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The cost of the cushions that are used to manufacture sofas is best described as a:

variable cost

Manufacturing overhead includes:

all manufacturing costs except direct labour and direct materials.

Materials used in the operation of a factory, such as cleaning supplies, that are not an integral part of the final product should be classified as:

manufacturing overhead

The one cost that would be classified as part of both prime cost and conversion cost would be:

direct labour

Direct costs:

can be easily traced to a particular cost object

prime costs consist of

direct labour and direct materials

The annual insurance premium for the factory building would be a:

fixed cost, product cost, indirect cost

Which of the following statements about product costs is true?

Product costs associated with unsold finished goods and work in process appear on the balance sheet as assets.

Conversion costs consist of:

direct labour and manufacturing overhead.

Which of the following is an example of a period cost?

Advertising cost for a new product campaign.

Direct labour costs must be

Allocated to the manufacturing departments

Within the relevant range, variable cost per unit will

remain constant

Which of the following would probably be the least appropriate allocation base for allocating overhead in a highly automated manufacturer of specialty valves?

direct labour-hours

The contribution margin per unit is divided by selling price to calculate

contribution margin %

The fixed cost is divided by contribution margin per unit to calculate

breakeven number of units

A standard cost:

is a budget for the production of one unit of a product or service.

Which of the following is a predetermined estimated cost that can be used in the calculation of a variance?

standard cost

Variances are computed by taking the difference between which of the following?

Actual cost and standard cost.

Which of the following correctly lists all the information needed to calculate a labour rate variance?

Actual labour rate, standard labour rate, and actual hours worked

Which of the following variances are most similar with respect to the manner in which they are calculated?

Material usage variance and labour efficiency variance