What costs are treated as product costs under direct costing?
a. Only direct costs
b. Only variable manufacturing costs
c. All variable costs
d. All variable and fixed manufacturing costs
b
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Indicate whether each of the following statements is true or false._____ a) An appropriation of retained earnings limits the amount available for dividends._____ b) Appropriating retained earnings is considered an asset exchange transaction._____ c) An appropriation is recorded as a decrease to the appropriated retained earnings account and an increase to retained earnings._____ d) One reason for an appropriation of retained earnings is that there may be restrictive covenants in credit agreements._____ e) An appropriation has no effect on the accounting equation.
What will be an ideal response?
A job
a. encompasses a family of jobs. b. is your life's work. c. involves performing a designated set of responsibilities and duties for a specific employer. d. none of these choices.
Characteristics of a lean supply chain include ______.
A. greater frequency of quality inspections B. vendor-managed inventory C. increased amount of rework D. increased quantity of scrapped materials
A furniture manufacturer uses a standard costing system in which standard machine-hours (MHs) is the measure of activity. Data from the company's flexible budget for manufacturing overhead are given below: Denominator level of activity 1,400MHsOverhead costs at the denominator activity level: Variable overhead cost$12,040 Fixed overhead cost$17,360 ?The following data pertain to operations for the most recent period: Actual hours 1,300MHsStandard hours allowed for the actual output 1,440MHsActual total variable manufacturing overhead cost$11,440 Actual total fixed manufacturing overhead cost$18,560 ?The fixed manufacturing overhead volume variance for the period is closest to:
A. $1,736 F B. $496 F C. $1,240 U D. $516 F