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Which FOUR combinations could possibly have resulted in this situation?
Refer to the Exhibit. A company operates an absorption costing system. The management accounts show that fixed production overheads were over-absorbed in the period. Which FOUR combinations could possibly have resulted in this situation?A . Combination AB . Combination BC . Combination CD . Combination DE . Combination EF ....
What was the value of normal loss during the month?
CORRECT TEXT C Ltd produces a chemical in a single process. Information for this process last month is as follows: (a) Opening work in progress - 10000 kg valued at £10000 for direct material and £7500 for conversion costs. (b) Materials input - 25000 kg at £1.10 per kg. (c)...
A company uses an integrated accounting system.
A company uses an integrated accounting system. The accounting entries for the sale of goods on credit would bE.A . Debit: Receivables control accountCredit: Sales accountB . Debit: Sales accountCredit: Finished Goods Control accountC . Debit: Receivables control accountCredit: Cost of sales accountD . Debit: Sales accountCredit: Receivables control accountView...
Which of the following best describes a step cost?
Which of the following best describes a step cost?A . A cost which remains constant until activity reaches a critical level; thereafter the cost increases to a higher level and the unit cost remains constant until the next critical activity level is reached.B . A cost which increases steadily until...
CORRECT TEXT
CORRECT TEXT Refer to the exhibit. The following information is available for a production process: The cost per unit of good output is: Give your answer to 2 decimal places.View AnswerAnswer: £13.17
In the process account, the accounting treatment of the value of the abnormal loss is:
In the process account, the accounting treatment of the value of the abnormal loss is:A . Credit Process account Debit Abnormal Loss accountB . Debit Process account Credit Abnormal Loss accountC . Credit Process account Debit Normal Loss accountD . Debit Process account Credit Normal Loss accountView AnswerAnswer: A
The standard labour cost for 1 component is $15.00 (5 hours at $3 per hour). Last month, 6,000 hours were worked at a cost of $17,000 to produce 1,100 components.
The standard labour cost for 1 component is $15.00 (5 hours at $3 per hour). Last month, 6,000 hours were worked at a cost of $17,000 to produce 1,100 components. The labour efficiency variance was:A . $1,500 AdverseB . $1,000 AdverseC . $1,000 FavourableD . $1,500 FavourableView AnswerAnswer: A
The materials price variance will be adverse when:
The materials price variance will be adverse when:A . The actual cost of the materials is more than the standard material cost for the output producedB . The actual cost of the materials purchased is more than the standard cost of the materials purchasedC . The materials usage variance is...
What was the average cost per kg of finished output during the month?
C Ltd produces a chemical in a single process. Information for this process last month is as follows: (a) Opening work in progress - 10000 kg valued at £10000 for direct material and £7500 for conversion costs. (b) Materials input - 25000 kg at £1.10 per kg. (c) Conversion costs...
Which of the following industries would not use process costing?
Which of the following industries would not use process costing?A . BrewingB . House-buildingC . ChemicalD . Food processingView AnswerAnswer: B
