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GARRISON CH. 2 : managerial accounting & cost concepts Questions And Answers Graded A+ $7.99
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GARRISON CH. 2 : managerial accounting & cost concepts Questions And Answers Graded A+
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  • GARRISON CH. 2 : Managerial Accounting & Cost Conc

administrative - ️️c. _________ costs = period costs 1. accounting 2. president's salary 3. IT direct materials - ️️the raw materials used to create inventory - ️️direct materials example: steel, glass, electric wire --> build a boat direct labor - ️️the labor costs that c...

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  • September 18, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
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  • garrison ch 2 managerial accounting cost conc

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GARRISON CH. 2 : managerial
accounting & cost concepts
administrative - ✔️✔️c. _________ costs = period costs

1. accounting
2. president's salary
3. IT

direct materials - ✔️✔️the raw materials used to create inventory

- ✔️✔️direct materials example:

steel, glass, electric wire --> build a boat

direct labor - ✔️✔️the labor costs that can easily be traced to the development of a
company's inventory

- ✔️✔️direct labor example:

shop worker, Bob, works all day on boat #A753

Bob's work can easily be traced to job #A753

manufacturing overhead - ✔️✔️all manufacturing costs except direct labor & direct
materials

- ✔️✔️manufacturing overhead examples:

a) indirect materials --> grease for the shop's machines
b) depreciation on all shop items
c) indirect labor --> shop supervisor

conversion costs:

manufacturing overhead + direct labor - ✔️✔️conversion costs:

_______ ________ + _______ _________

direct materials + direct labor - ✔️✔️prime costs

_________ _________ + _______ _________

, sunk cost - ✔️✔️a cost that should NOT be considered for decision making

- ✔️✔️Period costs/ noninventoriable costs:

a. administrative building example

marketing/ selling costs = period costs - ✔️✔️b. ________/ ________ costs = period
costs


administrative & selling costs - ✔️✔️General statement:

________ & _______ costs are PERIOD COSTS

1) period costs --> expense --> PERIOD COSTS

a. ending inventory & COGS

b. product costs include:
1) direct materials
2) direct labor
3) manufacturing overhead

c. product cost: sales, COGS - ✔️✔️Product Costs/ Inventoriable costs:

a. product costs: ________ _______ & ________

b. product costs include:
1)
2)
3)

c. Product costs: great example of the matching principle

product cost: _______ & ________

d. product cost example: shop building

sold inventory - ✔️✔️COGS created by: ______ _________

cost behaviors - ✔️✔️the way costs change because of changes in a company's
activity levels

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