Please define direct costs and indirect costs and then prepare a list of three direct and three indirect costs for the Accounting Department
Direct costs which are the costs directly attributable (related) to Production of the goods or services. Indirect costs which are the costs not directly attributable (not related) to the production of the goods or services.
List of the Direct costs:
1, Direct material (Main material used for production)
2, Direct labor (to work on raw material to convert finished good)
3, Direct overhead (Example Transportation expenses)
List of Indirect costs:
1, Indirect material (like other utilities, secondary packing material)
2. Indirect labor (sales men salary, director remunaratio...etc.,)
3. Indirect Expenses (Rent, Repairs and maintenance, General and administration expenses...etc.,)
Please define direct costs and indirect costs and then prepare a list of three direct and...
Define and illustrate a cost object. Distinguish between direct costs and indirect costs. Explain variable and fixed costs. Interpret unit costs cautiously. Distinguish inventoriable costs from period costs. Illustrate the flow of inventoriable and period costs. Explain why product costs are computed in different ways for different purposes. Describe a framework for cost accounting and cost management.
define a cost object, direct costs and indirect costs and explain variable costs and fixed costs (in your own words)
Prepare journal entries to record the following production activities. 1. Paid overhead costs (other than indirect materials and indirect labor) of $45,000. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $39,000 in the Roasting department and $43,000 in the Blending department. View transaction list Journal entry worksheet < 1 2 Record overhead costs paid. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Prepare journal entries to record the following production activities. 1....
Prepare journal entries to record the following production activities. 1. Paid overhead costs (other than indirect materials and indirect labor) of $38,750. 2. Applied overhead at 110% of direct labor costs. Direct labor costs were $42,000 in the Roasting department and $33,000 in the Blending department. View transaction list Journal entry worksheet Record the entry for overhead applied to production. Note: Enter debits before credits. Transaction Debit Credit 2 General Journal Work in process inventory—Roasting Finshed goods inventory 82,500 82,500
(b) Prepare a flexible budget report for October. (List variable costs before fixed costs.) BUMBLEBEE COMPANY Packaging Department Manufacturing Overhead Flexible Budget Report For the Month Ended October 31, 2020 Difference Favorable Unfavorable Neither Favorable nor Unfavorable Budget Actual Costs Bumblebee Company estimates that 387,400 direct labor hours will be worked during the coming year, 2020, in the Packaging Department. On this basis, the following budgeted manufacturing overhead cost data are computed for the year. Fixed Overhead Costs Variable Overhead...
Costs that can be easily traced to a specific department are called: direct costs. indirect costs. product costs. manufacturing costs. processing costs.
ubin Company’s relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs per unit are as follows: Average Cost per UnitDirect materials$7.00Direct labor$4.00Variable manufacturing overhead$1.50Fixed manufacturing overhead$5.00Fixed selling expense$3.50Fixed administrative expense$2.50Sales commissions$1.00Variable administrative expense$0.50 Required:1. Assume the cost object is units of production:a. What is the total direct manufacturing cost incurred to make 20,000 units?b. What is the total indirect manufacturing cost incurred to make 20,000 units? 2. Assume the cost object is the...
1. Define direct cost: __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 2 Give three examples of direct costs that would incur in a paper airplane manufacturing department (what costs can be easily traced to this specific department?) A._____________________________________________________________________________B._____________________________________________________________________________C. ____________________________________________________________________________
define in your own words the following: Fixed costs Variable costs Break-Even Volume Sunk Costs Direct Variable Costs Indirect Variable Costs Unique Value Proposition What are the 5C’s of marketing. Explain their meaning in your own words List the 4P’s of marketing. Explain their meaning in your own words.
2. Product costs include: a. all direct and indirect manufacturing costs b. only direct manufacturing costs c. all operating expenses of the accounting period d. only conversion costs 3. The distinction between product costs and period exper a. whether the costs are direct or indirect b. whether the costs are variable or fixed c. whether the costs are part of inventory or cost of go d. whether the costs are manufacturing or nonmanufa 4. During a recent month, the Silver...