What costs are treated as product costs under the variable costing method?
What will be an ideal response?
Under variable costing, direct labor, direct materials, and variable manufacturing overhead costs are treated as product costs. Fixed manufacturing overhead is treated as a period cost.
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What are altered checks? What are the actions that a bank can take when it encounters a case of check alteration?
What will be an ideal response?
The theory of comparative advantage implies that you should allow another firm to perform work activities for your company if that company can do it more productively than you can
Indicate whether the statement is true or false
Eastern Company uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of standard direct labor-hours (DLHs). The denominator activity level is 60,000 direct labor-hours, or 300,000 units.• A standard cost card for the company's product follows:??Standard quantity or hoursStandard price or rateStandard cost?Direct materials0.25 kilogram$16 per kilogram$4?Direct labor0.20 DLH$10 per DLH 2?Variable overhead0.20 DLH$5 per DLH 1?Fixed overhead0.20 DLH$10 per DLH 2?Total standard cost??$9• Actual data for the year follow:?Units produced and sold330,000?Actual direct labor-hours worked64,800?Actual variable overhead cost$327,240?Actual fixed manufacturing overhead cost$612,000Required:a. Compute the variable
overhead rate and efficiency variances.b. Compute the fixed manufacturing overhead budget and volume variances. What will be an ideal response?
A six-sided die is rolled three times. The probability of observing a 1 three times in a row is _____
a. 1/3 b. 1/6 c. 1/27 d. 1/216