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What else can I help you with?
Is manufacturing overhead same as manufacturing cost?
No. Cost would include the cost of materials. Overhead would not.
The entry to allocate manufacturing overhead costs to work in process requires a debit to work in process inventory?
Assume you have manufacturing overhead 5,000Journal Entry would be:Dr. Work in Process ---------5,000Cr. Manufacturing Overhead ----------5,000
What would property taxes on a company's factory building be classified as?
I believe it would be classified as Manufacturing Overhead.
The variable portion of the semi variable cost of electricity for a manufacturing plant is a conversion cost?
yes A cost that attaches to the physical units is termed a product cost. Product costs would include direct materials, direct manufacturing labor, and manufacturing overhead. Conversion cost is the cost involved in converting the direct materials into a finished product. It is composed of direct manufacturing labor and manufacturing overhead. Any cost that does not attach to the physical units would be termed a period cost and would be expensed as incurred. Therefore, a cost is either a period or a product cost. Electricity cost, whether variable or fixed, would be included in manufacturing overhead and classified as conversion costs, and therefore cannot be classified as a period cost.
How much overhead cost would be assigned to Product I90W using the activity-based costing system?
To determine the overhead cost assigned to Product I90W using an activity-based costing (ABC) system, you would first need to identify the relevant activities associated with Product I90W and their respective cost drivers. Then, calculate the overhead rates for each activity by dividing the total cost of each activity by the total units of the cost driver. Finally, multiply the overhead rate by the number of units of each cost driver used by Product I90W to find the total overhead cost assigned to it. Without specific data, the exact cost cannot be calculated.
Is manufacturing overhead same as manufacturing cost?
No. Cost would include the cost of materials. Overhead would not.
The entry to allocate manufacturing overhead costs to work in process requires a debit to work in process inventory?
Assume you have manufacturing overhead 5,000Journal Entry would be:Dr. Work in Process ---------5,000Cr. Manufacturing Overhead ----------5,000
What would property taxes on a company's factory building be classified as?
I believe it would be classified as Manufacturing Overhead.
Abel companys manufacturing overhead is 20 percent of its total conversion costs If direct labor is 38000 and if direct material are 47000 the manufacturing overhead is?
Well, honey, if manufacturing overhead is 20% of total conversion costs, and direct labor is $38,000 and direct materials are $47,000, then total conversion costs would be $38,000 + $47,000 = $85,000. So, if manufacturing overhead is 20% of that, it would be 0.20 x $85,000 = $17,000. So, the manufacturing overhead would be $17,000.
The variable portion of the semi variable cost of electricity for a manufacturing plant is a conversion cost?
yes A cost that attaches to the physical units is termed a product cost. Product costs would include direct materials, direct manufacturing labor, and manufacturing overhead. Conversion cost is the cost involved in converting the direct materials into a finished product. It is composed of direct manufacturing labor and manufacturing overhead. Any cost that does not attach to the physical units would be termed a period cost and would be expensed as incurred. Therefore, a cost is either a period or a product cost. Electricity cost, whether variable or fixed, would be included in manufacturing overhead and classified as conversion costs, and therefore cannot be classified as a period cost.
How do you calculate overhead cost?
You add all the costs together that are related to the manufacturing process. An example of something included would be electricity for the manufacturing floor, something excluded would be CEO's auto allowance. You then divide by what your cost driver is...(machine hours, direct labor hours, etc..) that gives you an overhead cost per.
How do you calculate manufacturing overhead costs?
The total budgeted costs in an indirect-cost pool divided by the total budgeted quantity of cost-allocation base. For example: Manufacturing overhead = 900.000 and 25.000 machine hours. --> 900.000/25.000 = 36 dollar per machine hour
Transportation costs incurred by a manufacturing company to ship its product to its customers would be classified as which of the following a. Product cost b. Manufacturing overhead c. Period cost?
Product cost
What production costs if expressed on a per unit basis would be most likely to change significantly as the production level varies?
fixed manufacturing overhead.
Is overhead an adverb?
Overhead can be an adverb. But it can also be an adjective or noun. Planes flying "overhead" would be an adverb. Overhead wires would be an adjective. The overhead of a business would be a noun.
Is is overhead an adverb?
Overhead can be an adverb. But it can also be an adjective or noun. Planes flying "overhead" would be an adverb. Overhead wires would be an adjective. The overhead of a business would be a noun.
What is the difference in the flow of costs between manufacturing and service organizations?
In a service organisation which uses job-order costing, the cost of inputs brought from outside (subcontracted work) is comparable to the cost of direct materials used in a manufacturing organisation. Similarly, the direct staff costs in a service organisation correspond with the direct labour costs in a manufacturing organisation. The office overhead expenses in a service organisation is similar to the manufacturing overhead in a manufacturing organisation. The cost of any completed work is simlar to the cost of finished goods inventory in a manufacturing organisation. Basically the names of the accounts used in a service organisation are different to those used in a manufacturing organisation. The work-in-process account in a service organisation would therefore have cost of subcontracted work, direct staff cost and office overhead cost on the debit side; the cost of completed work would be on the credit side. Other than the terminology, everything else in the flow of costs remains the same. The pre-determined overhead rate can be calculated by using an overhead allocation base such as direct staff costs and each completed job can be allocated with the appropriate portion of the estimated overhead based on the actual direct staff costs incurred on the project.
