A cost that would be included in product costs under both
absorption costing
and variable costing is: full costing.
A managerial accounting technique known as "
absorption costing
," also known as "full costing," is used to record all expenses related to producing a specific product. This strategy accounts for both direct and indirect costs, including direct materials, direct labor, rent, and insurance
.
Anything that is a direct cost of creating a good is included in absorption costing's cost base. Fixed overhead costs are included
absorption costing
in the product costs under
absorption costing
as well. Wages paid to workers who physically produce a product, raw materials required in production, and all overhead expenditures (such as all utility bills) incurred
absorption costing
during production are a few of the costs related to product manufacturing
.
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absorption costing
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Answer:
The correct answer is letter "B": Only two points are used to develop the cost function.
Explanation:
In cost accounting, the High-Low Method is used to separate fixed and variable costs using the minimal quantity of information possible. Implementing this approach means taking the highest level of production and the lowest level of production and compare the costs at each point. The Least Squares Method, instead, is a set of complex mathematical calculations considering a wider number of dependent variables.
Answer: C) Corporation
Explanation: A Corporation can be Simply defined as a legal entity who's privileges, liabilities and rights are different or separate from the group of person who created it. That is, if the business get sued to court, what ever the punishment or retribution is, it will not directly affect the owners but the business itself. If the company's car on duty accidentally crashed into a person's shop, the company will pay for it, not the driver or the owners of the business.
So corporation means any group of person with a legal entity.
Answer:
14,105
Explanation:
Calculation for What would be the equivalent units for conversion cost using the weighted average method
Equivalent units for conversion cost=[(1,300 + 13,000 - 650 )×100%]+ (650 × 70%)
Equivalent units for conversion cost=(13,650 × 100%) + (650 × 70%)
Equivalent units for conversion cost=13,650+455
Equivalent units for conversion cost= 14,105
Therefore What would be the equivalent units for conversion cost using the weighted average method will be 14,105
The income statement has net income of $4710.
<h3>Income statement</h3>
Income statement for the year ended November 30, 2020
Repair Revenue $9900
Installation fees $1600
Total revenue $11,500
Expenses:
Salaries expense $2600
Rent expense $2000
Advertising expense $850
Supplies expenses $185
Utilities expense $235
Insurance expense $150
Delivery expense $770
Total expenses $6790
Net income $4710
($11,500-$6790)
Therefore the income statement has net income of $4710.
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