Managerial Accounting True-False Statements II
March 19, 2018
Managerial Accounting True-False Statements II
- Manufacturing costs that cannot be classified as direct material or direct labor are classified as manufacturing overhead.
- Raw materials are equal to direct materials minus indirect materials.
- Raw materials that can be conveniently and directly associated with a finished product are called material overhead.
- The total cost of a finished product does not generally contain equal amounts of material, labor, and overhead costs.
- Direct material costs and indirect material costs are prime costs.
- Conversion costs consist of direct labor and manufacturing overhead.
- Indirect materials and indirect labor are both inventoriable costs.
- Direct labor costs subtracted from prime costs equals manufacturing overhead costs.
- Total period costs are deducted from total cost of work in process to calculate cost of goods manufactured.
- Period costs are not inventoriable costs.
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