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Costing bingo

Exercise and reference answers

Clues and terms
  1. Clue
    Traced to each item.
    Item
    Direct matl
  2. Clue
    Not worth tracing.
    Item
    Overhead
  3. Clue
    Materials plus labour.
    Item
    Prime cost
  4. Clue
    Labour plus overhead.
    Item
    Conversion
  5. Clue
    Moves with activity.
    Item
    Variable
  6. Clue
    Where fixed stays fixed.
    Item
    Relevant range
  7. Clue
    Jumps in blocks.
    Item
    Stepped cost
  8. Clue
    Waits in inventory.
    Item
    Product cost
  9. Clue
    Expensed as it occurs.
    Item
    Period cost
Instructions
Read each clue and tap the term it describes.

Explanation

_Source: OpenStax Principles of Managerial Accounting, Chapter 2, Building Blocks of Managerial Accounting._
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