True or False: direct material and direct labor are called conversion costs
True or False: direct material and direct labor are called conversion costs
Homework Answers
Ans. False
Explanation: Direct materials and direct labor costs are called prime cost not conversion cost.
*Conversion cost is equal to the sum of direct labor and manufacturing overhead cost.
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True or False: direct material and direct labor are called
conversion costs
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c)...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct labor & period costs Use the following to answer questions. 2.3.4 The information below was obtained from the records of the first processine derment of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system Labor and Overhead Ulnits Percent Completed Work in process...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c)...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
True or False Direct Material Ant X G calculator - Google Search X st of goods...
True or False Direct Material Ant X G calculator - Google Search X st of goods sold for Augu: X C 1906481/quizzes/4877320/take > Question 12 4 pts Cacioppo Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 66,000 labor-hours. The estimated variable manufacturing overhead was $7.45 per labor-hour and the estimated total fixed manufacturing overhead...
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all...
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all costs that are not product costs, such as office supplies. True False A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned. True False The valve chain is the set of activities that increase the value of an organization's product and services. True False Direct costs can be economically and easily traced...
1-The sum of all manufacturing costs except for direct materials and direct labor is called manufacturing...
1-The sum of all manufacturing costs except for direct materials and direct labor is called manufacturing overhead. a) True b) False 2- If the fixed cost per unit is $15 and the variable cost per unit is $0.5, and the units produced are 10,000 units. Then what is the total cost if the units produced are 20,000? a)$160,000 b)$150,000 c)$310,000 d)$155,000 3- Conversion cost equals product cost less direct materials cost. a) True b) False 4- During the month of...
Conversion costs consist of a. direct materials costs and direct labor costs. b. direct labor costs...
Conversion costs consist of a. direct materials costs and direct labor costs. b. direct labor costs and overhead costs. c. direct materials costs and overhead costs. d. direct labor costs and indirect labor costs. The three elements of product costs are a. direct materials, work in process, and overhead. b. direct materials, work in process, and finished goods. c. direct materials, direct labor, and overhead. d. direct materials, direct labor, and period costs. 7. Which of the following costs is...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead costs Prime costs Conversion costs A. All direct manufacturing costs. B. All manufacturing costs other than direct material costs. C. Compensation of all manufacturing labor that can be traced to the cost object. D. Costs of all materials that can be traced to the cost object. E. All manufacturing costs related to the cost object but cannot be traced to the cost object
MOH includes all manufacturing costs other than direct materials and direct labor. True False
MOH includes all manufacturing costs other than direct materials and direct labor. True False
Question 3 1 pts maintenance, supervision are direct labor costs True ︵ False D Question 4...
Question 3 1 pts maintenance, supervision are direct labor costs True ︵ False D Question 4 2 pts materials used on a job are written on which of the following bill of materials material requisition form production order O
Question 3 1 pts maintenance, supervision are direct labor costs O True O False DQuestion 4...
Question 3 1 pts maintenance, supervision are direct labor costs O True O False DQuestion 4 2 pts materials used on a job are written on which of the following O bill of materials material requisition form production order
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct labor & period costs Use the following to answer questions. 2.3.4 The information below was obtained from the records of the first processine derment of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system Labor and Overhead Ulnits Percent Completed Work in process...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
True or False Direct Material Ant X G calculator - Google Search X st of goods sold for Augu: X C 1906481/quizzes/4877320/take > Question 12 4 pts Cacioppo Corporation bases its predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 66,000 labor-hours. The estimated variable manufacturing overhead was $7.45 per labor-hour and the estimated total fixed manufacturing overhead...
Conversion costs consist of a. direct materials costs and direct labor costs. b. direct labor costs and overhead costs. c. direct materials costs and overhead costs. d. direct labor costs and indirect labor costs. The three elements of product costs are a. direct materials, work in process, and overhead. b. direct materials, work in process, and finished goods. c. direct materials, direct labor, and overhead. d. direct materials, direct labor, and period costs. 7. Which of the following costs is...
MOH includes all manufacturing costs other than direct materials and direct labor. True False
Question 3 1 pts maintenance, supervision are direct labor costs True ︵ False D Question 4 2 pts materials used on a job are written on which of the following bill of materials material requisition form production order O
Question 3 1 pts maintenance, supervision are direct labor costs O True O False DQuestion 4 2 pts materials used on a job are written on which of the following O bill of materials material requisition form production order
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