Product costing consist following costs to manufacture a product
1. Direct material costs
2. direct labor costs
3. Manufacturing overhead costs
statement or answers the question 11) What are the two basic types of product costing systems A) variable costing and process costing B) FIFO costing and weighted-average costing C) department costing and plant costing Drjob-costing and.precess costing 11) 12) The system normally used to assign costs to goods that are mass-produced in a continuous sequence of steps is known as which of the following? A) process costing 12) B) job costing C) fixed costing D) LIFO costing 13) 느 13)...
QUESTION 32 The cost of a completed job in a job-order costing system typically consists of the actual direct materials cost of the job, the actual direct labor cost of the job, and the manufacturing overhead cost applied to the job. True 2.157 points False QUESTION 33 An activity in activity-based costing is an event that causes the consumption of overhead resources. True 2.857 False QUESTION 34 If a company has a great deal of product diversity, activity-based costing will...
Exercise 19-11 Absorption costing and product pricing LO P4 Help Save & EX Sirhuds Inc., a maker of smartwatches, reports the information below on its product. The company uses absorption costing and has a target markup of 40% of absorption cost per unit Check Direct materials cost Direct Labor cost Variable overhead cost Pixed overhead cost Variable selling and administrative expenses Fixed selling and administrative expenses Expected production (and sales) 100 per unit 30 per unit per unit $600,000 per...
11. Depending on the product being manufactured, companies use either a process or job-order costing system. Please determine which type of costing system that the following companies would use: Process Job-Order a. Coca-Cola bottling soda b. A paper mill c. An advertising agency d. A paper clip manufacturer e. Boeing making a jet f. An auto repair shop
Exercise 19-11 Absorption costing and product pricing LO P4 Sirhuds Inc., a maker of smartwatches, reports the information below on its product. The company uses absorption costing and has a target markup of 40% of absorption cost per unit. Direct materials cost $ 106 per unit Direct labor cost $ 36 per unit Variable overhead cost $ 14 per unit Fixed overhead cost $ 220,000 per year Variable selling and administrative expenses $ 6 per unit Fixed selling and...
Distinguish between product costing and service costing.
Distinguish between product costing and service costing
Which product costing system would be better for custom-order products? Company costing system = A Product costing system = B Overhead costing system = C Job costing system =D
Exercise 4-11 (Part Level Submission) Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to all its packaged multigrain products. To meet Food and Drug Administration requirements and to assure its customers of safe, sanitary, and nutritious food, Health 'R Us engages in a high level of quality control. Health 'R Us assigns its quality-control overhead costs to all products at a rate of 17% of direct labor costs. Its direct labor cost for...
Exercise 4-11 (Part Level Submission) Health 'R Us, Inc., uses a traditional product costing system to assign overhead costs uniformly to all its packaged multigrain products. To meet Food and Drug Administration requirements and to assure its customers of safe, sanitary, and nutritious food, Health 'R Us engages in a high level of quality control. Health 'R Us assigns its quality-control overhead costs to all products at a rate of 17% of direct labor costs. Its direct labor cost for...