...This serves as an information that will help us, the researchers, in our research study. Kindly answer the following questions briefly and precisely. BUSINESS INFORMATION: Name of Business:____________________ Owner:_____________________________ Manager:___________________________ Total number of employees:____________ COSTING METHODS: What is the costing method that your business/establishment use? [MARK X] ____STANDARD COSTING-the practice of substituting an expected cost for an actual cost in the accounting records, and then periodically recording variances showing the difference between the expected and actual costs. Sets up a standard or “should be” costs. ____VARIABLE COSTING- Variable costing includes only variable production costs in product costs. Direct materials, direct labor and variable manufacturing overhead costs would ordinarily be included in product costs under variable costing. Fixed manufacturing overhead is not treated as a product cost under this method. Rather, fixed manufacturing overhead is treated as a period cost and is charged against income each period. Segregates variable costs and fixed costs. ____ACTIVITY-BASED COSTING-. Activity based costing first assigns costs to the activities that are the real cause of the overhead. It then assigns the cost of those activities only to the products that are actually demanding the activities. Costs are identified per activity and then assigned proportionately to the products produced. What are...
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