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This preview shows page 1 - 2 out of 2 pages. ORIE 3150 Rec 101. What term is commonly used to describe the concept whereby the cost of manufacturedproducts is composed of direct materials cost, direct labor cost, and all factory overhead cost?a.Standard costingb.Variable costingc.Absorption costingd.Marginal costinge.Throughput costing 2. What term is commonly used to describe the concept whereby the cost of manufacturedproducts is composed of direct materials cost, direct labor cost, and variable factory overheadcost? Get answer to your question and much more 3. Under absorption costing, which of the following costs would not be included in finishedgoods inventory? Get answer to your question and much more We have textbook solutions for you! The document you are viewing contains questions related to this textbook. College Accounting, Chapters 1-27 Heintz/Parry Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 2 pages? Upload your study docs or become a Course Hero member to access this document Tags Archery, Townsend Co, Loggy Bayou We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. College Accounting, Chapters 1-27 Heintz/Parry Expert Verified Quiz 20A1.What term is commonly used to describe the concept whereby the cost ofmanufacturedproducts is composed of direct materials cost, direct labor cost, and allfactory overhead cost?a.Standard costingb.Variable costingc. Absorption costingd. Marginal costing 2.Under absorption costing, which of the following costs wouldnotbe included infinishedgoods inventory? Get answer to your question and much more 3.Under variable costing, which of the following costs wouldnotbe included in finishedgoodsinventory? Get answer to your question and much more 4.Under variable costing, which of the following costs would be included in finishedgoodsinventory? Get answer to your question and much more 5.On the variable costing income statement, the figure representing the differencebetweenmanufacturing margin and contribution margin is the:a.fixed manufacturing costs 1 1.) What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and all factory overhead cost? Answer: Absorption costing 2.) What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and variable factory overhead cost? Answer: Variable costing 3.) Under absorption costing, which of the following costs would not be included in finished goods inventory? Answer: variable and fixed selling and administrative expenses 4.) On the variable costing income statement, the figure representing the difference between manufacturing margin and contribution margin is the Answer: variable selling and administrative expenses 5.) The amount of income under absorption costing will equal the amount of income under variable costing when units manufactured... Answer: equal units sold 6.) The amount of income under absorption costing will be less than the amount of income under variable costing when units manufactured... Answer: are less than units sold 7.) In the variable costing income statement, deduction of variable selling and administrative expenses from manufacturing margin yields Answer: contribution margin 8.) Analyzing contribution margins can help a company make decisions concerning Answer: Sales territory profitability Product profitability Salesperson profitability 9.) The difference between planned contribution margin and actual contribution margin can be due to Answer: Unit price factor Unit cost factor Sales quantity factor Variable cost quantity factor 10.) The unit cost factor is calculated as Answer: (Actual cost per unit - planned cost per unit) x actual units sold 11.) A formal written statement of management's plans for the future, expressed in financial terms, is a Answer: budget 12.) The budgetary unit of an organization which is led by a manager who has both the authority over and responsibility for the unit's performance is known as a Answer: responsibility center 1 What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost?Variable costing. Variable costing is used when the company considers the product costs as including the following: direct materials, direct labor, and variable overhead. Fixed overhead is considered period cost under this costing.
Which of the following would be included in the cost of a product manufactured?These costs include materials, labor, production supplies and factory overhead. The cost of the labor required to deliver a service to a customer is also considered a product cost.
What is another name for variable costing?Definition: Variable costing, also called direct costing, is an accounting method used to allocate production costs to product being produced.
Which of the following would be included in the cost of a product manufactured according to variable costing quizlet?variable costing treats only direct materials, direct labor, and the variable portion of manufacturing overhead as product costs while absorption costing treats direct materials, direct labor, the variable portion of manufacturing overhead, and an allocated portion of fixed manufacturing overhead as product costs.
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What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials?
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