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dexar [7]
3 years ago
15

Indirect labor and indirect materials are classified as factory overhead and product costs factory overhead and period costs ope

rating costs and period costs operating costs and product costs
A. True
B. False
Business
1 answer:
Dvinal [7]3 years ago
4 0

Answer:

True

Explanation:

Product costs are the costs directly incurred from the manufacturing process. The three basic categories of product costs they are;

1) direct material

2) direct labour

3) manufacturing (factory) overhead.

Manufacturing overhead cost also include the following;

a) indirect labour: Indirect labor is the labor of those who are not directly involved in the production of the products.

b) indirect material: Indirect materials are materials that are used in the production process but that are not directly traceable to the product.

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During a reporting period, a computer manufacturing company used raw materials of $50,000, had direct labor costs of $75,000, an
sammy [17]
<span>To calculate the cost of goods sold we use the following formula:
 beginning inventory + the cost of goods purchased or manufactured = cost of goods available ending inventory.
 Since there was no beginning balance in inventory account and all goods were sold we can assume that cost of goods = total costs for the period. Adding up all costs for the period comes to $173,000.</span>
3 0
3 years ago
According to generally accepted accounting principles (GAAP), revenue is recognized as income when:
bogdanovich [222]

Answer:

the transaction is complete and the goods or services are delivered.

Explanation:

According to generally accepted accounting principles (GAAP), the revenue should be recognized when the goods or services are delivered and the transaction is completed in all respects.  

The revenue recognition principle applies when the revenue is realized or earned whether cash is received or not plus it also follows the accrual basis of accounting. Here, realizable means that customer received the product but the payment is made at the later date

4 0
3 years ago
the spread between the interest rates on bonds with default risk and default-free bonds is called the:
jeka57 [31]

The spread between the interest rates on bonds with default risk and default-free bonds is called the risk premium.

A default-free bond is a bond in which the bond issuer would not miss scheduled payments of either the coupon or principal. Bonds issued by the government are generally considered to be default-free. This is because the government can print money to make payments.

A bond with a default risk is a bond in which the bond issuer can miss scheduled payments of either the coupon or the principal. Bonds issued by private individuals are generally considered to be bonds with default risk.

Bondholders usually demand a compensation for holding bonds with a default risk. This compensation is known as risk premium.

Risk premium = return on bonds with default risk - return on default- free bond.

To learn more, please check: brainly.com/question/4304080?referrer=searchResults

5 0
2 years ago
What is the amount of physical goods and services that can be bought with a given amount of money?
STALIN [3.7K]

Answer:

please Elaborate like how much money do you have or something

3 0
2 years ago
Phillip was waiting for a bus at a bus stop. Across the street and down the block, a mechanic negligently overinflated a tire he
SashulF [63]

Answer:

D. Lose because the mechanic could not have foreseen injury to Phillip.

8 0
3 years ago
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