Which of the following is a period cost

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  • 13. In a period of declining prices, the inventory method which tends to give the highest amount of costs of goods sold is A. Specific identification B. Average cost C. FIFO D. LIFO Answer: C. FIFO 14. In a period of falling prices, which inventory method generally provides lowest amount of ending inventory? A. Weighted average B. FIFO C ...
  • IFRS 13 is applicable to annual reporting periods beginning on or after 1 January 2013. An entity may apply IFRS 13 to an earlier accounting period, but if doing so it must disclose the fact. Application is required prospectively as of the beginning of the annual reporting period in which the IFRS is initially applied.
  • The accounting records of Hill Corporation revealed the following selected costs: Sales commissions, $40,000; plant supervision, $94,000; and administrative expenses, $185,000. Hill's period cost totals:
  • PAYBACK PERIOD 8-12 For calculating payback period, when is the following formula valid? Solution Valid when: a) There is a single cost occurring at time zero (first cost). b) Annual Benefits = Net annual benefits after subtracting any annual costs c) Net Annual Benefits are uniform 8-13 Is the following statement True or False?
  • Except where the use of a longer or shorter period is permitted by the provisions of the Cost Accounting Standard on Cost Accounting Period (9904.406), the cost of compensated personal absence shall be allocated to cost objectives on a pro-rata basis which reflects the total of such costs and the total of the allocation base for the entire cost ...
  • The grace period is the six-month period immediately following the due date. The USPTO does not mail notices to patent owners that maintenance fees are due. If, however, the maintenance fee is not paid on time, efforts are made to remind the responsible party that the maintenance fee may be paid during the grace period with a surcharge.
  • Inflation: Causes, Costs, and Current Status Congressional Research Service Summary Since the end of World War II, the United States has experienced almost continuous inflation— the general rise in the price of goods and services. It would be difficult to find a similar period in American history before that war.
  • Mar 20, 2013 · D)opportunity cost of producing a good or service, which includes both implicit and explicit cost. E)cost that can be actually verified and measured. Answer:D Topic: Opportunity cost Skill: Level 1: Definition Objective: Checkpoint 12.1 Author: PH 7) The cost that a firm pays in money to hire a resource is referred to as a ____ cost. A ...
  • A) indirect manufacturing costs B) direct manufacturing costs C) prime costs D) period costs Answer: A 18) Which of the following correctly describes the accounting for administrative expenses of a manufacturing company? A) Administrative expenses are product costs and are expensed as incurred.
  • Which of the following is a period cost rather than a product cost of a manufacturer? The formula for calculating the variable overhead total variance is: In accumulating raw materials costs, companies debit the cost of raw materials purchased in a perpetual system to:
  • Spot On Period Tracker Spot On is a period and birth control tracking mobile app available for Android and iOS phones that can help you stay on top of your birth control method and track your cycle. The app provides customized appointment reminders, and puts birth control and sexual health resources from the experts at Planned Parenthood at ...
  • The indirect costs of converting raw material into finished goods are called A. period costs. B. prime costs. C. overhead costs. D. conversion costs. 70. Which of the following would need to be allocated to a cost object? A. direct material B. direct labor C. direct production costs D. indirect production costs 71. Conversion cost does not ...
  • Dec 13, 2020 · The key difference between product costs and period costs is that product costs are only incurred if products are acquired or produced, and period costs are associated with the passage of time. Thus, a business that has no production or inventory purchasing activities will incur no product costs, but will still incur period costs.
  • Period costs are costs associated with a specific period and not a specific product. Period costs include selling and administrative expenses. Period costs include selling and administrative expenses.
  • Costs may be classified as product costs and period costs. This classification is usually used for financial accounting purposes. A brief explanation of product costs and period costs is given below: Product costs: Product costs (also known as inventoriable costs) are those costs that are incurred to acquire or manufacture a product. For a manufacturing […]
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Can uv light kill cockroachesSpot On Period Tracker Spot On is a period and birth control tracking mobile app available for Android and iOS phones that can help you stay on top of your birth control method and track your cycle. The app provides customized appointment reminders, and puts birth control and sexual health resources from the experts at Planned Parenthood at ...
Dec 28, 2020 · Under the terms of the agreement, 25 per cent of EU boats’ fishing rights in Britain’s waters will be transferred to the UK fishing fleet, over a five-and-half year transition period.
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  • The payback period is the expected number of years required to recover a project’s cost. We calculate the payback by developing the cumulative cash flows as shown below for Project L (in thousands of dollars):
  • C Product costs associated with unsold finished goods and work in process appear on the balance she assets. D. Product costs appear on financial statements only when products are sold. and 15. Which of the following is an example of a period cost? A. Fabric used to produce men's pants. B. Advertising cost for a new product campaign. C.
  • Each month, a portion of your payment goes toward reducing your debt, but another portion is your interest cost. With those loans, you pay down your debt over a specific time period (a 15-year mortgage or five-year auto loan, for example).

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Which of the following statements most accurately describes financial accounting's view of period costs? A. Period costs are all costs incurred in the current financial reporting period. B. Period costs are all direct costs incurred in the current financial reporting period. C. Period costs are all non-manufacturing expenses incurred in the ...
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Period costs are included in the cost of goods sold on the income statement. c. Period costs are subtracted as expenses on the income statement during the current period. d.Depression affects approximately 19 million Americans, or 9.5% of the population in any given one-year period. At some point in their lives, 10%-25% of women and 5%-12% of men will likely become clinically depressed. In fact, it affects so many people that it is often referred to as the "common cold" of mental illness.
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Irving Corp. obtained the following information from its accounting records: Sales = $18,000 Beginning Finished Goods Inventory = $10,500 Ending Finished Goods Inventory = $8,500 Cost of Goods Sold = $8,000 Ending Work-in-Process Inventory = $9,500 The Cost of Goods Manufactured this period equals: a. $8,000.
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May 04, 2010 · The right for damages provided in the Law shall be extinguished by prescription if the injured person or his legal representative does not exercise their rights within the following period: A period of three years from the time when the injured person or his legal representative becomes aware of the damage and the liable party for the damage ...
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A short elimination period 87. (p. 306) Rising health costs are due to all except A. Cost of prescription drugs B. Growing number of uninsured C. Advancements in ...
  • Which of the following is not a part of the process to calculate costs of goods sold under a periodic inventory system? a. Count the ending inventory on hand at the end of the period.
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  • the same period; 2. The item is resold to a nonaffiliate during the next period; or, 3. The item is held for two or more periods by the purchasing affiliate. 7-15 1. Profit Realized in Same Period • Required Elimination Entry: Sales $10,000 Cost of Goods Sold $10,000
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  • Grover Company has the following data for the production and sale of 2,000 units. Sales Price/Unit $800 Fixed Costs: Marketing & Admin $400,000 per period MOH $200,000 per period Variable Costs: Marketing & Admin $50 per unit MOH $80 per unit DL $100 per unit DM $200 per unit What is the prime cost per unit?
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  • Each of the following is a period cost except A. Indirect labor. B. selling expenses. C.administrative expenses. D. non-manufacturing costs.
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  • Which situation requires a departure from the cost... Two companies report the same cost of goods availa... In a period of falling prices, which of the follow... With the assumption of costs and prices generally ... In a period of rising prices which inventory metho... Which one of the following is not a consideration ...
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