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Total costs less conversion costs equal to material costs?
Conversion cost is total of: Options Direct material and direct wages Direct material, direct wages, and production overheads Direct wages and production overheads. None of the above
What is journal entry of outstanding wages?
Outstanding wages are those wages that have been earned in one acctg period but will not be paid until the next. This happens when a payroll period crosses months. Under the accrual basis of accounting, such wages must be accrued in the period earned regardless that they are paid in a subsequent period.
Are freight costs period or product costs?
Period
The entry to adjust the accounts for wages accrued at the end of the accounting period is?
wages expense and wages payable
What examples of typical fixed costs?
rent & staff wages
What are examples of typical fixed costs?
rent & staff wages
Is fixed costs is a period costs?
Yes normally fixed costs are period costs because these costs have to be paid no matter production done or not.
What is the adjusting entry for wages posted twice?
Outstanding wages are those wages that have been earned in one acctg period but will not be paid until the next. This happens when a payroll period crosses months. Under the accrual basis of... entry is wages expenses are credit and outstanding wages are credit.
What are the costs of national parks?
The biggest costs are improvements like new roads and trails followed by wages of employees
Why would reclassifying period costs as product costs increase this period's reported earnings?
You will increase the period's earnings because as a product costs, they may not be reported in the same period. Changing period costs to product costs improves how a company looks on paper, but does nothing for their actual financial position.
Are selling and administrative expenses treated as product costs or as period costs under variable costing?
Period Costs.
Are selling and administrative expenses treated as product costs or period costs under variable costing?
Period Costs.
