Finance - Chapter 8 Questions:

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Q. #1 For most prospective decision making should we rely on average costs? Q. #2 Cost varies as volume changes because of what type of cost? Q. #3 What is the difference between cost and expense? Q. #4 What are the stages of inventory once we acquire it, up until we sell a finished product? Q. #5 Are general administrative expenses considered to be product or period? Q. #6 Explain the 3 major approaches to product costing? Q. #7 What is the basic approach to cost allocation in a non-ABC system? Q. #8 What is the focus of the ABC approach to cost allocation