26. A cost allocation rule is the method or process used to assign the costs in...
26. A cost allocation rule is the method or process used to assign the costs in the
A) cost allocation; cost pool. B) Cost pool; cost object. C) cost object; cost pool. D) cost pool; opportunity cost
27. The cost of the direct labor will be treated as an expense on the income statement when
A) payroll costs are paid. B) products are completed. C) products are sold. D) payroll costs are incurred
28. The corporate controller's dalary would be considered a(n): A) administrative cost. B) manufacturing cost. C) selling expense. D) product cost.
Homework Answers
26. A cost allocation rule is the method used to assign the costs in the cost pool to the cost objects
B. Cost pool; cost object
27. C. Products are sold.
When a product is sold, related cost of goods sold including direct labour, direct material and direct manufacturing overheads is debited in the income statement
28. The corporate controller's salary would be considered as an Administrative cost as it is not directly related to manufacturing or selling or any product.
A. Administrative cost
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26. A cost allocation rule is the method or process used to
assign the costs in...
1. A ___________ is anything for which a measurement of costs is desired. A. Cost Allocation...
1. A ___________ is anything for which a measurement of costs is desired. A. Cost Allocation Base B. Cost Pool C. Cost Object D. Cost Application Base 4. ___________ is the process of assigning indirect costs to products. A. Cost Allocation B. Job Costing Recording C. Cost Pooling D. Cost Tracing
The dual-rate cost-allocation method classifies costs in each cost pool into a ________. A) budgeted-cost pool...
The dual-rate cost-allocation method classifies costs in each cost pool into a ________. A) budgeted-cost pool and an actual-cost pool B) variable-cost pool and a fixed-cost pool C) direct-cost pool and an indirect-cost pool D) direct-cost pool and a reciprocal-cost pool To guide cost allocation decisions, the ability to bear criterion ________. A) is the primary criterion used in activity-based costing B) allocates cost among the beneficiaries in proportion to the benefits each receives. C) results in subsidizing products that...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
Managerial accounting: Select one: a. All answers are correct b. focuses on the organization as a...
Managerial accounting: Select one: a. All answers are correct b. focuses on the organization as a whole, rather than on the organization's segments. c. has its primary emphasis on the future. d. is required by regulatory bodies such as the SEC. Next pa The corporate controller's salary would be considered a(n): Select one: a. administrative cost. b. selling expense. C. product cost. d. manufacturing cost.
When allocating indirect production costs to cost objects, most cost-allocation bases are ________. a. cost drivers...
When allocating indirect production costs to cost objects, most cost-allocation bases are ________. a. cost drivers b. assigned to a cost object c. traced to the cost object d. accumulated for a cost object
The cost allocation base O A. are costs related to a particular cost object that cannot...
The cost allocation base O A. are costs related to a particular cost object that cannot be traced to that cost object in an economically feasible way B. is anything for which a measurement of costs is desired O C. is a systematic way to link an indirect cost or group of indirect costs to cost objects D. is a grouping of individual indirect cost items
Conversion costs. H ULY. 27) Process costing systems are commonly used by systems are commonly used...
Conversion costs. H ULY. 27) Process costing systems are commonly used by systems are commonly used by companies that produce a large volume of standardized units on a continuous basis. A) True B) False 28) Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers. A) True B) False 29) Equivalent units of production refer to the number of units that could have been started and completed given the costs incurred during the period....
E. Preproduction costs. 14. Products that are in the process of being manufactured but are not...
E. Preproduction costs. 14. Products that are in the process of being manufactured but are not yet complete are called A. Raw materials inventory. B. Conversion costs. C. Cost of goods sold. D. Goods in process inventory. E. Finished goods inventory. 15. The three major cost components of a manufactured product are: A. Marketing, selling, and administrative costs. B. Indirect labor, indirect materials, and miscellaneous factory expenses. C. Direct materials, direct labor, and factory overhead. D. Differential costs, opportunity costs,...
Excel SIM: First-Stage Allocation to Activity Cost Pools Help 1. Assign Overhead Costs to Activity Cost...
Excel SIM: First-Stage Allocation to Activity Cost Pools Help 1. Assign Overhead Costs to Activity Cost Pools OBS FILE HOME DESERT Festtage Allocation to Activity Cost Pools Excel PAGE LAYOUT FORMULAS DATA REVIEW 7 - X VIEW Alignment Number Conditional Formatas C oord B27 The following information care dintr est verhead Chocolates by lock for the current year e Activity Cost Pools Product Development Indirect factory w Other en de Factory 12 General Administrate Department 13 Admistrative was and series...
27. Costs that can be traced to a specific cost object are A. opportunity costs. B....
27. Costs that can be traced to a specific cost object are A. opportunity costs. B. direct costs. C. indirect costs. D. irrelevant costs. 28. To earn summer money, Joe could mow lawns in his neighborhood, or he could work at a local grocery store. Which of the following is an opportunity cost of mowing lawns? A. Cash paid for gas to run the lawnmower. B. The time spent mowing the lawns. C. The wages he could have earned working...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
Managerial accounting: Select one: a. All answers are correct b. focuses on the organization as a whole, rather than on the organization's segments. c. has its primary emphasis on the future. d. is required by regulatory bodies such as the SEC. Next pa The corporate controller's salary would be considered a(n): Select one: a. administrative cost. b. selling expense. C. product cost. d. manufacturing cost.
The cost allocation base O A. are costs related to a particular cost object that cannot be traced to that cost object in an economically feasible way B. is anything for which a measurement of costs is desired O C. is a systematic way to link an indirect cost or group of indirect costs to cost objects D. is a grouping of individual indirect cost items
Conversion costs. H ULY. 27) Process costing systems are commonly used by systems are commonly used by companies that produce a large volume of standardized units on a continuous basis. A) True B) False 28) Managerial accounting provides financial and nonfinancial information to an organization's managers and other internal decision makers. A) True B) False 29) Equivalent units of production refer to the number of units that could have been started and completed given the costs incurred during the period....
E. Preproduction costs. 14. Products that are in the process of being manufactured but are not yet complete are called A. Raw materials inventory. B. Conversion costs. C. Cost of goods sold. D. Goods in process inventory. E. Finished goods inventory. 15. The three major cost components of a manufactured product are: A. Marketing, selling, and administrative costs. B. Indirect labor, indirect materials, and miscellaneous factory expenses. C. Direct materials, direct labor, and factory overhead. D. Differential costs, opportunity costs,...
Excel SIM: First-Stage Allocation to Activity Cost Pools Help 1. Assign Overhead Costs to Activity Cost Pools OBS FILE HOME DESERT Festtage Allocation to Activity Cost Pools Excel PAGE LAYOUT FORMULAS DATA REVIEW 7 - X VIEW Alignment Number Conditional Formatas C oord B27 The following information care dintr est verhead Chocolates by lock for the current year e Activity Cost Pools Product Development Indirect factory w Other en de Factory 12 General Administrate Department 13 Admistrative was and series...
27. Costs that can be traced to a specific cost object are A. opportunity costs. B. direct costs. C. indirect costs. D. irrelevant costs. 28. To earn summer money, Joe could mow lawns in his neighborhood, or he could work at a local grocery store. Which of the following is an opportunity cost of mowing lawns? A. Cash paid for gas to run the lawnmower. B. The time spent mowing the lawns. C. The wages he could have earned working...
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