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Match Each of the Following Terms with the Appropriate Definition

Question 251

Matching

Match each of the following terms with the appropriate definition.

Premises:
Fixed costs
Indirect costs
Period costs
Direct materials
Factory overhead
Variable costs
Direct labor
Prime costs
Conversion costs
Product costs
Responses:
The efforts of employees who physically convert materials to finished products.
Costs necessary to create a product..
Costs that cannot be easily and cost-beneficially traced to a single cost object.
Manufacturing costs that cannot be separately or readily traced to finished goods.
Costs that change in proportion to changes in volume of activity.
Costs directly associated with the manufacture of finished products; include direct materials and direct labor.
Costs that do not change in total with changes in the volume of activity.
Costs incurred in the process of converting raw materials to finished products; include direct labor and factory overhead.
Costs that are expensed to the income statement in the period incurred..
Tangible components of a finished product separately and readily traced through the manufacturing process.

Correct Answer:

Fixed costs
Indirect costs
Period costs
Direct materials
Factory overhead
Variable costs
Direct labor
Prime costs
Conversion costs
Product costs
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