Calculating Prime and Conversion Cost
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Business, Engineering
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University
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Hard
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5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are prime costs primarily composed of?
Direct materials and indirect labor
Direct materials and direct labor
Indirect materials and direct labor
Indirect materials and indirect labor
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of product is most associated with prime costs?
Natural products
Synthetic products
Digital products
Service-based products
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key component of conversion costs?
Direct materials only
Indirect labor only
Direct labor and overhead
Indirect materials and overhead
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does conversion cost relate to in-process manufacturing?
It is unrelated to in-process manufacturing
It only includes indirect costs
It is identical to prime cost
It involves breaking down raw materials into various products
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What distinguishes conversion costs from prime costs?
Exclusion of overhead
Inclusion of overhead
Exclusion of direct labor
Inclusion of direct materials
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