Which of the following best describes costs assigned to the product under the variable costing method?
MC Qu. 79 Which of the following best describes costs...
Which of the following best describes costs assigned to the product under the variable costing method?
Direct labor (DL)
Direct materials (DM)
Variable selling and administrative (VSA)
Variable manufacturing overhead (VOH)
Fixed selling and administrative (FSA)
Fixed manufacturing overhead (FOH)
Homework Answers
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Product costs under variable costing
Option B is the answer |
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Which of the following best describes costs assigned to the product under the variable costing method?
Assuming that direct labor is a variable cost, product costs under variable costing include only: direct...
Assuming that direct labor is a variable cost, product costs under variable costing include only: direct materials and direct labor direct materials, direct labor and variable manufacturing overhead direct materials, direct labor, variable manufacturing overhead, and variable selling and administrative expenses direct materials, variable manufacturing overhead, and variable selling and administrative expenses
Under process costing, which manufacturing costs are assigned to the product as it moves from one...
Under process costing, which manufacturing costs are assigned to the product as it moves from one manufacturing process to the next? a. Direct materials, direct labor, and conversion costs b. Direct materials, indirect materials, and manufacturing overhead c. Direct materials, direct labor, and manufacturing overhead d. Direct materials, direct labor, and indirect labor
Under absorption costing, which of the following costs would not be included in finished goods inventory?
Under absorption costing, which of the following costs would not be included in finished goods inventory? direct materials cost variable and fixed factory overhead cost direct labor cost variable and fixed selling and administrative expenses
13). Befuddled But Brilliant Old Professor Mullen's Gourmet Food Company sells its product for $60 per...
13). Befuddled But Brilliant Old Professor Mullen's Gourmet Food Company sells its product for $60 per unit. During 2017, it produced 60,000 units and sold 50,000 units (there was no beginning inventory or BI= 0). Costs per unit are: direct materials (DM) $15, direct labor (DL) $9, and variable overhead (VOH) $3. Fixed costs are: $720,000 (FOB) manufacturing overhead, and $90,000 (S&A) selling and administrative expenses. Cost of goods (CGS) sold under absorption costing (ABS) is A) $1,350,000. B) $1,620,000....
3 Variable ys. Absorption Costing, OU812 Incorporated manufactures one product that is sold for $10 per...
3 Variable ys. Absorption Costing, OU812 Incorporated manufactures one product that is sold for $10 per unit. The following information pertains to the company's first year of operations in which it produced 20,000 units and sold 15,000 units. Variable Costs Per Unit: Manufacturing: Direct Materials Direct Labor Variable Manufacturing Overhead Variable Selling & Administrative Fixed Costs Per Year: Fixed Manufacturing Overhead Fixed Selling & Administrative Expenses SI $0.75 $50,000 $10,000 Cost per Unit. What is the unit product cost under...
Which of the following statements is true? Ι ο Under variable costing, direct materials and direct...
Which of the following statements is true? Ι ο Under variable costing, direct materials and direct labor are expensed as period expenses. ο Under variable costing, fixed manufacturing overhead is expensed as period expenses. ο Fixed manufacturing overhead costs are treated the same under both absorption costing and variable costing. ο Reported income under absorption costing is not affected by production level changes. ο Under absorption costing, fixed manufacturing overhead is expensed as period expenses.
Which of the following costs is classified as a period cost under variable costing? O a....
Which of the following costs is classified as a period cost under variable costing? O a. Fixed manufacturing overhead O b. Variable manufacturing overhead O c. The cost of direct materials O d. The cost of direct labor Which of the following is true of a fixed cost? O a. Fixed costs in total vary in direct proportion to changes in output within the relevant range. O b. The per unit fixed cost increases with an increase in the level...
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.)...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units ata price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and...
Which of the following is normally included in product cost under the variable costing method? A)...
Which of the following is normally included in product cost under the variable costing method? A) Direct materials cost, direct labour cost, but NOT manufacturing overhead cost. Direct materials cost, direct labour cost, and variable manufacturing B) overhead cost. C) Prime cost but NOT conbersion cost. D) Prime cost and all conversion cost.
3 Variable ys. Absorption Costing, OU812 Incorporated manufactures one product that is sold for $10 per unit. The following information pertains to the company's first year of operations in which it produced 20,000 units and sold 15,000 units. Variable Costs Per Unit: Manufacturing: Direct Materials Direct Labor Variable Manufacturing Overhead Variable Selling & Administrative Fixed Costs Per Year: Fixed Manufacturing Overhead Fixed Selling & Administrative Expenses SI $0.75 $50,000 $10,000 Cost per Unit. What is the unit product cost under...
Which of the following statements is true? Ι ο Under variable costing, direct materials and direct labor are expensed as period expenses. ο Under variable costing, fixed manufacturing overhead is expensed as period expenses. ο Fixed manufacturing overhead costs are treated the same under both absorption costing and variable costing. ο Reported income under absorption costing is not affected by production level changes. ο Under absorption costing, fixed manufacturing overhead is expensed as period expenses.
Which of the following costs is classified as a period cost under variable costing? O a. Fixed manufacturing overhead O b. Variable manufacturing overhead O c. The cost of direct materials O d. The cost of direct labor Which of the following is true of a fixed cost? O a. Fixed costs in total vary in direct proportion to changes in output within the relevant range. O b. The per unit fixed cost increases with an increase in the level...
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.)...
Required information Exercise 06-9 Income statement under absorption costing and variable costing LO P1, P2 The following information applies to the questions displayed below] Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units ata price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and...
Which of the following is normally included in product cost under the variable costing method? A) Direct materials cost, direct labour cost, but NOT manufacturing overhead cost. Direct materials cost, direct labour cost, and variable manufacturing B) overhead cost. C) Prime cost but NOT conbersion cost. D) Prime cost and all conversion cost.
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