Depreciation on a manufacturing facility is considered a period cost whereas depreciation on a warehouse used...
Depreciation on a manufacturing facility is considered a period
cost whereas depreciation on a warehouse used to store finished
goods is considered a product cost.
True or False?
Homework Answers
| False | |
|
Depreciation on a manufacturing facility - Product cost Depreciation on warehouse used to store finished goods - Period Cost |
Hence the statement is false
Add Answer to:
Depreciation on a manufacturing facility is considered a period
cost whereas depreciation on a warehouse used...
19. Which of the following would be considered a product cost for external financial reporting purposes?...
19. Which of the following would be considered a product cost for external financial reporting purposes? A. Cost of guided public tours through the company's facilities. B. Cost of a warehouse used to store finished goods C. Cost of travel necessary to sell the manufactured product. D. Cost of sand spread on the factory floor to absorb oil from manufacturing machines
P2.33 Classifying costs; product versus period; components of product cost LO 2.8, 2.9 Indicate, for each...
P2.33 Classifying costs; product versus period; components of product cost LO 2.8, 2.9 Indicate, for each of the costs listed below, whether it is: (a)product cost (b)period cost (c)conversion cost (d)prime cost (e)direct material cost (f)direct labour cost (g) manufacturing overhead. More than one classification may apply to each item. Costs: cost incurred by a department store chain to transport goods purchased for resale to its stores cost of grapes purchased by a winery depreciation on pizza ovens in a...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on...
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
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):...
Whispering Winds Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation...
Whispering Winds Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $130,300 Advertising expense 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks 24,300 26,100 38,100 59,300 Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500 at December...
7.The following entry would be used to record depreciation on manufacturing equipment: Manufacturing Overhead XXX...
7.The following entry would be used to record depreciation on
manufacturing equipment:
Manufacturing Overhead
XXX
Accumulated Depreciation
XXX
A. True
B. False
8. If a company uses a predetermined overhead rate, actual
manufacturing overhead costs of a period will be recorded in the
Manufacturing Overhead account and will be recorded on the job cost
sheets.
a. True
b. False
Weatherhead Inc. has provided the following data for the month
of March. There were no beginning inventories; consequently, the
direct materials,...
Requirement 1. For a manufacturing company, identify the following as bither a product cost or a...
Requirement 1. For a manufacturing company, identify the following as bither a product cost or a period cost a. Depreciation on plant equipment b. Depreciation on salespersons' automobiles C. Insurance on plant building d. Marketing manager's salary e. Direct materials used 1. Manufacturing overhead 9. Electricity bill for human resources office h. Production employee wages Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $20,000: direct labor $10,000, manufacturing overhead, $22,000; beginning...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost,...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost, but not part of factory overhead b. a product cost that is also part of factory overhead c. neither a product cost nor part of factory overhead 2. Manufacturing overhead does not include: the cost of thread used in making upholstered furniture of b. depreciation on factory equipment wages paid to a factory security guard a) the cost of shipping finished products to customers...
Question 8 The following costs were incurred by a manufacturing company Materials used in product Depreciation...
Question 8 The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant $120,100 6,280 870 Property taxes on plant Labour costs Factory supplies used Advertising expense Factory insurance Factory supervisor's salary of assembly-line workers 2,500 4,950 21,250 50,050 Work in process inventory was $5,700 at January 1 and $6,600 at December 31. Finished goods inventory was $30,900 at January 1 and $29,600 at December 31 Calculate cost of goods manufactured Cost of goods ma...
19. Which of the following would be considered a product cost for external financial reporting purposes? A. Cost of guided public tours through the company's facilities. B. Cost of a warehouse used to store finished goods C. Cost of travel necessary to sell the manufactured product. D. Cost of sand spread on the factory floor to absorb oil from manufacturing machines
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,400 Advertising expense 61,000 Property taxes on plant 7,650 Delivery expense 113,500 Sales commissions 29,300 Salaries paid to sales clerks $54,100 21,800 27,300 38,400 55,400 Work in process inventory was $14,600 at January 1 and $16,700 at December 31. Finished goods inventory was $70,900 at January 1 and $49,100 at December...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
Whispering Winds Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $130,300 Advertising expense 62,500 Property taxes on plant 8,270 Delivery expense 116,100 Sales commissions 34,000 Salaries paid to sales clerks 24,300 26,100 38,100 59,300 Work in process inventory was $14,400 at January 1 and $17,600 at December 31. Finished goods inventory was $61,100 at January 1 and $48,500 at December...
7.The following entry would be used to record depreciation on
manufacturing equipment:
Manufacturing Overhead
XXX
Accumulated Depreciation
XXX
A. True
B. False
8. If a company uses a predetermined overhead rate, actual
manufacturing overhead costs of a period will be recorded in the
Manufacturing Overhead account and will be recorded on the job cost
sheets.
a. True
b. False
Weatherhead Inc. has provided the following data for the month
of March. There were no beginning inventories; consequently, the
direct materials,...
Requirement 1. For a manufacturing company, identify the following as bither a product cost or a period cost a. Depreciation on plant equipment b. Depreciation on salespersons' automobiles C. Insurance on plant building d. Marketing manager's salary e. Direct materials used 1. Manufacturing overhead 9. Electricity bill for human resources office h. Production employee wages Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $20,000: direct labor $10,000, manufacturing overhead, $22,000; beginning...
The wages paid to an assembly line worker in a manufacturing plant are: a product cost, but not part of factory overhead b. a product cost that is also part of factory overhead c. neither a product cost nor part of factory overhead 2. Manufacturing overhead does not include: the cost of thread used in making upholstered furniture of b. depreciation on factory equipment wages paid to a factory security guard a) the cost of shipping finished products to customers...
Question 8 The following costs were incurred by a manufacturing company Materials used in product Depreciation on plant $120,100 6,280 870 Property taxes on plant Labour costs Factory supplies used Advertising expense Factory insurance Factory supervisor's salary of assembly-line workers 2,500 4,950 21,250 50,050 Work in process inventory was $5,700 at January 1 and $6,600 at December 31. Finished goods inventory was $30,900 at January 1 and $29,600 at December 31 Calculate cost of goods manufactured Cost of goods ma...
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