Direct labor and direct materials are
Direct labor and direct materials are
Select one:
a. product costs and expensed when the goods are sold
b. product costs and expensed when incurred
c. period costs and expensed when incurred
d. period costs and expensed when the goods are sold
Homework Answers
The correct option is A.
Direct material and Direct labour are the product costs since these costs are incurred for producing a product intended for sale and Product Costs are characterised by showing them as Assets on Balance Sheet and are not shown on Income Statement as cost of goods sold till the product is sold i.e. they are expensed when they are sold.
Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product...
Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc. period costs and expensed when the goods are sold Od. product costs and expensed when the goods are sold
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead,...
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead, $12,410. A total of 1,915 units were produced at a per-unit cost of Oa. $1,915 Ob $45.960 Oc. $33,550 Od $24 Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc: period costs and expensed when the goods are sold Od product costs and expensed when the goods are sold
Distinguish between inventoriable costs and period costs. O A. Inventoriable costs include direct manufacturing materials and...
Distinguish between inventoriable costs and period costs. O A. Inventoriable costs include direct manufacturing materials and direct manufacturing labor costs that are capitalized into inventory and remain on the balance sheet until sold. Period costs include indirect manufacturing (or manufacturing overhead) costs and are expensed as incurred through the cost of goods sold account. B. Inventoriable costs include material costs and are capitalized as assets to the company until the items are sold. Period costs include labor and overhead costs...
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied....
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
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...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
Which of the following is a product cost? Select one: A. delivery van depreciation B. depreciation...
Which of the following is a product cost? Select one: A. delivery van depreciation B. depreciation on office equipment C. CEO's salary D. factory supervisor's salary E. None of the above. Which of the following correctly describes the accounting for indirect labor costs? Select one: A. Indirect labor costs are expensed as incurred. B. Indirect labor costs are period costs and are expensed when the manufactured product is sold. C. Indirect labor costs are product costs and are expensed as...
7. Conversion costs are co A, direct materials, direct ect labor and manufacturing C. direct materials...
7. Conversion costs are co A, direct materials, direct ect labor and manufacturing C. direct materials and direct D. direct materials and are comprised of: direct labor, and manufacturing overhead. manufacturing overhead. als and direct labor. erials and manufacturing overhead. nt idle capacity to 8. Management is consider till the order without affecting in making the decision? A. absorption costing unit product B. variable costs C. incremental costs D. differential costs onsidering a one-time-only special order. There is su antecting...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
If one unit of Product Z2 used $300 of direct materials and $250 of direct labor,...
If one unit of Product Z2 used $300 of direct materials and $250 of direct labor, was assigned overhead at the rate of 30% of direct labor costs, and was sold for $800, how much gross profit was realized from this sale? Select one: O A. $800. O o B. $160. C. $90. D. $175. E. $250.
Calculator Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc. period costs and expensed when the goods are sold Od. product costs and expensed when the goods are sold
Calculator When Job 117 was completed, direct materials totaled $13,328; direct labor, $20,222; and factory overhead, $12,410. A total of 1,915 units were produced at a per-unit cost of Oa. $1,915 Ob $45.960 Oc. $33,550 Od $24 Direct labor and direct materials are Oa. period costs and expensed when incurred Ob. product costs and expensed when incurred Oc: period costs and expensed when the goods are sold Od product costs and expensed when the goods are sold
Distinguish between inventoriable costs and period costs. O A. Inventoriable costs include direct manufacturing materials and direct manufacturing labor costs that are capitalized into inventory and remain on the balance sheet until sold. Period costs include indirect manufacturing (or manufacturing overhead) costs and are expensed as incurred through the cost of goods sold account. B. Inventoriable costs include material costs and are capitalized as assets to the company until the items are sold. Period costs include labor and overhead costs...
Which of the following statements is true regarding Direct Materials, Direct Labor and Manufacturing Overhead applied. Multiple Choice Conversion costs are added to Finished Goods Inventory, while Direct materials are attached to Work in Process Inventory Direct Materials are first requisitioned to the manufacturing overhead account and then are applied to work in process, where direct labor and manufacturing overhead are then added, All three costs initially combined in a Work in Process Inventory account All three costs are treated...
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...
Which of the following is a product cost? Select one: A. delivery van depreciation B. depreciation on office equipment C. CEO's salary D. factory supervisor's salary E. None of the above. Which of the following correctly describes the accounting for indirect labor costs? Select one: A. Indirect labor costs are expensed as incurred. B. Indirect labor costs are period costs and are expensed when the manufactured product is sold. C. Indirect labor costs are product costs and are expensed as...
7. Conversion costs are co A, direct materials, direct ect labor and manufacturing C. direct materials and direct D. direct materials and are comprised of: direct labor, and manufacturing overhead. manufacturing overhead. als and direct labor. erials and manufacturing overhead. nt idle capacity to 8. Management is consider till the order without affecting in making the decision? A. absorption costing unit product B. variable costs C. incremental costs D. differential costs onsidering a one-time-only special order. There is su antecting...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
If one unit of Product Z2 used $300 of direct materials and $250 of direct labor, was assigned overhead at the rate of 30% of direct labor costs, and was sold for $800, how much gross profit was realized from this sale? Select one: O A. $800. O o B. $160. C. $90. D. $175. E. $250.
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