Product Costs Consist of

question 66

Multiple Choice

Product costs consist of

• A) direct materials and direct labor only.
• B) direct materials direct labor and manufacturing overhead.
• C) selling and administrative expenses.
• D) period costs.

Recognize legal processes and protections related to patents and trademarks.

Understand the psychoanalytic view of infant attachment and the primary role of caregivers.

Identify factors that increase risk for psychological disorders and adjustment problems in children.

Recognize and describe various communication challenges associated with autism spectrum disorders.

---

Definitions:

Static Budget

A budget based on a fixed set of assumptions that don't change over the period it covers, regardless of actual changes in volume or activity levels.

Standard Costing

Standard Costing is a cost accounting method that uses fixed overhead rates and standard costs for materials and labor to help control costs and measure performance.

Variable Overhead

Variable overhead refers to costs that vary with production levels, such as utility expenses for machinery or materials, fluctuating with the volume of output.

Labour Efficiency Variance

The difference between the actual hours worked and the standard hours allowed for the work performed, multiplied by the standard labor rate.