0
What are the accounting entries for the return of unused direct material from production?
Wiki User
∙ 11y ago
work- in-progress account store control account
Wiki User
∙ 11y ago
Khim Leahza Honrado
DR Work in progress account
Add your answer:
Earn +20 pts
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 a product cost or period cost?
Direct material is a product cost because without material no product can be produce and it has direct relation with production of goods.
What different between Direct materials and Indirect materials?
Direct material is that material which directly involve in production of units like "wood" for furniture. Indirect material is that material which is not directly identifiable or allocatabl to product like "kneedles" in production of furniture
What budgets are included in a production budget?
The production budget needs to be exploded into budgets for direct material, direct labor, and manufacturing overhead.
What is production cost in cost accounting?
COST OF PRODUCTION IN ACCOUNTING: is defined as the amount spent in the converting of raw material into finished goods. in the manufacturing account is calculated by Add:opening stock of ram material :purchase +carriage inward -return outward=cost of goods available-closing stock=cost of sales +prime cost+factory overhead+net work in progress=cost of production
Total costs less conversion costs equal to material costs?
Conversion cost is total of: Options Direct material and direct wages Direct material, direct wages, and production overheads Direct wages and production overheads. None of the above
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 a product cost or period cost?
Direct material is a product cost because without material no product can be produce and it has direct relation with production of goods.
What different between Direct materials and Indirect materials?
Direct material is that material which directly involve in production of units like "wood" for furniture. Indirect material is that material which is not directly identifiable or allocatabl to product like "kneedles" in production of furniture
What budgets are included in a production budget?
The production budget needs to be exploded into budgets for direct material, direct labor, and manufacturing overhead.
What is production cost in cost accounting?
COST OF PRODUCTION IN ACCOUNTING: is defined as the amount spent in the converting of raw material into finished goods. in the manufacturing account is calculated by Add:opening stock of ram material :purchase +carriage inward -return outward=cost of goods available-closing stock=cost of sales +prime cost+factory overhead+net work in progress=cost of production
Is direct material and labor a fixed cost?
If direct material and direct labor remains fixed irrespective of production volume then these are fixed costs otherwise these are variable costs and normally these are variable costs because it varies with the production volume.
What is other direct cost?
Other direct cost is direct cost other than direct material and direct labor which is prime cost of production.
Are direct materials fixed costs?
Direct material is variable cost because to produce any unit of product direct material required which changes with change in production level.
What two major functional categories are costs subdivided into?
production and non-production. non-production is classified under selling and administrative expenses production is classified as direct material, direct labor and manufacturing overhead
What is prime cost as used in cost accounting?
Prime cost in cost accounting refers to the total direct costs incurred in the production of goods or services. It includes expenses directly tied to manufacturing or service delivery, like raw materials, labor wages, and direct production-related expenses. Prime cost excludes indirect costs such as rent, utilities, and administrative salaries. It's a fundamental concept for businesses to determine the core expenses associated with their primary activities, helping them calculate product or service pricing, analyze cost efficiency, and make informed decisions about production processes and resource allocation.
Is raw material Direct Material?
the cost of direct materials which can be easily identified with the unit of production. For example, the cost of glass is a direct materials cost in light bulb manufacturing. Hope this helps!👍
