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Manufacturing Cost Classifications: Direct and Indirect Production Expense Categories

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Finance - Personal Finance

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jake12testoswi Created by 10 mon ago

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Cards in this deck(28)
What are raw materials that can be physically and directly associated with manufacturing the finished product called?
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Who are the factory workers that work hands-on in assembly and production processes?
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What term describes all costs except direct materials and direct labor, including factory supervision and maintenance?
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What does the term 'overhead' refer to in the context of factory costs?
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What is the sum of direct materials, direct labor, and manufacturing overhead known as?
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What costs are comprised of selling expenses and administrative expenses?
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What is the term for the sum of direct materials and direct labor?
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What are costs related to administrative and marketing activities, such as corporate headquarters and advertising, called?
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What are the costs called that include direct labor and manufacturing overhead, used to convert raw materials into finished goods?
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What are costs that vary directly with the level of production, such as direct materials and labor, known as?
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What are raw materials that do not physically become part of the finished product or are impractical to trace called?
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What are costs that do not vary with production or sales level, such as rent and property taxes, called?
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What type of cost contains both a variable element and a fixed element, such as utilities?
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What are all costs involved in acquiring or making a product, including direct materials, labor, and overhead, called?
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What are costs that are expensed immediately on the income statement in the period they are incurred called?
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What is the formula for the predetermined factory overhead rate?
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What type of company has all major planning and operating decisions made by top management?
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What type of company delegates operating responsibility to managers of separate divisions or units?
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What are the advantages of decentralization in a company?
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What are the disadvantages of decentralization in a company?
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What is a cost center and what is its primary focus?
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What is a profit center and what is its primary responsibility?
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What are revenues earned by the profit center called?
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What are costs that can be influenced by the decisions of a manager known as?
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What is the formula for calculating Return on Investment (ROI)?
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What is the formula for calculating Residual Income?
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What is the formula for calculating Investment Turnover?
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What is the formula for calculating Profit Margin?
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