Cost Accounting quizzes
How costs are assigned to products, and why even a best seller can lose money.
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From Cost Accounting: Why Your Best Seller May Lose Money
In cost accounting, conversion cost is the sum of which two elements?
- Direct materials and direct labor
- Direct labor and manufacturing overhead
- Direct materials and factory overhead
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Answer: Direct labor and manufacturing overhead
Conversion cost is what it takes to turn materials into product; materials plus labor is a different total, called prime cost.
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