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Problem 2 (10 points: 5 points each question) A. Describe the main difference between direct materials...
Problem 2 (10 points: 5 points each question) A. Describe the main difference between direct materials...
Problem 2 (10 points: 5 points each question) A. Describe the main difference between direct materials and indirect materials that are used in any given production process. (5 points) Solution The main difference is measurability. For most products, measuring materials used is important because it can be translated into a per unit measurement. This assists management in keeping track of the main amount of materials that are used in manufacturing the products themselves. Should any discrepancies occur in these measurements,...
Return to Blackboard Weygandt, Accounting Principles, 13e Help System Announcements Exercise 164 Presented below is a...
Return to Blackboard Weygandt, Accounting Principles, 13e Help System Announcements Exercise 164 Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a manufacturer of recreational vehicles. Classify the below items into the following categories: 1. Property taxes on the factory land 2. Nails and glue used in production Cabinet maker's wages 4. Factory supervisors' salaries 5. Metal used in manufacturing 6. Depreciation on factory machines 7. Factory utilities 8. Carpeting for the recreational...
Exercise 10-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation,...
Exercise 10-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (c) manufacturing overhead. Item Category 1. Salaries for assembly line inspectors. 2. Insurance on factory machines. 3. Property taxes on the factory building. Period Costs 4. Factory repairs. Direct Materials 5. Upholstery used in manufacturing furniture, Direct Labor or Manufacturing Overhead 6....
Instructions (a) Identify each of the above costs as direct materials, direct labor, manufactu head, or...
Instructions (a) Identify each of the above costs as direct materials, direct labor, manufactu head, or period costs. (b) Explain the basic difference in accounting for product costs and period costs. ect labor, manufacturing over- $69,100 46,400 E14.4 Knight Company reports the following costs and expenses in May. Factory utilities $ 15,500 Direct labor Depreciation on factory Sales salaries equipment 12,650 Property taxes on factory Depreciation on delivery trucks 3,800 building Indirect factory labor 48,900 Repairs to office equipment Indirect...
Exercise 1-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation,...
Exercise 1-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (C) manufacturing overhead Item Category Salaries for assembly line inspectors. Insurance on factory machines Property taxes on the factory building actory repairs. E Upholstery used in manufacturing furniture. Wages paid to assembly line workers. Ezactory machinery depreciation Glue, nails, paint, and other...
ABC Manufacturing Company's costing system has two direct cost categories: direct materials and direct manufacturing labour....
ABC Manufacturing Company's costing system has two direct cost categories: direct materials and direct manufacturing labour. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard DMLH At the beginning of 2018, ABC adopted the following standards for its manufacturing costs: Input Cost per Output Unit S 15 75 3 kg at $5 per kg 5 hours at $15 per hour Direct materials Direct manufacturing labour Manufacturing overhead: Variable Fixed Standard manufacturing cost per output...
Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,500, and...
Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,500, and wages for factory workers were $112,070. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number A1 A2 A3 A4 General factory use Total Materials $43,610 33,470 39,870 39,080 3,180 159,210 Factory Labour $28,900 34,200 17,600 25,900 5,470 112,070 3. Manufacturing overhead costs incurred on account were $69,700. 4. Depreciation on machinery and equipment was $16,820. 5. The manufacturing...
Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,400, and...
Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,400, and wages for factory workers were $111,460. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number Materials A1 A2 Factory Labour $28,700 34,300 17,400 25,700 5,360 $43,380 33,420 39,530 39,280 3,140 A3 A4 General factory use Total 158,750 111,460 3. Manufacturing overhead costs incurred on account were $69,600. 4. Depreciation on machinery and equipment was $16,820. 5. The manufacturing...
Muddy Duck Manufacturing (MDM) Inc.’s costing system has two direct cost categories: direct materials and direct...
Muddy Duck Manufacturing (MDM) Inc.’s costing system has two direct cost categories: direct materials and direct manufacturing labour. Manufacturing overhead, both fixed and variable, is allocated to products on the basis of standard direct manufacturing labour hours (DMLH). At the beginning of 2017, MDM adopted the following standards for its manufacturing costs: Input Cost per output unit Direct materials 3kg @ $5 per kg $15 Direct manufacturing labour 5 hours @ $15 per hour 75 Manufacturing overhead: Variable $6 per...
Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in...
Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (c) manufacturing overhead. Item Category 1. Salaries for assembly line inspectors. 2. Insurance on factory machines. 3. Property taxes on the factory building. 4. Factory repairs. 5. Upholstery used in manufacturing furniture. 6. Wages paid to assembly line workers. 7. Factory machinery depreciation. 8....
Problem 2 (10 points: 5 points each question) A. Describe the main difference between direct materials and indirect materials that are used in any given production process. (5 points) Solution The main difference is measurability. For most products, measuring materials used is important because it can be translated into a per unit measurement. This assists management in keeping track of the main amount of materials that are used in manufacturing the products themselves. Should any discrepancies occur in these measurements,...
Return to Blackboard Weygandt, Accounting Principles, 13e Help System Announcements Exercise 164 Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a manufacturer of recreational vehicles. Classify the below items into the following categories: 1. Property taxes on the factory land 2. Nails and glue used in production Cabinet maker's wages 4. Factory supervisors' salaries 5. Metal used in manufacturing 6. Depreciation on factory machines 7. Factory utilities 8. Carpeting for the recreational...
Exercise 10-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (c) manufacturing overhead. Item Category 1. Salaries for assembly line inspectors. 2. Insurance on factory machines. 3. Property taxes on the factory building. Period Costs 4. Factory repairs. Direct Materials 5. Upholstery used in manufacturing furniture, Direct Labor or Manufacturing Overhead 6....
Instructions (a) Identify each of the above costs as direct materials, direct labor, manufactu head, or period costs. (b) Explain the basic difference in accounting for product costs and period costs. ect labor, manufacturing over- $69,100 46,400 E14.4 Knight Company reports the following costs and expenses in May. Factory utilities $ 15,500 Direct labor Depreciation on factory Sales salaries equipment 12,650 Property taxes on factory Depreciation on delivery trucks 3,800 building Indirect factory labor 48,900 Repairs to office equipment Indirect...
Exercise 1-2 Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (C) manufacturing overhead Item Category Salaries for assembly line inspectors. Insurance on factory machines Property taxes on the factory building actory repairs. E Upholstery used in manufacturing furniture. Wages paid to assembly line workers. Ezactory machinery depreciation Glue, nails, paint, and other...
ABC Manufacturing Company's costing system has two direct cost categories: direct materials and direct manufacturing labour. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of standard DMLH At the beginning of 2018, ABC adopted the following standards for its manufacturing costs: Input Cost per Output Unit S 15 75 3 kg at $5 per kg 5 hours at $15 per hour Direct materials Direct manufacturing labour Manufacturing overhead: Variable Fixed Standard manufacturing cost per output...
Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,500, and wages for factory workers were $112,070. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number A1 A2 A3 A4 General factory use Total Materials $43,610 33,470 39,870 39,080 3,180 159,210 Factory Labour $28,900 34,200 17,600 25,900 5,470 112,070 3. Manufacturing overhead costs incurred on account were $69,700. 4. Depreciation on machinery and equipment was $16,820. 5. The manufacturing...
Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,400, and wages for factory workers were $111,460. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number Materials A1 A2 Factory Labour $28,700 34,300 17,400 25,700 5,360 $43,380 33,420 39,530 39,280 3,140 A3 A4 General factory use Total 158,750 111,460 3. Manufacturing overhead costs incurred on account were $69,600. 4. Depreciation on machinery and equipment was $16,820. 5. The manufacturing...
Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a manufacturer of furniture, in its factory. Classify the below items into the following categories: (a) direct materials, (b) direct labor, and (c) manufacturing overhead. Item Category 1. Salaries for assembly line inspectors. 2. Insurance on factory machines. 3. Property taxes on the factory building. 4. Factory repairs. 5. Upholstery used in manufacturing furniture. 6. Wages paid to assembly line workers. 7. Factory machinery depreciation. 8....
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