The following items are associated with a cost accounting information system: Re
ID: 2529012 • Letter: T
Question
The following items are associated with a cost accounting information system:
Required:
1. Select the appropriate categories for each of the following items:
2. Select the appropriate items under the following categories to form an operational model that illustrates the cost accounting information system—with the preceding items used as examples for each component of the model.
3. Based on your operational model, identify which product cost definition is being used: value-chain, operating, or product (manufacturing).
a. Usage of direct materials b. Assignment of direct materials cost to each product c. Direct labor cost incurrence d. Depreciation on production equipment e. Cost accounting personnel f. Submission of a bid, using product cost plus 25 percent g. Power cost incurrence h. Materials handling cost incurrence i. Computer j. Assignment of direct labor costs to products k. Costing out of products l. Decision to continue making a part rather than buying it m. Printer n. Report detailing individual product costs o. Assignment of overhead costs to individual productsExplanation / Answer
Ans. 1A. DIRECT COST B. DIRECT MATERIAL COST C. DIRECT COST D. VARIABLE COST E. FFIXED COST F. VARIABLE COST G. INDIRECT COST H. VARIABLE COST I. FIXED COST J. DIRECT COST K. DIRECT COST L. VARIABLE COST Ans2. INPUT-USAGE OF DIRECT MATERIALS, PROCESS - DIRECT LABOR COST, COST ACCOUNTING PERSONNEL, POWER COST, MATERIAL HANFLDELLING COST, COMPUTER, DIRECT LABOR COST, PRINTER,
OUTPUT:SUBMISSION OF BID, COSTING OUT PRODUCT, REPORT DETAILING ABOUT PRODUCT COST,
Ans3. OPERATING
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