Homework Answers
a)
Product cost are the cost which are incurred during the production
of the goods.This includes direct material,direct labour and
factory overheads.
b)Period cost are the cost otherthan the product costs.These cost are not incurred in the manufacturing of a product.These includes administrative and selling expenses.
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A v2.cengagenow.com oduce Yourself Campus Solutions | PantherSoft Sig. Cengage CengageNOWV2 | Online teaching a. Delta...
Classifying Costs The following is a list of costs that were incurred in the production and...
Classifying Costs The following is a list of costs that were incurred in the production and sale of lawn mowers. Classify each of the costs as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Attorney fees for drafting a new lease for headquarter offices b....
Classify each cost as either a product cost or a period cost. Indicate whether each product...
Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Attorney fees for drafting a new lease for headquarters offices. b. Cash paid to outside firm for janitorial services for factory. c. Commissions paid to sales representatives, based on the number of ATVs...
v2.cengagenow.com Netflix CengageNOWV2 Online teaching and learning resource from Cengage Learning eBook Calculator Print item The...
v2.cengagenow.com Netflix CengageNOWV2 Online teaching and learning resource from Cengage Learning eBook Calculator Print item The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or owner's equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for...
Please note two attachments. Question 4 ABC Manufacturing wants to determine whether its various product costs...
Please note two attachments.
Question 4 ABC Manufacturing wants to determine whether its various product costs are director indirect, and variable or fixed. This information will be used to determine product unit costs. All employees are guaranteed a 40-hour work-week except factory employees, who are paid an hourly wage and can be sent home when there is no work. The following classification scheme has been developed: A. Direct variable cost B. Indirect variable cost C. Direct fixed cost D. Indirect...
Classify the following costs of a book publisher as product or period. Product costs should be...
Classify the following costs of a book publisher as product or period. Product costs should be further classified as prime or conversion. Product or period Prime or conversion a. Costs of rolls of blank paper b. Cost of cardboard displays for bookstores c. wages of accounting clerks that process production payroll d. utility costs at the printing facility. e. salary or pressroom supervisor. f. shipping charges for carbon black inks to be used. g. cost of temporary workers hired for...
Managerial Accounting Classifying Costs The following is a list of costs that were incurred in the...
Managerial Accounting
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Salary of chief compliance officer of company b. Power used...
Classifying Costs The following is a list of costs incurred by several business Classify each of...
Classifying Costs The following is a list of costs incurred by several business Classify each of the following costs as product costs or period costs. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense: Costs Classification a. Cost of fabric used by dothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse...
Classifying Costs The following is a list of costs that were incurred in the production and...
Classifying Costs The following is a list of costs that were incurred in the production and sale of large comedor Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials costa direct labor contra factory overhead cost Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Salary of chief compliance officer of company b. Power used by painting equipment c. Instrument panel...
Classifying costs The following is a list of costs that were incurred in the production and...
Classifying costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes: a. Salary of chief compliance officer of company b. Power used by painting equipment c. Instrument panel installed in the airplane cockpit d. Annual bonus paid to the chief operating officer of the company e. Turbo-charged airplane engine f. Interior trim material used throughout the airplane cabin g. Cost of normal scrap from production of airplane body h. Hourly...
PR 1-2A Classifying costs OBJ. 2 The following is a list of costs incurred by several...
PR 1-2A Classifying costs OBJ. 2 The following is a list of costs incurred by several businesses: a. Cost of fabric used by clothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse used to store work in process and finished products d. Wages of production quality control personnel e. Oil lubricants for factory plant and equipment f. Depreciation of robot used to assemble a product g. Travel costs of marketing executives to annual sales...
Classifying Costs The following is a list of costs that were incurred in the production and sale of lawn mowers. Classify each of the costs as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Attorney fees for drafting a new lease for headquarter offices b....
v2.cengagenow.com Netflix CengageNOWV2 Online teaching and learning resource from Cengage Learning eBook Calculator Print item The following accounts appeared in recent financial statements of Delta Air Lines. Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability, or owner's equity. For each income statement account, identify it as a revenue or an expense. Item Financial Statement Type of Account Accounts Payable Advanced Payments for...
Please note two attachments.
Question 4 ABC Manufacturing wants to determine whether its various product costs are director indirect, and variable or fixed. This information will be used to determine product unit costs. All employees are guaranteed a 40-hour work-week except factory employees, who are paid an hourly wage and can be sent home when there is no work. The following classification scheme has been developed: A. Direct variable cost B. Indirect variable cost C. Direct fixed cost D. Indirect...
Managerial Accounting
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Salary of chief compliance officer of company b. Power used...
Classifying Costs The following is a list of costs incurred by several business Classify each of the following costs as product costs or period costs. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense: Costs Classification a. Cost of fabric used by dothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse...
Classifying Costs The following is a list of costs that were incurred in the production and sale of large comedor Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials costa direct labor contra factory overhead cost Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Salary of chief compliance officer of company b. Power used by painting equipment c. Instrument panel...
PR 1-2A Classifying costs OBJ. 2 The following is a list of costs incurred by several businesses: a. Cost of fabric used by clothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse used to store work in process and finished products d. Wages of production quality control personnel e. Oil lubricants for factory plant and equipment f. Depreciation of robot used to assemble a product g. Travel costs of marketing executives to annual sales...
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