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5 cards from this section. Quick, good the night before a test.
What type of cost is directly attributed to the production of a product?
Think about costs that can be traced to a specific item.
What are costs such as office rent classified as?
These are costs that cannot be traced back to a specific product.
What is an example of a direct cost?
Think of costs that you can easily assign to a product.
True or False: Fixed costs increase with production volume.
Recall the definition of fixed costs.
A software development project has fixed costs of $3000 per month and variable costs of $100 per hour of labor. If the team works 150 hours this month, what are the total costs?
Calculate fixed and variable costs separately before adding.
Consider a company that found that its direct costs included $2000 in materials, while their indirect costs were $5000 last month. What percentage of the total costs were direct?
Calculate total costs first before determining the percentage.
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