18.Costing is a technique of : EXPLAIN a)Inventory control b)Calculation of cost c)Ascertainment of cost
18.Costing is a technique of : EXPLAIN
a)Inventory control
b)Calculation of cost
c)Ascertainment of cost
Homework Answers
Costing is the technique of Ascertainment of cost.
So the answer (c) is correct here
Reason: Costing is any system or in any business line is marked for assigning costs to an element of a business. It can be for any of the centers like marketing, PR, distribution channel, etc. This is something used for Ascertainment of cost for various purposes within the organization.
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18.Costing is a technique of : EXPLAIN a)Inventory control b)Calculation of cost c)Ascertainment of cost
Critically evaluate the use of activity based costing as an approach to the calculation of product...
Critically evaluate the use of activity based costing as an approach to the calculation of product costs. As part of your critical evaluation, explain the information that Quebec plc will need to produce in order to apply the activity based costing technique to the calculation of product costs for product Y and product Z.
An inventory control technique which first sets a sales forecast and next a turnover objective then...
An inventory control technique which first sets a sales forecast and next a turnover objective then uses these numbers to ensure sufficient inventory stock is available the first day of each month to meet those numbers is known as: Select one: a. Eyeball method b. Stock to sales method c. Min/max method d. Percentage variation method e. Weeks' supply method
Exercise 5-18 Sustainability and perpetual inventory costing LO P1
Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Required: The company uses a perpetual inventory system. References a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Question 41 Job order costing and process costing are a. cost flow systems b. inventory tracking...
Question 41 Job order costing and process costing are a. cost flow systems b. inventory tracking systems O c. pricing systems O d. cost accounting systems Moving to the next question prevents changes to this
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described...
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs pints eBook 1 2. 3. 4. 5 Tends to smooth out the erratic changes in costs. Inventory on the balance sheet approximates its current cost. Precisely matches the costs of items with the revenues they generate. Cost of goods sold approximates its current cost. Better matches current costs with revenues. Ask...
The consistent application of an inventory costing method is essential for A. conservatism. B. comparability. C....
The consistent application of an inventory costing method is essential for A. conservatism. B. comparability. C. accuracy. D.efficiency QUESTION Understating beginning inventory will understate A. cost of goods sold. B. assets. C. stockholder's equity. D.net income.
whenever possible? a. Requisition, control, and disbursement of inventory b. Requisition of inventory and conversion of...
whenever possible? a. Requisition, control, and disbursement of inventory b. Requisition of inventory and conversion of inventory to ser c. Requisition, receipt, and control of inventory d. All of the above 6. Which of the following is a tool used in an analytical review of inventory to see if inventory is being stolen? a. Subtracting Cost Of Goods Sold from Net Sales, dividing the result by Net Sales, then comparing the result to the ratio for prior years b) Dividing...
a. Determine the cost of goods sold and ending m 10 books costing $18 each 4...
a. Determine the cost of goods sold and ending m 10 books costing $18 each 4 books costing $18 each and 9 books costing $21 each 2 books costing $21 each and 2 thooks costing $28 each August 3 August 15: August 28: hand at the end of the period. (Enter the oldest inventory layers first ) Cost of Goods Sold Inventory on Hand Unit Total Unit Total 16 S 18 S 288 6 S 18 108 6 $ 18...
18) Opague Corporation uses a job costing system. The work in process inventory balance on December...
18) Opague Corporation uses a job costing system. The work in process inventory balance on December 31, 20X6, consists of Job No. 120, which has a balance of $19,000. Job No. 120 has been charged with manufacturing overhead of $5,100. Opaque allocates manufacturing overhead at a predetermined rate of 85% of direct labor cost. The amount of direct materials charged to bb No. 120 was: A) $7,900 B) $5,900 C) $7,565 D) $7,000
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods...
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
Exercise 5-18 Sustainability and perpetual inventory costing LO P1 Tree Seedlings has the following current-year purchases and sales for its only product. Required: The company uses a perpetual inventory system. References a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. c. Compute the gross margin for each method.
Question 41 Job order costing and process costing are a. cost flow systems b. inventory tracking systems O c. pricing systems O d. cost accounting systems Moving to the next question prevents changes to this
9 QS 5-18 Contrasting inventory costing methods LO A1 Identify the inventory costing method best described by each of the following separate statements. Assume a period of increasing costs pints eBook 1 2. 3. 4. 5 Tends to smooth out the erratic changes in costs. Inventory on the balance sheet approximates its current cost. Precisely matches the costs of items with the revenues they generate. Cost of goods sold approximates its current cost. Better matches current costs with revenues. Ask...
The consistent application of an inventory costing method is essential for A. conservatism. B. comparability. C. accuracy. D.efficiency QUESTION Understating beginning inventory will understate A. cost of goods sold. B. assets. C. stockholder's equity. D.net income.
whenever possible? a. Requisition, control, and disbursement of inventory b. Requisition of inventory and conversion of inventory to ser c. Requisition, receipt, and control of inventory d. All of the above 6. Which of the following is a tool used in an analytical review of inventory to see if inventory is being stolen? a. Subtracting Cost Of Goods Sold from Net Sales, dividing the result by Net Sales, then comparing the result to the ratio for prior years b) Dividing...
a. Determine the cost of goods sold and ending m 10 books costing $18 each 4 books costing $18 each and 9 books costing $21 each 2 books costing $21 each and 2 thooks costing $28 each August 3 August 15: August 28: hand at the end of the period. (Enter the oldest inventory layers first ) Cost of Goods Sold Inventory on Hand Unit Total Unit Total 16 S 18 S 288 6 S 18 108 6 $ 18...
18) Opague Corporation uses a job costing system. The work in process inventory balance on December 31, 20X6, consists of Job No. 120, which has a balance of $19,000. Job No. 120 has been charged with manufacturing overhead of $5,100. Opaque allocates manufacturing overhead at a predetermined rate of 85% of direct labor cost. The amount of direct materials charged to bb No. 120 was: A) $7,900 B) $5,900 C) $7,565 D) $7,000
13) Beginning inventory plus purchases quals A) ending inventory B) net purchases C) cost of goods sold oods available for sale D frue? 14) Which of the following statements and the r e who is A) A periodic inventory system kes detailed inventory records of the inventory on hand throughout the period. B) A perpetual inventory system does nor track the change in the inventory account as a result of a sale C) A periodic inventory system does not track...
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