Considering direct materials and direct labor are always direct costs. What about about supply costs? Do...
Considering direct materials and direct labor are always direct costs. What about about supply costs? Do you think they are indirect or direct costs?
Homework Answers
supply costs refers to the cost related to procurement of raw materials.it may include costs like freight inward.
since these types of costs can be directly attributed to cost center like product,services,etc. therefore it is a direct cost
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Considering direct materials and direct labor are always
direct costs. What about about supply costs? Do...
Conversion costs consist of a. direct materials costs and direct labor costs. b. direct labor costs...
Conversion costs consist of a. direct materials costs and direct labor costs. b. direct labor costs and overhead costs. c. direct materials costs and overhead costs. d. direct labor costs and indirect labor costs. The three elements of product costs are a. direct materials, work in process, and overhead. b. direct materials, work in process, and finished goods. c. direct materials, direct labor, and overhead. d. direct materials, direct labor, and period costs. 7. Which of the following costs is...
1 Data Table Laguna Model Construction period Direct materials costs Direct labor costs Direct labor-hours Feb-June...
1 Data Table Laguna Model Construction period Direct materials costs Direct labor costs Direct labor-hours Feb-June 2017 106,440 $ 36,625 $ Mission Model May-Oct 2017 127,250 41,130 1,090 $ 970 Direct materials and direct labor are paid for on a contract basis. The costs of each are known when direct materials are used or when direct labor-hours are worked. The 2017 actual assembly-support costs were $7,425,000, and the actual direct labor-hours were 165,000. Print Done X Requirements 1. Compute the...
The following costs related to Mealtime Food Supply Companyannually: Variable Costs: Direct materials $2.50 Direct labor...
The following costs related to Mealtime Food Supply Companyannually: Variable Costs: Direct materials $2.50 Direct labor 0.75 Manufacturing Overhead 1.25 Selling and administrative 1.50 Fixed Costs: Manufacturing overhead $10,000 Selling and Administrative 5,000 The selling price per unit of product is $15.00 At a sales volume of 15,000 units, what is the total profit for the company? $130,000 $120,000 $225,000 $150,000 None of these numbers is correct.
Direct materials costs to Work in Process Inventory. Direct labor costs to Work in Process Inventory....
Direct materials costs to Work in Process Inventory.
Direct labor costs to Work in Process Inventory.
Overhead costs to Work in Process Inventory.
Indirect materials costs to the Factory Overhead account.
Indirect labor costs to the Factory Overhead account.
Required: Prepare journal entries to assign the above
costs.
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Bergamo Bay's computer system generated the...
Prime cost is direct materials cost and direct labor cost. indirect materials cost and direct labor...
Prime cost is direct materials cost and direct labor cost. indirect materials cost and direct labor cost. direct labor cost and indirect labor cost. direct materials cost and indirect labor cost.
What is true about direct materials in job costing? Can be traced to each product Are...
What is true about direct materials in job costing? Can be traced to each product Are allocated to each product Are the only costs recorded in costs of goods sold Are expensed as period costs, not product costs What is true for indirect materials? They flow into the overhead account They are ignored in job costing O They can be traced to each product They are always material in amount
Wondrous Baking Co. had the following costs during the period: $3,200 $14,300 Direct materials: Direct labor:...
Wondrous Baking Co. had the following costs during the period: $3,200 $14,300 Direct materials: Direct labor: Indirect materials: Indirect labor: Bakery heating and lighting: Insurance on bakery: Advertising: $4,400 $2,100 $5,600 $800 $8,000 Calculate Wondrous Baking Co.'s manufacturing costs. $33,200 $46,100 $57,300
materials and direct labor) and one indirect-cost pool (assembly support). Direct labor-hours is the allocation base...
materials and direct labor) and one indirect-cost pool (assembly support). Direct labor-hours is the allocation base for assembly support costs. In December 2016, Anderson budgets 2017 assembly-support costs to be $8,300,000 and 2017 direct labor-hours to be 166.000. At the end of 2017, Anderson is comparing the costs of several jobs that were started and completed in 2017 (Click the icon to view the data) Read the requirements Requirement 1. Compute the (a) budgeted indirect.cost rate and (b) actual indirect.cost...
Direct materials ¥ 50,000 Direct labor 38,400 Indirect production costs 21,120 Total cost ¥ 109,520 Activity...
Direct materials ¥ 50,000 Direct labor 38,400 Indirect production costs 21,120 Total cost ¥ 109,520 Activity Cost-Allocation Base Predicted 20X0 Cost (¥000) Receiving Direct materials cost ¥ 3,500 Assembly Number of control units 11,960 Quality control QC hours 2,015 Shipping Number of boxes shipped 3,645 TOTAL ¥21,120 In 20X0 the Automotive Controls Department expects to produce 92,000 control units, use 650 quality control hours, and ship 8,100 boxes. Suppose Kato prices its products at 15% above total production cost. An...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials,...
1. Three costs in every product are direct materials, direct labor, and period costs direct materials, work in process, and manufacturing overhead direct materials, direct labor, and manufacturing overhead direct materials, work in progress, and finished goods 2. What is the journal entry for under applied overhead? Manufacturing overhead Finished Goods Inventory Finished Goods Inventory Manufacturing Overhead Manufacturing overhead Cost of goods sold Cost of goods sold Manufacturing overhead 3. Use a piece of scrap paper...
Conversion costs consist of a. direct materials costs and direct labor costs. b. direct labor costs and overhead costs. c. direct materials costs and overhead costs. d. direct labor costs and indirect labor costs. The three elements of product costs are a. direct materials, work in process, and overhead. b. direct materials, work in process, and finished goods. c. direct materials, direct labor, and overhead. d. direct materials, direct labor, and period costs. 7. Which of the following costs is...
1 Data Table Laguna Model Construction period Direct materials costs Direct labor costs Direct labor-hours Feb-June 2017 106,440 $ 36,625 $ Mission Model May-Oct 2017 127,250 41,130 1,090 $ 970 Direct materials and direct labor are paid for on a contract basis. The costs of each are known when direct materials are used or when direct labor-hours are worked. The 2017 actual assembly-support costs were $7,425,000, and the actual direct labor-hours were 165,000. Print Done X Requirements 1. Compute the...
Direct materials costs to Work in Process Inventory.
Direct labor costs to Work in Process Inventory.
Overhead costs to Work in Process Inventory.
Indirect materials costs to the Factory Overhead account.
Indirect labor costs to the Factory Overhead account.
Required: Prepare journal entries to assign the above
costs.
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Bergamo Bay's computer system generated the...
What is true about direct materials in job costing? Can be traced to each product Are allocated to each product Are the only costs recorded in costs of goods sold Are expensed as period costs, not product costs What is true for indirect materials? They flow into the overhead account They are ignored in job costing O They can be traced to each product They are always material in amount
Wondrous Baking Co. had the following costs during the period: $3,200 $14,300 Direct materials: Direct labor: Indirect materials: Indirect labor: Bakery heating and lighting: Insurance on bakery: Advertising: $4,400 $2,100 $5,600 $800 $8,000 Calculate Wondrous Baking Co.'s manufacturing costs. $33,200 $46,100 $57,300
materials and direct labor) and one indirect-cost pool (assembly support). Direct labor-hours is the allocation base for assembly support costs. In December 2016, Anderson budgets 2017 assembly-support costs to be $8,300,000 and 2017 direct labor-hours to be 166.000. At the end of 2017, Anderson is comparing the costs of several jobs that were started and completed in 2017 (Click the icon to view the data) Read the requirements Requirement 1. Compute the (a) budgeted indirect.cost rate and (b) actual indirect.cost...
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