Question

From the Point of view of their Movement with
Product costs: cost related to a product. Cost of making the product or buying the stock items. It is
related to products and use for stock valuation.
Period costs: costs related to a period of time. Many period costs are fixed costs. This is not become a
part of stock valuation and fully charged to income statement of the period to which it related.
This distinction between product and period costs is necessary to calculate stock valuations and profit
figures under marginal and absorption costing methods of profit reporting.
Question 4
A service for a sports car requires 4 hours of a skilled mechanic's time followed by 1/2 hour of unskilled
labour. Rates of pay are
olt
Skilled:
$8 per hour
Unskilled:
$3 per hour
/23
melosh
sesried
f
Oil, oil filter, screen wash and spark plugs cost $8.70 in total. Rent and rates for the industrial unit from
which the service centre operates, work out at $2 per hour. Admin costs are $5 per service.
(i) What is the prime cost of the service?
(ii) What is the service cost?
(iii) What is the total cost?
Question 54
A product requires 4 kg of material A costing $5.2 per kg and 6 kg of material B costing $6.60 per kg.​

Answer 1

Answer:

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