Question

14. Under IFRS, which of the following would be included in the cost of inventories?A. Product...

14. Under IFRS, which of the following would be included in the cost of inventories?A. Product specific designer costs.B. Abnormal waste materials.C. Selling costs.D. All of these would be included in the cost of inventories.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer : A) product specific designer costs

Explanation:

Cost of inventory include all costs that are directly related to the acquisition of finished goods. Selling cost is related to the sales of the product and not inventory. Hence it wont be included. Abnormal waste is a loss and will be shown seperately. Hence wont be included in the inventory cost. Product specific designer costs is directly related to the product and henve will be included in the cost of inventory.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following costs would be included in the cost of a manufactured product according...
Which of the following costs would be included in the cost of a manufactured product according to the vari- able costing concept: (A) rent on factory building, (B) direct materials, (C) property taxes on factory building, (D) electricity purchased to operate factory equipment, (E) salary of factory supervisor, (F) depreciation on factory building, (G) direct labor?
Which of the following would not be included in the cost summary on a job cost...
Which of the following would not be included in the cost summary on a job cost sheet? Direct labor costs for the job Marketing costs for the job Manufacturing overhead costs for the job Direct materials costs for the job
Which of the following costs at a manufacturing company would be treated as a product cost...
Which of the following costs at a manufacturing company would be treated as a product cost under variable costing? A) Advertising expense B)Direct Labor Cost C)Rent on the factory building D)Administrative Salary
The Pacific Company manufactures a single product. its cost structure, which has remained constant for the...
The Pacific Company manufactures a single product. its cost structure, which has remained constant for the last 3 years, is as follows: Variable cost per unit       Production $43     Selling and Administrative $15 Fixed Costs in Total    Production $145,000    Selling and Administrative $95,000 5,800 units were produced and 5,000 units were sold during 2019. There were no beginning inventories. Which of the following would best describe the relationship between the net income for 2019 under variable costing...
Which of the following statements is true if variable product cost per unit is used under...
Which of the following statements is true if variable product cost per unit is used under the cost price approach to set transfer prices? a.If variable product cost per unit is used under the cost price approach to set transfer prices, direct materials and direct labor are excluded from transfer price. b.If variable product cost per unit is used under the cost price approach to set transfer prices, direct materials cost is excluded from transfer price. c.If variable product cost...
Yankee Corporation manufactures a single product. The company has the following cost structure: Variable costs per...
Yankee Corporation manufactures a single product. The company has the following cost structure: Variable costs per unit: Production $4 Selling and administrative $1 Fixed costs in total: Production $12,000 Selling and administrative $8,000 Last year, 4,000 units were produced and 3,500 units were sold. There were no beginning inventories. Under absorption costing, the cost of goods sold for the year would be:
Which of the following would not be included when calculating the opportunity cost of a student...
Which of the following would not be included when calculating the opportunity cost of a student having an after school job?  Select the correct answer below: $10 per hour wages  decrease in grades from lost time studying  after school activities foregone decreased time spent with friends 
Which of the following costs is not included in the cost of the machine r Shipping...
Which of the following costs is not included in the cost of the machine r Shipping costs for the machine Costs of installing the machine The costs of removing the machine The costs of cutting were burned while installing the machine All of them are included in the cost of the machine
Which of the following would cause the current ratio to decrease? An increase in inventories All...
Which of the following would cause the current ratio to decrease? An increase in inventories All of the above are correct A decrease in accounts payable A decrease in accounts receivable
Under activity-based costing, unit-, batch-, and product-level manufacturing overhead costs are A : excluded from estimates...
Under activity-based costing, unit-, batch-, and product-level manufacturing overhead costs are A : excluded from estimates of product cost.   B : excluded from inventory costing. C : included in selling and administrative costs. D : included in estimates of product cost.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT