Homework Answers
- Rent on factory building = C - factory overhead
- sales supplies used factory overhead= D - Selling and administrative expense
- factory supplies used = C - factory overhead
- indirect materials used = C - factory overhead
- wages of assembly line personnel = B - direct labor
- cost of primary material used to make product = A - direct materials
- depreciation on office equipment = D - Selling and administrative expense
- rent on office facilities = D - Selling and administrative expense
- insurance expired on factory equipment = C - factory overhead
- utilities included in the office = D - Selling and administrative expense
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Part B- -Classification Classify each of the items below as: C--Factory Overhead D--Selling and Administrative expense...
D. $0.40 Example 45: Classify each of the following as either period or product. If a...
D. $0.40 Example 45: Classify each of the following as either period or product. If a cost is a period cost, indicate whether it would be a selling or an administrative cost. If a cost is a product cost, indicate whether it is direct or indirect. Item Period Cost Product Cost Selling Administrative Direct Indirect Rent on a sales office Direct materials Sales commissions Rent on a factory building Secretarial salaries for the sales force Assembly line worker wages Product...
Advertising expense $ 28,750 Depreciation expense—Office equipment 8,250 Depreciation expense—Selling equipment 10,300 Depreciation expense—Factory equipment 39,550...
Advertising expense $ 28,750 Depreciation expense—Office equipment 8,250 Depreciation expense—Selling equipment 10,300 Depreciation expense—Factory equipment 39,550 Factory supervision 105,060 Factory supplies used 8,100 Factory utilities 39,300 Direct labor 696,000 Indirect labor 69,800 Miscellaneous production costs 10,225 Office salaries expense 72,900 Raw materials purchases* 937,500 Rent expense—Office space 23,000 Rent expense—Selling space 26,700 Rent expense—Factory building 81,200 Maintenance expense—Factory equipment 44,100 Sales 4,712,500 Sales salaries expense 406,160 *Assume that the raw materials inventory account is used only for direct materials. Indirect...
Exercise 14-6 Cost classification LO C3 Georgia Pacific, a manufacturer, incurs the following costs. (1) Classify...
Exercise 14-6 Cost classification LO C3 Georgia Pacific, a manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object. Cost by Traceability Period or Product Direct material, Direct labor, or...
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a....
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a. Steel used in an overhead door plant. b. Cloth used in a shirt factory. c. Fiberglass used by a sailboat builder. d. Cleaning solvent for the factory floor. e. Wages of a binder employed in a printing plant. f. Insurance on factory machines. g. Rent paid for factory buildings. h. Wages of the Machining Department supervisor. i. Leather used in a shoe factory. j....
34. Which of the following is part of factory overhead cost? a. sales commissions b. depreciation of f...
34. Which of the following is part of factory overhead cost? a. sales commissions b. depreciation of factory equipment and machines c. depreciation of sales person's vehicle d. direct materials used ANSWER: b 35. Which of the following manufacturing costs is an indirect cost of producing a product? a. oil lubricants used for factory machinery b. commissions for sales personnel c. hourly wages of an assembly worker d. memory chips for a microcomputer manufacturer 36. All of the following could...
QUESTION 1 Barry Company manufactures coats. The company accounting records during February show. Factory utilities -...
QUESTION 1 Barry Company manufactures coats. The company accounting records during February show. Factory utilities - 5950: Direct materials used in production - $21,650; Direct materials purchased during the month - $23,000; Direct labor costs - 515,210 Wages paid to workers providing direct labor - $16,100; Depreciation on factory equipment $1,250; Insurance covering factory facilities - $1,100; Marketing expenses - 54,700; Factory supervisor salary: $3,500, Indirect manufacturing materials used - $1,090, Insurance covering administrative facilities - 52.100 Depreciation on administrative...
Exercise 14-6 Cost classification LO C3 Tesla, a vehicle manufacturer, incurs the following costs. (1) Classify...
Exercise 14-6 Cost classification LO C3 Tesla, a vehicle manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object. (Leave no cell blank if there is no effect select "NA...
Barry Company manufactures coats. The company accounting records during February show: Factory utilities - $950: Direct...
