Difference between relevant and irrelevant costs

Difference between relevant and irrelevant costs
miles you drive your car each week and an example of a
cost that is fixed regardless of how many miles you drive
your car each week.
21. Explain the difference between relevant and irrelevant
costs. What are the two criteria used to determine whether
a cost is relevant?
22. Suppose you and your friends are planning a trip for
spring break. You have narrowed the destination choices
to Panama City, Florida, and Galveston Bay, Texas. List
two costs that are relevant to this decision and two costs
that are irrelevant to this decision.
23. What are prime costs? Why have they decreased in importance over time?
24. What types of costs are included in manufacturing overhead? Other than direct materials and direct labor, what
costs would not be included in manufacturing overhead?
25. Why can’t prime cost and conversion cost be added
together to arrive at total manufacturing cost?
26. What is the difference between product and period costs
in terms of how and when they are treated in the financial
statements (balance sheet and income statement)?
27. Explain why product costs are also called inventoriable
costs and how those costs move through a company’s
financial statements.
28. What triggers the movement of product costs from an
asset on the balance sheet to an expense on the income
statement?
29. If you wanted to know the total amount of period costs for a
company, which financial statement(s) would you consult?
30. Suppose a company accountant incorrectly classified
advertising costs as a product cost. What impact would
this have on the company’s financial statements?
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