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Which are part of the cost flows of a manufacturing firm

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Reference no: EM132618959

Problem 1: Prime cost is calculated as:

a. Direct material + direct labour

b. Direct material + direct manufacturing overheads

c. Direct labour + direct manufacturing overheads

d. Direct non-manufacturing overheads + direct manufacturing overheads

e. Direct material + direct non-manufacturing overheads

Problem 2: Which of the following are part of the cost flows of a manufacturing firm?

a. Direct costs

b. Work in process

c. Finished goods

d. Cost of sales

e. All of the above

Problem 3: The calculation of raw materials used in production is:

a. Opening inventory - purchases + closing inventory

b. Opening inventory + purchases - closing inventory

c. Opening inventory + purchases + closing inventory

d. Opening inventory - purchases - closing inventory

e. None of the above

Problem 4: Which of the following is not a manufacturing overhead?

a. Factory utilities

b. Indirect labour

c. Admin costs

d. Factory insurance

e. Equipment rental cost

Problem 5: Manufacturing costs are also known as:

a. Conversion costs

b. Prime costs

c. Product costs

d. Indirect costs

e. Direct costs

Reference no: EM132618959

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