Conversion costs is the sum of direct labor plus engineering overhead?
I think it is. it say in the textbook that is it direct labor plus production overhead.
I just took an online check and it marked me wrong for doing that. It said conversion costs are direct materials plus direct labor.
Am I right or is the online tryout right?
Answers: My text have the same information as yours:
Conversion Cost = Direct Labor + Manufacturing Overhead
Prime Cost = Direct Materials + Direct Labor
I also hold experienced similar 'answers' every so often on my on-line test.
the test is right. Overhead is not a direct cost, though several, including the IRS argue that some allocation of overhead needs to be made to work contained by process. For giggles, G00GLE up the Thor Power Tools skin...
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I just took an online check and it marked me wrong for doing that. It said conversion costs are direct materials plus direct labor.
Am I right or is the online tryout right?
Answers: My text have the same information as yours:
Conversion Cost = Direct Labor + Manufacturing Overhead
Prime Cost = Direct Materials + Direct Labor
I also hold experienced similar 'answers' every so often on my on-line test.
the test is right. Overhead is not a direct cost, though several, including the IRS argue that some allocation of overhead needs to be made to work contained by process. For giggles, G00GLE up the Thor Power Tools skin...