Which of the following is the correct flow of manufacturing costs? Oa. work in process, finished goods, raw materials, cost of goods sold Ob. raw materials, finished goods, cost of goods sold, work in process Oc. raw materials, work in process, finished goods, cost of goods sold Od. cost of goods sold, raw materials, work in process, finished goods

Which of the following is the correct flow of manufacturing costs? Oa. work in process, finished goods, raw materials, cost of goods sold Ob. raw materials, finished goods, cost of goods sold, work in process Oc. raw materials, work in process, finished goods, cost of goods sold Od. cost of goods sold, raw materials, work in process, finished goods

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter7: Variable Costing For Management analysis

Section: Chapter Questions

Problem 2DQ: Which type of manufacturing cost (direct materials, direct labor, variable factory overhead, fixed...

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Product (or manufacturing) costs consist of a. direct materials, direct labor, and selling costs. b. direct materials, direct labor, manufacturing overhead, and operating expense. c. administrative costs and conversion costs. d. prime costs and manufacturing overhead. e. selling and administrative costs.
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
Under absorption 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 a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expenses
Which of the following is a conversion cost? A. raw materials B. direct labor C. sales commissions D. direct material used
Why are labor and manufacturing overhead grouped together as conversion costs?
Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overhead
Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver for production/estimated overhead for the activity B. estimated overhead for the product/estimated use of the cost driver for the activity C. estimated use of the cost driver for production/estimated overhead for the activity D. estimated overhead for the activity/estimated use of the cost driver for the activity
In a process cost system, factory depreciation expense incurred is debited to _____________________. finished goods inventory work in process inventory manufacturing overhead cost of goods sold
Describe the product life cycle. How do unit-level costs behave in relation to the product life cycle? Batch-level costs? Product-level costs? Facility-level costs?
Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expense
Why are product costs assigned to the product and period costs immediately expensed?