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- 1. Multiple Choice
Easily Traceable to each product; Can be easily counted/measured; Steering wheel on a car; four tires on a car
direct materials
direct labor
manufacturing overhead
conversion cost
- 2. Multiple Choice
Touch Labor: Factory Laborers touching up paint on cars manufactured
Manufacturing Overhead
Direct Labor
Conversion Costs
Direct Materials
- 3. Multiple Choice
Indirect Materials: paint on a car, fabric on car seats, Indirect Labor: Factory janitorial staff wages/salary, Factory Supervisor salary, and ALL Other Costs associated with running the factory: Factory utilities, rent on the factory building, insurance on the factory building, depreciation on factory equipment, etc.
Manufacturing Overhead
Conversion Costs
Direct Materials
Direct Labor
- 4. Multiple Choice
Direct Labor + Manufacturing Overhead
Prime Cost
Direct Materials
Raw Materials
Conversion Cost
- 5. Multiple Choice
Cost to CONVERT Direct Materials into the final product
Prime Cost
Direct Materials
Conversion Cost
Direct Labor
- 6. Multiple Choice
Direct Labor + Direct Materials
Prime Cost
Conversion Cost
Raw Material
Manufacturing Overhead
- 7. Multiple Choice
Direct materials, direct labor, manufacturing overhead, conversion costs and prime costs are all examples of
product costs
production costs
variable costs
fixed costs
- 8. Multiple Choice
Costs that increase or decrease (in total) with changes in activity levels/cost drivers. A variable cost expressed on a PER UNIT basis remains the same.
Product Cost
Fixed cost
Mixed Cost
Variable Cost
- 9. Multiple Choice
Direct Materials, Direct Labor (if hourly—wages), Indirect Materials, & Factory Utilities are all examples of?
Variable Costs: Manufacturing and Product Costs
Variable costs: Non- manufacturing and Period Costs
Fixed Costs: Manufacturing and Product Costs
Fixed costs: Non- manufacturing and Period Costs
- 10. Multiple Choice
Office supplies, utilities in the office, sales Commissions (the more products are sold, the higher the Sales Commissions expense will be) are examples of?
Variable Costs: Non-manufacturing and Period Cost
Variable Costs: Manufacturing & Product Cost
Fixed Costs: Non-manufacturing and Period Cost
Fixed Costs: Manufacturing & Product Cost
- 11. Multiple Choice
Total costs that do not change with changes in activity levels/cost drivers. Expressed on a PER UNIT basis, has an inverse relationship to activity levels. The more activity, the less the cost per unit.
Fixed Costs
Variable Costs
Mixed Costs
Product Costs
- 12. Multiple Choice
Rent on the factory, Depreciation on factory equipment, insurance on the factory, and factory supervisor salaries are all examples of?
Variable Costs: Manufacturing and product cost
Variable Cost: Non-manufacturing and period Cost
Fixed Costs: Manufacturing and product cost
Fixed Cost: Non-manufacturing and period Cost
- 13. Multiple Choice
CEO Salary, depreciation on office equipment, rent on the office, and insurance on the office are all examples of?
Variable Cost: Non-manufacturing and PERIOD Cost
Variable Costs: Manufacturing or product cost
Fixed Costs: Manufacturing or product cost
Fixed Cost: Non-manufacturing and PERIOD Cost
- 14. Multiple Choice
This can be an individual cost that has both fixed and variable characteristics.
Variable Cost
Fixed Cost
Product Cost
Mixed Cost
- 15. Multiple Choice
Renting a portion of a building might have a base rate: $10,000 per month, plus $1,000 for each 500 square feet of space - this is an example of?
Mixed Costs
Fixed Costs
Variable Costs
Product Costs
- 16. Multiple Choice
Y= a + bx
This is an example of?
Mixed Cost
Variable Cost
Fixed Cost
Product Cost
- 17. Multiple Choice
Inventory accounts on the Balance Sheet
Product Costs
Period Costs
- 18. Multiple Choice
Expensed as incurred on the Income Statement
Product
Period
- 19. Multiple Choice
Used by management for analyses, cost estimation, and other management issues
Cost Classifications for Manufacturing companies
Cost Behavior Classifications
Contribution Format Income Statement
- 20. Multiple Choice
Who is your TA?
Jess
Jill
Rachel
Erica
- Answer choicesTagsAnswer choicesTags