Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. problem 1 cost classifications a.) variable cost b

Problem 1 Cost Classifications a.) Variable Cost b.) Fixed Cost c.) Work In Process Inventory...

50.1K

Verified Solution

Question

Accounting

Problem 1 Cost Classifications a.) Variable Cost b.) Fixed Cost c.) Work In Process Inventory d.) Finished Goods Inventory e.) Cost of Goods Sold f.) Cost of Goods Manufactued g.) Period Costs h.) Sunk Cost i.) Product Cost j.) Indirect cost 1.) Cannot be connect to a cost object 2.) Portion of total cost that does not change with the quantity of output 3.) Portion of total cost that changes with the quantity of output 4.) Non-product expenditures for managing the firm and selling the product 5.) Contains all cost put into the manufacturing of a product that have been started but not completed at the financial statement date 6.) The cost of Goods ready to be sold 7.) Cost of goods finished and transferred out of the WIP Inventory Account during a specific period 8.) Cost that have been incurred in the past and have do not impact future costs 9.) Cost of the product transferred to the income statement when inventory is sold 10.) The costs necessary to complete the product: direct materials, direct labor and overheads

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students