Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead...
Select the correct definition for the following costs.
Direct material costs
Direct manufacturing-labor costs
Manufacturing overhead costs
Prime costs
Conversion costs
A. All direct manufacturing costs.
B. All manufacturing costs other than direct material costs.
C. Compensation of all manufacturing labor that can be traced to the cost object.
D. Costs of all materials that can be traced to the cost object.
E. All manufacturing costs related to the cost object but cannot be traced to the cost object
Homework Answers
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Select the correct definition for the following costs.
Direct material costs
Direct manufacturing-labor costs
Manufacturing overhead...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c)...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
Average Cost per Unit Direct materials $ 9.00 Direct labor $ 6.00 Variable manufacturing overhead $...
Average Cost per Unit Direct materials $ 9.00 Direct labor $ 6.00 Variable manufacturing overhead $ 3.50 Fixed manufacturing overhead $ 7.00 Fixed selling expense $ 5.50 Fixed administrative expense $ 4.50 Sales commissions $ 3.00 Variable administrative expense $ 2.50 Required: 1. Assume the cost object is units of production: a. What is the total direct manufacturing cost incurred to make 32,500 units? b. What is the total indirect manufacturing cost incurred to make 32,500 units? 2. Assume the...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c)...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct labor & period costs Use the following to answer questions. 2.3.4 The information below was obtained from the records of the first processine derment of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system Labor and Overhead Ulnits Percent Completed Work in process...
Which of the following statements about manufacturing overhead costs is not correct? All manufacturing costs other...
Which of the following statements about manufacturing overhead costs is not correct? All manufacturing costs other than direct materials and direct labor are classified as manufacturing overhead costs. All manufacturing costs other than direct materials and direct labor are entered directly into the Manufacturing Overhead account. Depreciation on factory equipment is recorded with a debit to Depreciation Expense. Manufacturing overhead costs are recorded with a debit to Manufacturing Overhead account as they are incurred.
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
2. Direct Labor Costs + Manufacturing Overhead: a. Conversion Cost b. Prime Cost c. Manufacturing Overhead...
2. Direct Labor Costs + Manufacturing Overhead: a. Conversion Cost b. Prime Cost c. Manufacturing Overhead d. Work in Process
How do you calculate 2b and 3b? Direct materials Direct labor Variable manufacturing overhead Pixed manufacturing...
How do you calculate 2b and 3b?
Direct materials Direct labor Variable manufacturing overhead Pixed manufacturing overhead Pixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Cost per Unit 7.40 4.40 $ 1.90 $5.40 3.90 2.90 1.40 0.90 Required: 1. Assume the cost object is units of production: a. What is the total direct manufacturing cost incurred to make 15,500 units? b. What is the total indirect manufacturing cost incurred to make 15,500 units? 2. Assume the cost...
Match each of the following terms to the corresponding definition by entering the appropriate lett A....
Match each of the following terms to the corresponding definition by entering the appropriate lett A. A company that purchases raw materials and converts them into finished products. B. A company that sells manufactured products C. Provides information about a company's social and environmental impact D. The cost of not doing something E. Costs that can be reasonably traced to a cost object F. Costs that cannot be reasonably traced or are not worth the effort to trace to a...
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs...
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs Basic 1,100 3,800 3,600 $18,000 64,500 Dominator 360 3,200 2,100 $ 5,650 45,500 Total 1,460 7,000 5,700 $ 23,650 110,000 209,370 $343,020 Tiger Furnishings's CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the company's cost accountant to analyze the accounts and assign overhead costs to two pools: overhead related to direct labor cost and overhead related...
Assume Gasol Company has direct labor costs of $1,096, manufacturing overhead costs of $1,457 and prime...
Assume Gasol Company has direct labor costs of $1,096, manufacturing overhead costs of $1,457 and prime costs of $3,242. What is Gasol's direct materials cost? =========== Assume Gasol Company has direct materials cost of $2,661, direct labor costs of $1,018, manufacturing overhead costs of $1,362. What is Gasol's prime cost? ============= Leonard, Inc., which uses a volume-based cost system, produces cat condos that sell for $104 each. Direct materials cost $11 per unit, and direct labor costs $23 per unit....
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct Labor & period costs Units Use the following to answer questions # 2.3.4 The information below was obtained from the records of the first processing department of Christine Corporation for the month of July. The company uses the weighted average method in its process costing system. Labor and Overhead Percent Completed Work...
Conversion costs consist of a) Direct material & direct labor b) Direct material & overhead c) Direct labor & overhead d) Direct material & indirect material e) Direct labor & period costs Use the following to answer questions. 2.3.4 The information below was obtained from the records of the first processine derment of Christine Corporation for the month of July. The company uses the weighted-average method in its process costing system Labor and Overhead Ulnits Percent Completed Work in process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
How do you calculate 2b and 3b?
Direct materials Direct labor Variable manufacturing overhead Pixed manufacturing overhead Pixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Cost per Unit 7.40 4.40 $ 1.90 $5.40 3.90 2.90 1.40 0.90 Required: 1. Assume the cost object is units of production: a. What is the total direct manufacturing cost incurred to make 15,500 units? b. What is the total indirect manufacturing cost incurred to make 15,500 units? 2. Assume the cost...
Match each of the following terms to the corresponding definition by entering the appropriate lett A. A company that purchases raw materials and converts them into finished products. B. A company that sells manufactured products C. Provides information about a company's social and environmental impact D. The cost of not doing something E. Costs that can be reasonably traced to a cost object F. Costs that cannot be reasonably traced or are not worth the effort to trace to a...
Units produced Machine-hours Direct labor-hours Direct materials costs Direct labor costs Manufacturing overhead costs Total costs Basic 1,100 3,800 3,600 $18,000 64,500 Dominator 360 3,200 2,100 $ 5,650 45,500 Total 1,460 7,000 5,700 $ 23,650 110,000 209,370 $343,020 Tiger Furnishings's CFO believes that a two-stage cost allocation system would give managers better cost information. She asks the company's cost accountant to analyze the accounts and assign overhead costs to two pools: overhead related to direct labor cost and overhead related...
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