Which of the Following Product Costing Systems Is Normally Used

question 222

Multiple Choice

Which of the following product costing systems is normally used to assign costs to goods that are mass produced?

• A)Fixed costing
• B)Job costing
• C)Process costing
• D)LIFO costing

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Definitions:

Cost Information

Data about the expenses involved in producing goods or services, used for budgeting, pricing, and financial analysis.

Cost Drivers

Factors that cause a change in the cost of an activity or production, such as labor hours or machine usage.

Facility-level Costs

Expenses that are not directly tied to a specific product or service but are necessary for the overall operation of a facility.

Overhead Cost

Indirect expenses related to the day-to-day running of a business, such as rent, utilities, and administrative costs.