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In marginal costing, which costs are considered relevant for decision-making?
In marginal costing, which costs are considered relevant for decision-making?
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Practice Questions
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Q1
In marginal costing, which costs are considered relevant for decision-making?
All fixed costs
All variable costs
Only incremental costs
Only sunk costs
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Marginal costing considers only incremental costs, which are relevant for decision-making regarding pricing and production.
Questions & Step-by-step Solutions
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Q
Q: In marginal costing, which costs are considered relevant for decision-making?
Solution:
Marginal costing considers only incremental costs, which are relevant for decision-making regarding pricing and production.
Steps: 4
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Step 1: Understand that marginal costing focuses on the costs that change with the level of production.
Step 2: Identify incremental costs, which are the additional costs incurred when producing one more unit.
Step 3: Recognize that fixed costs (costs that do not change with production levels) are not considered relevant in marginal costing.
Step 4: Realize that relevant costs for decision-making include variable costs and any additional costs that will be incurred if production increases.
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