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What are the three major elements of a product cost

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Question 1: - Discuss the reason why companies use predetermined (factory) overhead rates rather than actual manufacturing overhead costs to apply overhead to jobs? What purpose does that serve?

- List three companies, businesses, or firms that would use a job-order costing system. Name the company and the product.

Question 2: - Name the three inventory accounts for a manufacturing business, and describe what each balance represents at the end of an accounting period.

- What are the three major elements of a product's cost in a manufacturing company. Think of two real-life products and name costs that would go into making each of those products.

- Give the general formula for a mixed cost. What does each term represent? Provide an example of a product or service with a mixed cost.

Reference no: EM132720385

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