacturing cost and cost of goods manufactured. (b)Compute cost…

A: Prime Cost= Direct Material Cost+ Direct labor Cost Manufacturing Cost= Prime Cost +Manufacturing…

Q: Which of the following costs is NOT capitalized as inventory?     a. Rent on Head Office building…

A: The IFRS applicable for Inventory is stating that "The cost of inventories includes all costs of…

Q: Show your solution in good accounting form How much is the cost of goods manufactured?

A: Cost of goods manufactured means total costs incurred in the business for manufacturing or…

Q: What factors other than the number of units shipped are likely to affect the company shipping…

A: Shipping expense:   It refers too the cost of postage and related transportation to move the package…

Q: Indicate whether each of the following should be considered a product cost or a period cost. I you…

A: Direct costs: Costs which are directly traceable to the product called direct cost. Example : Direct…

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.