Costing

✅ The correct answer is B.
Costs which are considered as expenses in accounting period are also known as period costs. A period cost is any cost that cannot be capitalized into prepaid expenses, inventory, or fixed assets.

✅ The correct answer is B.
Better fit between estimated cost and actual observations is represented by smaller residual terms.

✅ The correct answer is B.
Budget production = Budget sales + Ending inventory – Beginning inventory
= 2000 + 3000 – 1000 = 4000 units.

✅ The correct answer is C.
An analysis of data over successive past periods, which pertain to some plant, activity and organization is called time series. A time series is a sequence of numerical data points in successive order.

✅ The correct answer is A.
Model, in which produced unit doubles every time as cumulative average time per unit decreases, by a constant percentage can be classified as cumulative average time learning model. The cumulative average time learning curve represents the fact that the time spent per unit declines by a constant percentage as the number of units produced.

✅ The correct answer is D.
Cost which is related to specific cost object and cannot be economically traceable is classified as indirect cost. Indirect costs are costs used by multiple activities, and which cannot therefore be assigned to specific cost objects.

✅ The correct answer is D.
Job costing method is the most suitable method for repair shops. A job costing system is used by companies that produce unique products or jobs.

✅ The correct answer is C.
Total direct labour cost = Budgeted direct labour hours × Direct labour cost rate
= 4550 × $600 = $2,730,000

✅ The correct answer is A.
Bonus under Halsey plan is paid at 50% of time saved. The usual bonus share paid to the worker is 50% of the time saved multiplied by the rate per hour (time-rate).

✅ The correct answer is B.