Homework Answers
| 1 |
| A unit of product includes direct material,direct labor, and manufacturing overhead |
| Option D is correct |
| 2 |
| Costs in process costing are accumulated to each individual department |
| Option B is correct |
| 3 |
| Work in process inventory shows overhead assigned to the department. |
| Option C is correct |
| 4 |
| Cost of Direct labor = 330000-275000 = $55,000 |
| Option B is correct |
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Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, dir...
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
Under full absorption costing, which of the following are included in product costs? A. Only conversion...
Under full absorption costing, which of the following are included in product costs? A. Only conversion costs. B. Only variable manufacturing costs. C. Only direct materials and direct labor. D. All fixed and variable manufacturing costs.
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...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
6-18 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, Lo6- 2) factures and...
6-18 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, Lo6- 2) factures and sells one product. The following information pertains to each of the company's fist hree years of operations Manufacturing: Direct materials Direct labor Variable manufacturing overhead 21 Variable selling and administrative Fixed costs per yeari s 330,000 s 150,000 Fixed manufacturing overhead Pixed selling and administrative expenses During its first year of operations, Haas produced 40,000 units and sold 40,000 units. During its second year...
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...
Exercise 06-1 Computing unit and inventory costs under absorption costing LO P1 Trio Company reports the...
Exercise 06-1 Computing unit and inventory costs under absorption costing LO P1 Trio Company reports the following information for the current year, which is its first year of operations. 15 per unit 16 per unit Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units 4 per unit $ 160,000 per year 20,000 units 14,000 units 6,000 units 1. Compute the product cost...
Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in...
Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income [LO6-1, LO6-2, LO6-3] High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant’s operation: Beginning inventory 0 Units produced 45,000 Units sold 40,000 Selling price...
Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in...
Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income (LO6-1, LO6-2, LO6-3) High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: 35,000 30,000 82 Beginning inventory Units produced Units sold Selling price...
Exercise 19-1 Computing unit and inventory costs under absorption costing LO P1 1.25 points Trio Company...
Exercise 19-1 Computing unit and inventory costs under absorption costing LO P1 1.25 points Trio Company reports the following information for the current year, which is its first year of operations. 15 per unit 18 per unit eBook Hint Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units $ 75,000 per year $ 150,000 per year 25,000 units 19,000 units 6,000 units...
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...
Dodner Company uses an absorption costing system in accounting for the single product it manufactures. The following selected data are for the year 2020: Sales (20,000 $720,000 units) Direct materials $259,200 used Direct labor $86,400 costs Variable manufacturing $25,920 overhead Fixed manufacturing $34,560 overhead $43,200 Variable selling and administrative expenses Fixed selling and administrative expenses $144,000 The company produced 24,000 units and sold 20,000 units in 2020. Direct materials and direct labor are variable costs. One unit of direct material...
6-18 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, Lo6- 2) factures and sells one product. The following information pertains to each of the company's fist hree years of operations Manufacturing: Direct materials Direct labor Variable manufacturing overhead 21 Variable selling and administrative Fixed costs per yeari s 330,000 s 150,000 Fixed manufacturing overhead Pixed selling and administrative expenses During its first year of operations, Haas produced 40,000 units and sold 40,000 units. During its second year...
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...
Exercise 06-1 Computing unit and inventory costs under absorption costing LO P1 Trio Company reports the following information for the current year, which is its first year of operations. 15 per unit 16 per unit Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units 4 per unit $ 160,000 per year 20,000 units 14,000 units 6,000 units 1. Compute the product cost...
Problem 6-20 Variable and Absorption Costing Unit Product Costs and Income Statements; Explanation of Difference in Net Operating Income (LO6-1, LO6-2, LO6-3) High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plant's operation: 35,000 30,000 82 Beginning inventory Units produced Units sold Selling price...
Exercise 19-1 Computing unit and inventory costs under absorption costing LO P1 1.25 points Trio Company reports the following information for the current year, which is its first year of operations. 15 per unit 18 per unit eBook Hint Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units $ 75,000 per year $ 150,000 per year 25,000 units 19,000 units 6,000 units...
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