(24) Excutive salaries, office supplies and legal expense are examples of Period Costs Manufacturing Overhead Costs eDirect Labor Costs d. Product Costs e. Indirect Manufacturing Costs Costs that have been incurred in the past but are no longer relevant to decision making are Relvitat b. Differential e. Discontinned Sunk Fixed Managerial accounting is a. Followed strictly by GAAP procedures b. Equal to Financial Accounting reporting documentation Represents a best-case scenario basis Most suited for internal managers/decision makers e. All of the above 22 The process to calculate the predetermined factory overhead rate is a. Actual total factory overhead costs divided by estimated activity bese b. Estimated activity base divided by estimated total factory overhead costs c. Estimated labor costs divided by estimated total factory overhead costs d. Estimated total factory overhead costs divided by estimated labor costs Estimated total factory overhead costs divided by estimated activity base Purchases of raw materials Increase the direct material costs in production Increase the raw material inventory balance account c. Decrease the direct material costs in production d. Increase cost of goods sold e. Increase the value of finished goods What are the three integral parts of determining total product costs Direct Material, Direct Labor and Manufacturing Overhead b. Direct Labor, Overhead and Building expense c. Direct Material, Direct Labor and Variable Overhead d. Direct Material, Direct Labor and WIP e. Sales, Cost of Sales and Gross Margin Ending Work-In-Process includes a. Direct material and factory overhead, only b. Direct labor, only The difference between cost of good manufactured and total production costs d. Direct material rect labor and factory overhead costs on completed jobs e. Only raw materials not finished in production