J & L Company incurred the following costs:Direct materials P215, 000 Conversion costs 435, 000 Manufacturing overhead 190, 000Selling and Administrative expenses 185, 000What is J & L total period costs?

INTRODUCTION TO COST ACCOUNTING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	P185, 000
B	P275, 000
C	P400, 000
D	P620, 000

Explanation:

Detailed explanation-1: -Conversion Costs = Direct Labor Costs + Manufacturing Overheads.

Detailed explanation-2: -Total Manufacturing Costs (TMC) = Direct Materials + Direct Labor + Manufacturing Overheads. It takes much more than knowing the formula to calculate total manufacturing costs correctly. This article will look at total manufacturing costs, calculate their parts, and reduce some charges in a business.

Detailed explanation-3: -Work-In-Process Inventory includes all the direct materials, direct labor and manufacturing overhead costs that have been added to the manufacturing process but for which production has not been completed. Finished Goods Inventory includes all manufacturing costs for products that have been completed but not sold.

Detailed explanation-4: -Costs are broadly classified into four types: fixed cost, variable cost, direct cost, and indirect cost.

There is 1 question to complete.