RAT #7 Chapter 20

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Under absorption costing, which of the following costs would NOT be included in finished goods inventory?

the salaries for salespeople

Under absorption costing, which of the following costs would NOT be included in finished goods inventory?

variable and fixed selling and administrative expenses

Which of the following would be included in the cost of a product manufactured according to absorption costing?

depreciation expense on factory building

Another name for variable costing is:

direct costing

Under variable costing, which of the following costs would be included in finished goods inventory?

only variable factory overhead cost

Under absorption costing, which of the following costs would be included in finished goods inventory?

variable and fixed factory overhead cost, direct materials cost, direct labor cost

Under variable costing, which of the following costs would be included in finished goods inventory?

wages of carpenters in a furniture factory

What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and all factory overhead cost?

Absorption costing

What term is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and variable factory overhead cost?

Variable costing

Which of the following would be included in the cost of a product manufactured according to variable costing?

direct materials

Under variable costing, which of the following costs would be included in finished goods inventory?

direct materials cost, direct labor cost, variable factory overhead cost

Under variable costing, which of the following costs would NOT be included in finished goods inventory?

fixed factory overhead cost

Under absorption costing, which of the following costs would be included in finished goods inventory?

overtime wages paid to factory workers, hourly wages of assembly worker, straight-line depreciation on factory equipment


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