nonmanufacturing companies
nonmanufacturing companies
Homework Answers
Nonmanufacturing companies are those sectors which are not producing goods but still important in the economy since they provide service, doing trading business, or having non-profit motive of doing business.
Service companies: few examples are accounting firm, doctor, lawyer, transportation service, etc.
Trading business: few examples are wholesaler, distributor, and retailer of manufactured goods produced by the manufacturing companies.
Non-profit business: few examples are school district, club, and charitable organization. They have a definite purpose of establishing.
Which of the following would be considered a nonmanufacturing (period) cost? a. The cost of an...
Which of the following would be considered a nonmanufacturing (period) cost? a. The cost of an advertising campaign to launch a new product. b. The hourly wages of the workers who make the product. c. The cost of materials used to make the product. d. The utilities cost for the factory where the product is made. .
Describe a nonmanufacturing business that could benefit from the use of standards. Also explain how standards...
Describe a nonmanufacturing business that could benefit from the use of standards. Also explain how standards would help that business control its operations.
Classify each of the following costs as a period cost (nonmanufacturing) or a product cost(manufacturing). 1....
Classify each of the following costs as a period cost (nonmanufacturing) or a product cost(manufacturing). 1. Research and development costs 2. Wood used in production 3. Wages paid to security guards of the factory 4. Depreciation on factory equipment 5. Cost of shipping a product to a customer A. product B. period
CHAPTER 2 GROUP A PROBLEMS a Connect PA24 Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost...
CHAPTER 2 GROUP A PROBLEMS a Connect PA24 Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances. LO 2-3 Raw Materials Inventory Work in Process Inventory Finished Goods Inventary Bal. 25.000 Bal. 55.000 Bal. 60.000 Manufacturing Overhead Cost of Goods Sold Sales Revenue Nonmanufacturing Expenses The following transactions occurred during April: a. Purchased materials on account at...
1. Nonmanufacturing costs such as selling and administrative expenses are: a.used to determine net operating income...
1. Nonmanufacturing costs such as selling and administrative expenses are: a.used to determine net operating income for a period. b.reported on the income statement as part of cost of goods sold. c.part of gross margin calculations. d.reported on the balance sheet as current assets. 2. Wisteria Corp. has an overhead rate of $8 per machine hour. In the month of March, the company used 10,000 hours of machine time. The actual overhead cost for the month is $102,000. If Wisteria...
In which type of companies is overhead applied to jobs? With manufacturing and service companies. Only...
In which type of companies is overhead applied to jobs?
With manufacturing and service companies.
Only companies that have labour costs associated with
products.
Only manufacturing companies.
Primarily with service companies.
Which of the following statements is true? O Public companies must follow IFRS and nonpublic companies...
Which of the following statements is true? O Public companies must follow IFRS and nonpublic companies may follow IFRS. O Public companies may follow either IFRS or ASPE and nonpublic companies must follow ASPE. O Public companies must follow IFRS and nonpublic companies must follow IFRS. O Every company can choose the financial reporting standards which it would like to follow. Either IFRS or ASPE
Is job-order costing as applicable to service companies as it is to manufacturing companies? If so,...
Is job-order costing as applicable to service companies as it is to manufacturing companies? If so, give an example of a service company that might use job-order costing and explain how the company uses this costing method.
Provide real world examples and explain: strong culture companies weak culture companies
Provide real world examples and explain: strong culture companies weak culture companies
e-bus of th • Pick five companies from the latest version of Fortune's "Most Admired Companies" list. Resear...
e-bus of th • Pick five companies from the latest version of Fortune's "Most Admired Companies" list. Research these companies and identify their (a) mission statement, (b) strategic goals, and (c) strategies used. if you (a) gi e-bus of th • Pick five companies from the latest version of Fortune's "Most Admired Companies" list. Research these companies and identify their (a) mission statement, (b) strategic goals, and (c) strategies used. if you (a) gi e-bus of th • Pick five...
CHAPTER 2 GROUP A PROBLEMS a Connect PA24 Recording Manufacturing and Nonmanufacturing Costs, Preparing the Cost of Goods Manufactured Report and Income Statement Lamonda Corp. uses a job order cost system. On April 1, the accounts had the following balances. LO 2-3 Raw Materials Inventory Work in Process Inventory Finished Goods Inventary Bal. 25.000 Bal. 55.000 Bal. 60.000 Manufacturing Overhead Cost of Goods Sold Sales Revenue Nonmanufacturing Expenses The following transactions occurred during April: a. Purchased materials on account at...
In which type of companies is overhead applied to jobs?
With manufacturing and service companies.
Only companies that have labour costs associated with
products.
Only manufacturing companies.
Primarily with service companies.
Which of the following statements is true? O Public companies must follow IFRS and nonpublic companies may follow IFRS. O Public companies may follow either IFRS or ASPE and nonpublic companies must follow ASPE. O Public companies must follow IFRS and nonpublic companies must follow IFRS. O Every company can choose the financial reporting standards which it would like to follow. Either IFRS or ASPE
e-bus of th • Pick five companies from the latest version of Fortune's "Most Admired Companies" list. Research these companies and identify their (a) mission statement, (b) strategic goals, and (c) strategies used. if you (a) gi e-bus of th • Pick five companies from the latest version of Fortune's "Most Admired Companies" list. Research these companies and identify their (a) mission statement, (b) strategic goals, and (c) strategies used. if you (a) gi e-bus of th • Pick five...
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