Homework Answers
Product cost is the costs incurred to manufacture a product. These will include direct labor, direct materials and factory overhead.
Period costs is costs that are not related to the production like selling and administrative expenses
| Product | Period |
| Electricity costs to run the factory | Accountant salary |
| Tyres for the bicycles | Selling costs for the period |
| Delivery costs to take the bicycles to stores |
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For each of the following, indicate whether the cost would typically be considered product or period...
Scoring: Your score will be based on the number of correct matches. There is no penalty...
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. Clear All Electricity costs to run the factory Accountant salaries Product Selling costs for the period Period Delivery costs to take the bicycles to stores Tires for the bicycles
Indicate whether each item below is a product cost (inventoriable cost) or a period cost. If...
Indicate whether each item below is a product cost (inventoriable cost) or a period cost. If it’s a product cost say whether it is DM (direct materials), DL (direct labor) or MO (manufacturing overhead, also called indirect manufacturing costs). If it is a period cost, indicate whether it is AE (administrative expense) or SE (selling expense). Also indicate whether it is a fixed cost (FC) or a variable cost (VC). These costs are for a company that makes tires. Cost...
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...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
For each item shown below, indicate whether it is a product cost or a period cost,...
For each item shown below, indicate whether it is a product cost or a period cost, by placing an X in the appropriate column. For each item that is a product cost, also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product (8 points). Product or period cost? Direct or indirect cost? Cost item Product Period Direct Indirect Administrative salaries Direct labor Advertising Property tax on the factory Factory maintenance...
D. $0.40 Example 45: Classify each of the following as either period or product. If a...
D. $0.40 Example 45: Classify each of the following as either period or product. If a cost is a period cost, indicate whether it would be a selling or an administrative cost. If a cost is a product cost, indicate whether it is direct or indirect. Item Period Cost Product Cost Selling Administrative Direct Indirect Rent on a sales office Direct materials Sales commissions Rent on a factory building Secretarial salaries for the sales force Assembly line worker wages Product...
Identifying product and period costs Required Indicate whether each of the following costs is a product...
Identifying product and period costs Required Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost: a. Goods purchased for resale. b. Salaries of salespersons. c. Advertising costs. d. Transportation-out. e. Interest on a note payable. f. Salary of the company president. g. Transportation-in. h. Insurance on the office building. i. Office supplies. j. Costs incurred to improve the quality of goods available for sale.
ach of the following, indicate whether the transaction involves a product (PR) or period (PD) cost....
ach of the following, indicate whether the transaction involves a product (PR) or period (PD) cost. Then indicate whether the cost is DM, DL, or OH. Transaction Product or DM, DL or Period OH 1. $3,400 paid as monthly salary for the cost accountant in an internet marketing firm. 2. Purchased $12,000 of raw materials on account. Materials to be used to manufacture dresses. 3. Paid production supervisor's salary of $4,000 in a toy manufacturing firm. 4. A retail firm...
period cost or product Collapse Is this a (1) prod For your respons type either 1...
period
cost or product
Collapse Is this a (1) prod For your respons type either 1 or whichever you cH Cost item Chief Executive Officer's (CEO's) salary Bicycle assembly worker wages Bicycle tires Depreciation of factory equipment Factory maintenance worker salaries Delivery expense Depreciation of office equipment Screws used to assemble bicycles (negligible quanity and dollar amount)
For each cost item below, indicate whether it would be variable or fixed with respect to...
For each cost item below, indicate whether it would be variable or fixed with respect to the number of units produced and sold: and then whether it would be a selling cost, an administrative cost or a manufacturing cost. If it is a manufacturing cost, indicate if it is a direct cost or an indirect cost with respect to the units of product (Ex provided #1 & #2) Variable or Selling Administrative Manufacturing (Product) Cost Cost Item Fixed Cost Cost...
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. For each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. Clear All Electricity costs to run the factory Accountant salaries Product Selling costs for the period Period Delivery costs to take the bicycles to stores Tires for the bicycles
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
For each item shown below, indicate whether it is a product cost or a period cost, by placing an X in the appropriate column. For each item that is a product cost, also indicate whether it is a direct cost or an indirect cost with respect to a unit of finished product (8 points). Product or period cost? Direct or indirect cost? Cost item Product Period Direct Indirect Administrative salaries Direct labor Advertising Property tax on the factory Factory maintenance...
D. $0.40 Example 45: Classify each of the following as either period or product. If a cost is a period cost, indicate whether it would be a selling or an administrative cost. If a cost is a product cost, indicate whether it is direct or indirect. Item Period Cost Product Cost Selling Administrative Direct Indirect Rent on a sales office Direct materials Sales commissions Rent on a factory building Secretarial salaries for the sales force Assembly line worker wages Product...
Identifying product and period costs Required Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost: a. Goods purchased for resale. b. Salaries of salespersons. c. Advertising costs. d. Transportation-out. e. Interest on a note payable. f. Salary of the company president. g. Transportation-in. h. Insurance on the office building. i. Office supplies. j. Costs incurred to improve the quality of goods available for sale.
ach of the following, indicate whether the transaction involves a product (PR) or period (PD) cost. Then indicate whether the cost is DM, DL, or OH. Transaction Product or DM, DL or Period OH 1. $3,400 paid as monthly salary for the cost accountant in an internet marketing firm. 2. Purchased $12,000 of raw materials on account. Materials to be used to manufacture dresses. 3. Paid production supervisor's salary of $4,000 in a toy manufacturing firm. 4. A retail firm...
period
cost or product
Collapse Is this a (1) prod For your respons type either 1 or whichever you cH Cost item Chief Executive Officer's (CEO's) salary Bicycle assembly worker wages Bicycle tires Depreciation of factory equipment Factory maintenance worker salaries Delivery expense Depreciation of office equipment Screws used to assemble bicycles (negligible quanity and dollar amount)
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