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What are total costs in accounting?
Total cost/ full cost which include Prime Cost *Direct Labour cost *Direct Material Cost *Direct expenses Production Overhead *Variable Overhead *Fixed Overhead Selling and Distribution cost Administration Cost
Is direct material cost an overhead?
no direct cost is not an overhead
The entry to record direct labor costs into production in a job order cost accounting system is?
debit factory overhead, credit wages payable
What are the differences between direct cost and indirect cost in management accounting.?
what are the differences between direct cost and indirect cost in financial accounting
Is the cost of direct materials classified as a conversion cost?
No, Conversion cost is the sum of direct labor cost and manufacturing overhead cost.
What are total costs in accounting?
Total cost/ full cost which include Prime Cost *Direct Labour cost *Direct Material Cost *Direct expenses Production Overhead *Variable Overhead *Fixed Overhead Selling and Distribution cost Administration Cost
Is direct material cost an overhead?
no direct cost is not an overhead
How do you compute predetermined overhead rate as a percentage of direct labor costs and direct labor hours?
Predetermined overhead rate based on direct labor cost = Budgeted overhead cost / direct labor cost / 100 Predetermined overhead rate based on direct labor cost = budgeted overhead cost / direct labor hours.
Is Direct material cost combined with manufacturing overhead cost is known as conversion cost?
false, direct labor and manufacturing overhead = conversion cost
The entry to record direct labor costs into production in a job order cost accounting system is?
debit factory overhead, credit wages payable
What are the differences between direct cost and indirect cost in management accounting.?
what are the differences between direct cost and indirect cost in financial accounting
Variable manufacturing overhead cost per direct labor hour?
Variable manufacturing overhead cost per direct labor hour means the variable overhead cost spent for one single labor hour and formula is as follows:Variable overhead cost per labor hour = total variable overhead cost / Total direct labor hours
What is prime cost in cost accounting?
Sum of direct materials and direct labor
Is the cost of direct materials classified as a conversion cost?
No, Conversion cost is the sum of direct labor cost and manufacturing overhead cost.
Define prime cost?
Direct Material Direct Labor direct Factory Overhead
How do you calculate Overhead absorption rate apportionment?
Overhead rate : Overhead rate = total overhead cost / direct labor OR Overhead rate = Total overhead cost / machine hours.
What are the three main costs that are included in the price of a product?
1 - Raw material cost 2 - Direct labor cost 3 - Overhead Cost
