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Product costs are any costs incurred in the process or manufacturing a product is called as product costs. hence, the option is direct and indirect manufacturing.
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Page 30 Question 3 (1 point) Under absorption costing, all costs are product or inventoriable costs. indirect manuf...
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 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...
Questions: 1) Determine the product (inventoriable) cost per unit under: a) Absorption costing [1 mark] b)...
Questions: 1) Determine the product (inventoriable) cost per
unit under: a) Absorption costing [1 mark] b) Variable costing. [1
mark]
2) Prepare the statement of profit and loss for periods 1-4
under absorption costing by using the gross margin approach. [12
marks]
3) Prepare the statement of profit and loss for periods 1-4
under variable costing by using the contribution margin approach.
[12 marks]
4) Reconcile the absorption and variable costing operating
profit figures for each period and explain the...
Pierce Company had the following costs: Calculate the unit product cost using absorption costing and variable...
Pierce Company had the following costs:
Calculate the unit product cost using absorption costing and
variable costing.
Units produced 500 units Manufacturing costs: Direct materials Direct labor 25 per unit 45 per unit 15 per unit 5,000 per year Variable manufacturing overhead Fixed manufacturing overhead Selling and administrative costs: Variable selling and administrative costs 30 per unit 3,200 per year Fixed selling and administrative costs 1. Pierce Company had the following costs: Click on the icon to view the data.)...
requiremnets 1a. 1b. 2a. 2b. Exercise 7-6 Variable and Absorption Costing Unit Product Costs and Income...
requiremnets 1a. 1b. 2a. 2b.
Exercise 7-6 Variable and Absorption Costing Unit Product Costs and Income Statements (L07-1, LO7 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costa per uniti Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costo per year. Fixed manufacturing overhead Fixed selling and administrative $276,000 $186.000 During the year, the company produced 23,000 units and sold 19,000 units....
Question 21 (1 point) Operating income reported under absorption costing will generally exceed operating income reported...
Question 21 (1 point) Operating income reported under absorption costing will generally exceed operating income reported under variable costing for a given period in which of the following cases? If the variable manufacturing overhead exceeds the fixed manufacturing overhead. If production exceeds sales for that period. None of the options provided are correct. If production equals sales for that period. If sales exceed production for that period. w wwwwwwwwwwwwwwwwwwww wwwwwww Question 22 (1 point) The term "gross margin" for a...
Exercise 5-9 Variable and Absorption Costing Unit Product Costs and Income Statements [LO5-1, LO5-2, LO5-3] Walsh...
Exercise 5-9 Variable and Absorption Costing Unit Product Costs and Income Statements [LO5-1, LO5-2, LO5-3] Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $ $ 240,000 60,000 During its first year of operations, Walsh produced 50,000 units and sold...
Requirements - X 1. Compute the product cost per unit produced under absorption costing and under variable costin...
Requirements - X 1. Compute the product cost per unit produced under absorption costing and under variable costing. 2. Prepare income statements for January 2020 using: a. absorption costing. b. variable costing. 3. Is operating income higher under absorption costing or variable costing in January? What causes the difference? Print Done i Data Table January 2020 Units produced and sold: Sales 945 1,000 units units Production 450 25 Variable manufacturing cost per unit Sales commission cost per unit Total fixed...
QUESTION 1 Which of the following is not true about the variable costing and absorption costing...
QUESTION 1 Which of the following is not true about the variable costing and absorption costing methods? Absorption costing treats fixed costs as period costs while variable costing treats it as a product cost. Absorption costing allocates all manufacturing costs as product costs while variable costing only uses direct manufacturing costs. Variable costing and absorption costing both treat selling and administrative costs as period costs. Variable costing is designed to capture only variable overhead costs while absorption costing's meant to...
Problem 7-18 Variable and Absorption Costing Unit Product Costs and Income Statements [LO7-1, LO7- 2] Haas...
Problem 7-18 Variable and Absorption Costing Unit Product Costs and Income Statements [LO7-1, LO7- 2] Haas Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead 28 20 Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses 150,000 $ 210,000 During its first year of operations, Haas produced 60,000 units and...
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 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...
Questions: 1) Determine the product (inventoriable) cost per
unit under: a) Absorption costing [1 mark] b) Variable costing. [1
mark]
2) Prepare the statement of profit and loss for periods 1-4
under absorption costing by using the gross margin approach. [12
marks]
3) Prepare the statement of profit and loss for periods 1-4
under variable costing by using the contribution margin approach.
[12 marks]
4) Reconcile the absorption and variable costing operating
profit figures for each period and explain the...
Pierce Company had the following costs:
Calculate the unit product cost using absorption costing and
variable costing.
Units produced 500 units Manufacturing costs: Direct materials Direct labor 25 per unit 45 per unit 15 per unit 5,000 per year Variable manufacturing overhead Fixed manufacturing overhead Selling and administrative costs: Variable selling and administrative costs 30 per unit 3,200 per year Fixed selling and administrative costs 1. Pierce Company had the following costs: Click on the icon to view the data.)...
requiremnets 1a. 1b. 2a. 2b.
Exercise 7-6 Variable and Absorption Costing Unit Product Costs and Income Statements (L07-1, LO7 Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations: Variable costa per uniti Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costo per year. Fixed manufacturing overhead Fixed selling and administrative $276,000 $186.000 During the year, the company produced 23,000 units and sold 19,000 units....
Question 21 (1 point) Operating income reported under absorption costing will generally exceed operating income reported under variable costing for a given period in which of the following cases? If the variable manufacturing overhead exceeds the fixed manufacturing overhead. If production exceeds sales for that period. None of the options provided are correct. If production equals sales for that period. If sales exceed production for that period. w wwwwwwwwwwwwwwwwwwww wwwwwww Question 22 (1 point) The term "gross margin" for a...
Exercise 5-9 Variable and Absorption Costing Unit Product Costs and Income Statements [LO5-1, LO5-2, LO5-3] Walsh Company manufactures and sells one product. The following information pertains to each of the company's first two years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses $ $ 240,000 60,000 During its first year of operations, Walsh produced 50,000 units and sold...
Requirements - X 1. Compute the product cost per unit produced under absorption costing and under variable costing. 2. Prepare income statements for January 2020 using: a. absorption costing. b. variable costing. 3. Is operating income higher under absorption costing or variable costing in January? What causes the difference? Print Done i Data Table January 2020 Units produced and sold: Sales 945 1,000 units units Production 450 25 Variable manufacturing cost per unit Sales commission cost per unit Total fixed...
QUESTION 1 Which of the following is not true about the variable costing and absorption costing methods? Absorption costing treats fixed costs as period costs while variable costing treats it as a product cost. Absorption costing allocates all manufacturing costs as product costs while variable costing only uses direct manufacturing costs. Variable costing and absorption costing both treat selling and administrative costs as period costs. Variable costing is designed to capture only variable overhead costs while absorption costing's meant to...
Problem 7-18 Variable and Absorption Costing Unit Product Costs and Income Statements [LO7-1, LO7- 2] Haas Company manufactures and sells one product. The following information pertains to each of the company's first three years of operations: Variable costs per unit: Manufacturing: Direct materials Direct labor Variable manufacturing overhead 28 20 Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative expenses 150,000 $ 210,000 During its first year of operations, Haas produced 60,000 units and...
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