Homework Answers
1. Wages paid to supervisor are
treated as period cost but direct labour cost since wages paid to supervisor is for the period not the for the working hours. Supervisor wages needs to be paid irrespective of the activity.
2. Cost allocation is
process of assigning of the indirect cost to cost objects. As the cost in not specific such as labour/material. Depriciation is not specific cost hence allocation is required.
3.Direct material cost and labour cost are part of
product cost. Since these are the primary cost included in the product cost.
4. Cost of direct material is example of the variable cost since its depend on the products produced.
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Wages paid to a factory supervisor are treated as: a. a product cost but not as...
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...
2 Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods...
2 Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-en Indirect labor: wages Production supervisor's sala Service department costs Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production Administrative costs $2,300,800 97,060 116,000 515,000 115,000 2.5 points 42 47,800 100,a00 95,900 31,000 9,000 55,000 40,000 50,000 15,000 5,000 10,000 ees Rental of office space for sales personnel Sales...
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct...
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 351,000 Direct labor, health insurance 31,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor 6,500 Administrative costs 55,000 Rental of office space for administrative staff 17,500 Sales commissions 52,500 Direct material 1,240,000 Indirect materials 633,000 Advertising expense 39,000 Depreciation on factory building 63,000 Indirect labor, wages 80,000 Production supervisor's salary 31,000 Use the above cost data to complete the table...
16. The cost of a manufactured product generally consists of which of the following costs? a...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct...
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 353,000 Direct labor, health insurance 33,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor Administrative costs Rental of office space for administrative staff Sales commissions Direct material 6,500 54,000 18,500 53,000 1,240,000 632,000 39,000 62,000 70,000 32,000 Indirect materials Advertising expense Depreciation on factory building Indirect labor, wages Production supervisor's salary Use the above cost data to complete the table...
Property taxes incurred on the factory would be considered a(n): A. Manufacturing overhead cost B. Direct...
Property taxes incurred on the factory would be considered a(n): A. Manufacturing overhead cost B. Direct material cost C. Period cost D. Direct cost Denim used to manufacture jeans would be considered a(n): A. Indirect material cost B. Direct material cost C. Manufacturing overhead cost D. Period cost Assembly line worker's wages would be considered a(n): A. Indirect cost B. Direct labor cost C. Manufacturing overhead cost D. Period cost Depreciation on printers at sales office would be considered a(n):...
b. Cost of oil lubricants for factory machinery Cost of wages of assembly worker, Salary of...
b. Cost of oil lubricants for factory machinery Cost of wages of assembly worker, Salary of plant supervisor Salary of district sales supervisor e. Which of the following costs is referred to as conversion cost? a. Direct materials cost and factory overhead cost b. Direct labor cost and factory overhead cost Direct materials cost and direct labor cost Factory overhead cost e. Direct labor cost The two basic accounting systems that may be used by manufacturers are: a. general accounting...
DM Product or DL Data Section Factory rent Company advertisin Wages paid to assembly workers Depreciation...
DM Product or DL Data Section Factory rent Company advertisin Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factor Assembly supervisor salar Sandpaper President's salar Plastic tubin Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters Cost Period $3,200 Product $1,000Period МОН MOH S30,000 $2,000 $500 $900 $3,500 150 $6,000 $4,200 $250 $1,200 $1,000 $2,000 $7,500 4,200 a) Direct materials b) Direct labor c) Manufacturing overhead d) Prime cost e) Conversion cost...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
4) Lets Assume we are a car company: If Product Product Fixed or Variable Cost,DM, DL...
4) Lets Assume we are a car company: If Product Product Fixed or Variable Cost,DM, DL or OH or Period Property Taxes, factory Salesperson's commissions Supervisor Salary, factory Wages of workers assembling components Tires used is automobile production Shipping costs on merchandise sold Automobiles for company executives Cost of AM/FM car stereos with CD Player Lubricants for machinery Cost of workers painting the product Cost of shipping radar sets to customers Utilities for administrative offices Utilities for factory machinery Utilities...
2 Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-en Indirect labor: wages Production supervisor's sala Service department costs Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production Administrative costs $2,300,800 97,060 116,000 515,000 115,000 2.5 points 42 47,800 100,a00 95,900 31,000 9,000 55,000 40,000 50,000 15,000 5,000 10,000 ees Rental of office space for sales personnel Sales...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
Wachowski Company reported the following cost data for the year 2017. Factory maintenance costs $90,000 Direct labor, wages 353,000 Direct labor, health insurance 33,000 Indirect labor, health insurance 16,000 Health insurance for production supervisor Administrative costs Rental of office space for administrative staff Sales commissions Direct material 6,500 54,000 18,500 53,000 1,240,000 632,000 39,000 62,000 70,000 32,000 Indirect materials Advertising expense Depreciation on factory building Indirect labor, wages Production supervisor's salary Use the above cost data to complete the table...
b. Cost of oil lubricants for factory machinery Cost of wages of assembly worker, Salary of plant supervisor Salary of district sales supervisor e. Which of the following costs is referred to as conversion cost? a. Direct materials cost and factory overhead cost b. Direct labor cost and factory overhead cost Direct materials cost and direct labor cost Factory overhead cost e. Direct labor cost The two basic accounting systems that may be used by manufacturers are: a. general accounting...
DM Product or DL Data Section Factory rent Company advertisin Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factor Assembly supervisor salar Sandpaper President's salar Plastic tubin Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters Cost Period $3,200 Product $1,000Period МОН MOH S30,000 $2,000 $500 $900 $3,500 150 $6,000 $4,200 $250 $1,200 $1,000 $2,000 $7,500 4,200 a) Direct materials b) Direct labor c) Manufacturing overhead d) Prime cost e) Conversion cost...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
4) Lets Assume we are a car company: If Product Product Fixed or Variable Cost,DM, DL or OH or Period Property Taxes, factory Salesperson's commissions Supervisor Salary, factory Wages of workers assembling components Tires used is automobile production Shipping costs on merchandise sold Automobiles for company executives Cost of AM/FM car stereos with CD Player Lubricants for machinery Cost of workers painting the product Cost of shipping radar sets to customers Utilities for administrative offices Utilities for factory machinery Utilities...
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