Prime cost consists of direct materials and what? Direct labour Manufacturing ov

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Prime cost consists of direct materials and what? Direct labour Manufacturing overhead indirect materials Indirect materials. Cost of goods manufactured. What does manufacturing overhead cost consist of ? All manufacturing costs. All manufacturing costs, EXXEPT direct materials and direct labour. Indirect materials but NOT indirect labour. Indirect labour but NOT indirect materials. For which of the following industries would it NOT be appropriate to use process costing? Custom furniture building. Oil refining. Grain milling Newsprint production. Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows: What was the materials cost of work in process on October 31? $3,060 $5,520 $6,000 $6,120 Within the relevant range of activity, how will variable cost per unit behave? It will increase in proportion with the level of activity. It will remain cannot be determined without additional information. Contribution margin is the excess of revenges over which of the following? Cost of goods sold. Manufacturing cost. All direct costs. All variable costs.

Explanation / Answer

question 16 option A is correct question 17 option B is correct question 18 option A is correct question 19 option D is correct          Materials Units Cost WIP on October 1 6000 3000 Units started during October 50000 25560 56000 28560 Weighted average cost per unit 0.51 Closing stock = 56000 -44000 = 12000 Value of closing stock = 12000 * 0.51 = 6120 question 20 option B is correct question 21 option D is correct

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