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accounting

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1. Period costs are not considered when costing products for inventory.

2. All direct labor costs during a period of time should be considered product costs and should be temporarily accumulated in the work in process inventory account.

3. Manufacturing overhead is an example of product cost.

4. Conversion costs equal direct labor plus manufacturing overhead.

5. The basis used in computing unit cost for the process costing system is made up of certain specific jobs worked on during the fiscal year.

6. The primary difference between the average costing method and the FIFO costing method is the assumption that the items in the beginning finished goods inventory were started and completed during the period.

7. Typically, there are 7 levels in the cost hierarchy.

8. Activity based costing applies only to production-related activities.

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