Question 39How do you categorize if you are reporting packaging supplies for shipping overseas?OA) Variable cost and direct costB) Fixed cost and indirect costOC) Variable cost and selling costD) Fixed cost and general and administrative cost

The costs incurred for production are said to be the production costs. The costs incurred to sell…

Answered: Question 39 How do you categorize if…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 4SEQ: For which cost concept used in applying (he cost-plus, approach to product pricing are fixed...

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Question 5 What is the main difference between absorption costing and variable costing system. How does production and sales have impact on the variation of income in absorption costing and variable costing system.
Question 6 Manufacture have established a cost classification called product costs. Define the term "product cost" and note where these costs appears in the financial statements.be specific.
Question 6 Product costs that have become expenses can be found in: O selling expenses. cost of goods sold. administrative expenses. period costs. « Previous
For which cost concept used in applying (he cost-plus, approach to product pricing are fixed manufacturing costs, fixed selling and administrative expenses, and desired profit allowed for in determining the markup? A. Total cost B. Product cost C. Variable cost D. Standard cost
Items on variable costing income statement In the following equations, based on the variable costing income statement, identify the items designated by X: a. Net Sales X = Manufacturing Margin b. Manufacturing Margin X = Contribution Margin c. Contribution Margin X = Income from Operations
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Chapter 3- CVP Cost-volume-profit (CVP) analysis requires an understanding of cost behavior: variable and fixed costs. Cost behavior differs from the GAAP-based financial reporting focus: product and period costs. The two ways to categorize costs results in TWo different income statements: Absorption costing income statement: S-C-GM-SA-NI (Key assumption: Split costs into product and period costs) Variable costing income statement: S-VE-CM-FE-NI (Key assumption: Split costs into variable and fixed) 1. 2. Absorption Costing Income Statement Variable Costing Income Statement Sales $500,000 Sales $500,000 Less: Variable expenses Less: Cost of goods sold: Variable (DM+DL+VOH) Fixed (FOH) Gross margin 100,000 Product costs 100,000 60,000 S&A costs 110,000 340,000 Contribution margin 290,000 Less: Fixed expenses Less: Selling & administrative Variable 110,000 Product costs 60,000 Fixed 140,000 S&A costs 140,000 Taxable income $90,000 Taxable income $90,000 LINK THE LINEAR COST FUNCTION TO…
Question #2 What is absorption costing and marginal costing in the context of overhead costs? Discuss the following in your answer: The difference between absorption costing and marginal costing. Two reasons for absorption costing.
Which components correspond to the following terms? Match each item to a choice: Choices: Selling price of perishable goods Selling price, variable costs Fixed expenses Contribution margin Equipment, cost of goods sold, labor Selling price, variable costs, contribution margin ratio Quantity, mark-up/down, spoilage Payroll, utilities, insurance
QUESTIONS A. Compute for the ending Finished Goods Inventory under Absorption costing B. Compute for the Ending Finished Goods Inventory under Variable Costing method

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Question 39 How do you categorize if you are reporting packaging supplies for shipping overseas? OA) Variable cost and direct cost B) Fixed cost and indirect cost OC) Variable cost and selling cost D) Fixed cost and general and administrative cost