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Acct 505 practice midterm - Study guides, Class notes & Summaries

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ACCT 505 Practice Midterm Questions and Answers

  • ACCT 505 Practice Midterm Questions and Answers

  • Exam (elaborations) • 2 pages • 2021
  • ACCT 505 Practice Midterm Page 1 1. Indirect labor is a part of a prime cost. b conversion cost. - c period cost. d nonmanufacturing cost. Answer: B Explanation: Conversion costs are all m anufacturing costs other than direct materials cost. 2. Prime cost and conversion cost share what common element of total cost? A Direct materials B Direct labor -- C Variable overhead D Variable overhead Answer: B Explanation: Prime costs and conversion costs have direct labor cost as an overlapping item. For...
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