Costs
This cost includes both fixed and variable components.
Mixed costs
This is the first step in process operations.
Determine the physical flow.
How many rates would be used in a company that utilizes the plantwide rate and two products?
One
Absorption costing includes what costs which are normally period costs?
Fixed overhead
Name any two of the Associate Deans.
Dean Omar, Dean Lisk, Dean Suarez.
This cost changes in proportion to the change in the volume of activity.
Variable Cost
This involves the mass production of similar products.
Process operations.
What is the formula for the plantwide rate?
overhead/ allocation base
When reporting income, are product costs higher or lower with absorption costs?
Higher
What is the name of the Registrar at Flagship?
Amy Layman
This cost has a step pattern in costs.
Step wise costs.
This involves the production of specialized products.
Job order production.
A company with three departments and using the department rate would have how many rates?
Three
When units produced equals units sold, what is income under variable costing and absorption costing?
They are equal.
Does the lake at Flagship have a name? If so, what is it?
No name.
This is an example of a fixed cost that can be expensed every month for the same amount and is tax deductible.
Depreciation.
What are the three parts of production to complete a product?
Direct materials, direct labor, overhead.
A task, operation, or procedure is otherwise known as a what?
Activity
Between Absorption costing and Variable costing, which is GAAP required?
Absorption costing.
What is the name of the building that you are in right now?
Devos-Cook
This is a mixed cost that you would pay your lead saleswoman.
Salary plus Commission.
During production, items flow from raw materials to Work in process to, what?
Finished goods
An example of a unit-level activity cost driver is?
Machine hours
What is the formula for contribution margin?
Sales minus variable costs.
What is the name of the Academic Dean?
Dean Peluso.