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31 conversion cost is the combination of direct materials cost and factory overhead 4295137

 

 

31. Conversion cost is the combination of direct materials cost and factory overhead cost. 
 

 

32. Factory overhead is an example of a product cost. 
 

 

33. Direct labor costs are included in the conversion costs of a product. 
 

 

34. The costs of materials and labor that do not enter directly into the finished product are classified as factory overhead. 
 

 

35. The costs of materials and labor that do not enter directly into the finished product are classified as cost of goods sold. 
 

 

36. Indirect labor would be included in factory overhead. 
 

 

37. A cost object indicates how costs are related or identified. 
 

 

38. Direct costs can be specifically traced to a cost object. 
 

 

39. Indirect costs can be specifically identified to a cost object. 
 

 

40. Nonmanufacturing costs are classified into two categories: selling and administrative. 
 

 

 

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