What is the formula for Prime Costs?
Discussion Points - Manufacturing accounts
12th Grade
•6 Qs
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Discussion Points - Manufacturing accounts
Quiz
•
Business
•
12th Grade
•
Medium
Shauna-Kay Herah
Used 4+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Direct Materials + Direct Labour + Factory overheads
Direct Materials + Direct Labour + Direct Expenses
Direct materials + Factory overheads
Direct Materials + Direct Labour + Factory overheads + Opening WIP - Closin WIP
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Total manufacturing costs =
Direct Materials + Direct Labour + Factory overheads
Direct Materials + Direct Labour + Direct Expenses
Direct materials + Factory overheads
Direct Labour + Factory overheads
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Selling and Administrative expenses are examples of direct expenses
TRUE
FALSE
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the formula for COGS in a manufacturing company?
Cost of production + Opening WIP - Closing WIP
Cost of production - Opening WIP +Closing WIP
Opening Finished goods inventory - Cost of production for completed units - closing finished goods inventory
Opening Finished goods inventory + Cost of production for completed units - closing finished goods inventory
5.
FILL IN THE BLANK QUESTION
45 sec • 1 pt
Total production cost for completed pencils is $582,000. 6000 units of pencils were produced, how much is the manufacturing cost per unit?
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the formula for the cost of production for completed units?
Direct Materials + Direct Labour + Factory overheads
Direct Materials + Direct Labour + Direct Expenses
Direct materials + Factory overheads
Direct Materials + Direct Labour + Factory overheads + Opening WIP - Closin WIP
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