Barry Company manufactures coats. The company accounting records during February show: Factory utilities - $950: Direct materials used in production - 521.650: Direct materials purchased during the month $23,000: Direct labor costs - 515.210: Wages paid to workers providing direct labor - $16,100: Depreciation on factory equipment - 51.250: Insurance covering factory facilities - $1,100; Marketing expenses - 54,700: Factory supervisor salary - $3,500: Indirect manufacturing materials used - $1.090: Insurance covering administrative facilities - $2.100; Depreciation on administrative office...
Exercise 14-6 Cost classification LO C3 Tesla, a vehicle manufacturer, incurs the following costs. (1) Classify...
Exercise 14-6 Cost classification LO C3 Tesla, a vehicle manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object. (Leave no cell blank if there is no effect select "NA...
QUESTION 9 Barry Company manufactures coats. The company accounting records during February show. Factory utilities -...
QUESTION 9 Barry Company manufactures coats. The company accounting records during February show. Factory utilities - 5950; Direct materials used in production - $21,650; Direct materials purchased during the month - $23,000: Direct labor costs - $15,210 Wages paid to workers providing direct labor $16,100; Depreciation on factory equipment- $1,250; Insurance covering factory facilities - $1,100; Marketing expenses - 54,700; Factory supervisor salary - $3.500; Indirect manufacturing materials used - 51,090; Insurance covering administrative facilities - $2,100; Depreciation on administrative...
D. $0.40 Example 45: Classify each of the following as either period or product. If a cost is a period cost, indicate whether it would be a selling or an administrative cost. If a cost is a product cost, indicate whether it is direct or indirect. Item Period Cost Product Cost Selling Administrative Direct Indirect Rent on a sales office Direct materials Sales commissions Rent on a factory building Secretarial salaries for the sales force Assembly line worker wages Product...
Exercise 14-6 Cost classification LO C3 Georgia Pacific, a manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object. Cost by Traceability Period or Product Direct material, Direct labor, or...
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a. Steel used in an overhead door plant. b. Cloth used in a shirt factory. c. Fiberglass used by a sailboat builder. d. Cleaning solvent for the factory floor. e. Wages of a binder employed in a printing plant. f. Insurance on factory machines. g. Rent paid for factory buildings. h. Wages of the Machining Department supervisor. i. Leather used in a shoe factory. j....
QUESTION 1 Barry Company manufactures coats. The company accounting records during February show. Factory utilities - 5950: Direct materials used in production - $21,650; Direct materials purchased during the month - $23,000; Direct labor costs - 515,210 Wages paid to workers providing direct labor - $16,100; Depreciation on factory equipment $1,250; Insurance covering factory facilities - $1,100; Marketing expenses - 54,700; Factory supervisor salary: $3,500, Indirect manufacturing materials used - $1,090, Insurance covering administrative facilities - 52.100 Depreciation on administrative...
Exercise 14-6 Cost classification LO C3 Tesla, a vehicle manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object. (Leave no cell blank if there is no effect select "NA...
Barry Company manufactures coats. The company accounting records during February show: Factory utilities - $950: Direct materials used in production - 521.650: Direct materials purchased during the month $23,000: Direct labor costs - 515.210: Wages paid to workers providing direct labor - $16,100: Depreciation on factory equipment - 51.250: Insurance covering factory facilities - $1,100; Marketing expenses - 54,700: Factory supervisor salary - $3,500: Indirect manufacturing materials used - $1.090: Insurance covering administrative facilities - $2.100; Depreciation on administrative office...
Exercise 14-6 Cost classification LO C3 Tesla, a vehicle manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object. (Leave no cell blank if there is no effect select "NA...
QUESTION 9 Barry Company manufactures coats. The company accounting records during February show. Factory utilities - 5950; Direct materials used in production - $21,650; Direct materials purchased during the month - $23,000: Direct labor costs - $15,210 Wages paid to workers providing direct labor $16,100; Depreciation on factory equipment- $1,250; Insurance covering factory facilities - $1,100; Marketing expenses - 54,700; Factory supervisor salary - $3.500; Indirect manufacturing materials used - 51,090; Insurance covering administrative facilities - $2,100; Depreciation on administrative...
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