Production Cost Statement (Grade 12 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the formula for prime cost?
What is the formula for prime cost?
Direct materials + Direct labour
Which item is subtracted when calculating direct materials cost?
Which item is subtracted when calculating direct materials cost?
Closing raw materials stock
Which cost is classified as factory overhead?
Which cost is classified as factory overhead?
Salary of factory foreman
What components make up direct labour cost?
What components make up direct labour cost?
Production wages and UIF contributions
How is total cost of production calculated?
How is total cost of production calculated?
Prime cost + Factory overhead cost
How is work-in-process at the beginning of the period treated?
How is work-in-process at the beginning of the period treated?
Added to total cost of production
What is the break-even point formula?
What is the break-even point formula?
Fixed costs ÷ (Selling price - Variable cost)
Which costs do NOT appear on a production cost statement?
Which costs do NOT appear on a production cost statement?
Administration and selling costs
How is total cost per unit calculated?
How is total cost per unit calculated?
Cost of finished goods ÷ Units made
What is a key purpose of a production cost statement?
What is a key purpose of a production cost statement?
Determine cost per unit manufactured