The Following Costs Were Incurred in April: Prime Costs

question 185

Multiple Choice

The following costs were incurred in April: Prime costs during the month totaled:

• A)$53,000
• B)$67,000
• C)$38,000
• D)$103,000

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Definitions:

Cost Data

Information related to the amounts incurred to create a product or service, used for budgeting, valuing inventory, and setting selling prices.

Cost Estimation Methods

Techniques used to predict the costs associated with the production of a product, project, or operation.

Cost Behaviour

The way in which costs change in relation to variations in an organization's activity level or volume of output.

Sophisticated Methods

Advanced or complicated techniques and approaches used in various fields to solve problems or achieve objectives.