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21 Cards in this Set
- Front
- Back
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costs related to the particular object and can be traced to it in an economically feasible way
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direct costs
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rubber is an example of what kind of cost for tires
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direct cost
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costs related to the particular object but cannot be traced to it in an economically feasible way
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indirect costs
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salaries of plant managers who oversee production are an example of what kind of cost for making cars
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indirect cost
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costs that remain unchanged in total for a given time period, despite wide changes in the related level of total activity or volume
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fixed costs
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selling and administrative expenses for the year are an example of what kind of costs
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fixed costs
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costs that change in total in proportion to changes in the related level of total activity or volume
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variable costs
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the number of steering wheels needed to produce cars are an example of what kind of costs
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variable cost
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the acquisition costs of all materials that eventually become part of the object and can be traced to the object in an economically feasible way
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direct materials cost
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the compensation of all manufacturing labor that can be traced to the object in an economically feasible way
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direct labor cost
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all manufacturing costs that are related to the object but cannot be traced to the object in an economically feasible way
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indirect costs
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supplies, lubricants, plant maintenance, plant rent, insurance, and plant depreciation are examples of what kind of costs
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manufacturing overhead costs
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all direct manufacturing costs
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prime costs (direct materials + direct manufacturing labor costs)
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all manufacturing costs other than direct material costs
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conversion costs
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all manufacturing costs incurred to convert direct materials into finished goods
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conversion costs (direct manufacturing labor costs + manufacturing overhead)
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all costs of a product that are considered as assets in the balance sheet when they are incurred and that become cost of goods sold only when the product is sold
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inventoriable costs
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the sum of the costs assigned to a product for a specific purpose
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product cost
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all the costs in an income statement other than cost of goods sold
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period costs
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a costing system that traces direct costs to a cost object by using the actual direct cost rates times the actual quantities of the direct cost inputs
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actual costing
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a costing system that traces direct costs to an object by using the actual direct cost rates times the actual quantities of the direct cost inputs and allocates indirect costs based on the budgeted indirect cost rates times the actual quantities of the cost allocation bases
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normal costing
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what is the cost driver
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budgeted production
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