Cost of Goods Sold (using GAAP rules) includes the following classifications: a. variable raw material costs....
Cost of Goods Sold (using GAAP rules) includes the following
classifications:
a. variable raw material costs.
b. variable direct labor costs.
c. variable manufacturing overhead costs.
d. fixed manufacturing overhead costs.
e. all of the above.
Homework Answers
| Cost of Goods Sold (using GAAP rules) includes all variable and fixed costs incurred in production. |
| Variable raw material costs,variable direct labor costs,variable manufacturing overhead costs, and Fixed manufacturing overhead costs are included in Cost of Goods Sold under GAAP. |
| Option E all of the above is correct option |
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Cost of Goods Sold (using GAAP rules) includes the following
classifications:
a. variable raw material costs....
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, dir...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and fixed manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and all variable manufacturing overhead D. direct material, direct labor, and manufacturing overhead During production, how are the costs in process costing accumulated? A to cost of goods sold B. to each individual department C. to each individual product D. to manufacturing overhead In...
OD QUESTION 16 Under variable costing, a unit of product includes which costs? A. direct material,...
OD QUESTION 16 Under variable costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
Need help with 3-5 Schedule of cost of goods manufactured Beginning raw material $ 155,000.00 Raw...
Need help with 3-5
Schedule of cost of goods manufactured Beginning raw material $ 155,000.00 Raw material purchase $ 45,000.00 Total raw material available $ 200,000.00 Less: Ending raw material $ 70,000.00 Raw material used in production $ $ 130,000.00 167,000.00 Direct labor Factory Overhead: Indirect Material $ 15,000.00 Indirect Labor $ 120,000.00 Depreciation - Plant and Equipment $ 24,000.00 Plant Utilities $ 58,000.00 Plant Insurance $ 12,000.00 Plant property tax $ 5,800.00 Total Factory Overhead $ 234,800.00 Total manufacturing...
Manufacturing overhead: A. includes all fixed costs. B. includes the costs of shipping finished goods to...
Manufacturing overhead: A. includes all fixed costs. B. includes the costs of shipping finished goods to customers. C. can be either a variable cost or a fixed cost. D. includes all factory labor costs.
How much is variable cost of goods sold
Cold city blowers products snow blowersThe selling price per snow blower is $100Costs involved in production are:Direct material per unit$22Direct labor per unit15Variable manufacturing overhead per unit6Fixed manufacturing overhead per year23,400In addition, the company has fixed selling and administrative costs of $9.360 per year.During the year, cold city blowers produced 780 snow blowers and sold 800 blowers.Beginning inventory consisted of 50 snow blowersHow much is the variable cost of goods sold?(a)$34,400(b)$33,540(c)$29,600(d)None of these answer choices are correct
The cost of goods sold: Select one: O a. includes all manufacturing costs incurred during the...
The cost of goods sold: Select one: O a. includes all manufacturing costs incurred during the income statement period. O b. includes both the fixed and the variable costs of producing the items included in revenue. O c. includes period costs only. O d. is equal to the variable cost per unit multiplied by the number of units sold. e. is equal to the fixed costs of production for the time period.
Which of the following is true of absorption costing? It expenses marketing costs as cost of...
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
4. With respect to cost classifications for predicting cost behavior: a. What is the total variable...
4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? C. What is the variable cost per unit produced and sold? 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? of 6Next of 6...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and fixed manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and all variable manufacturing overhead D. direct material, direct labor, and manufacturing overhead During production, how are the costs in process costing accumulated? A to cost of goods sold B. to each individual department C. to each individual product D. to manufacturing overhead In...
OD QUESTION 16 Under variable costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
Need help with 3-5
Schedule of cost of goods manufactured Beginning raw material $ 155,000.00 Raw material purchase $ 45,000.00 Total raw material available $ 200,000.00 Less: Ending raw material $ 70,000.00 Raw material used in production $ $ 130,000.00 167,000.00 Direct labor Factory Overhead: Indirect Material $ 15,000.00 Indirect Labor $ 120,000.00 Depreciation - Plant and Equipment $ 24,000.00 Plant Utilities $ 58,000.00 Plant Insurance $ 12,000.00 Plant property tax $ 5,800.00 Total Factory Overhead $ 234,800.00 Total manufacturing...
The cost of goods sold: Select one: O a. includes all manufacturing costs incurred during the income statement period. O b. includes both the fixed and the variable costs of producing the items included in revenue. O c. includes period costs only. O d. is equal to the variable cost per unit multiplied by the number of units sold. e. is equal to the fixed costs of production for the time period.
Which of the following is true of absorption costing? It expenses marketing costs as cost of goods sold. It treats direct manufacturing costs as a period cost. It includes fixed manufacturing overhead as an inventoriable D) It treats indirect manufacturing costs as a period cost. Answer: 17. Which of the following is true of variable costing? A) It expenses administrative costs as cost of goods sold. B) It treats direct manufacturing costs as a product cost. It includes fixed manufacturing...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
4. With respect to cost classifications for predicting cost behavior: a. What is the total variable manufacturing cost? b. What is the total fixed cost for the company as a whole? C. What is the variable cost per unit produced and sold? 5. With respect to cost classifications for decision making: a. If Dozier had produced 1,001 units instead of 1,000 units, how much incremental manufacturing cost would it have incurred to make the additional unit? of 6Next of 6...
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