Homework Answers
SOLUTION
| PRODUCT COST | PERIOD COST | |||||
| Direct Material | Direct labour |
Factory OH |
Selling exp |
Admini. Exp |
||
| a | Cost of fabric used by dothing manufacturer | X | ||||
| b | Maintenance and repair costs for factory equipment | X | ||||
| c | Rent for a warehouse used to store work in process and finished products | X | ||||
| d | Wages of production quality control personnel | X | ||||
| e | Oil lubricants for factory plant and equipment | X | ||||
| f | Depreciation of robot used to assemble a product | X | ||||
| g | Travel costs of marketing executives to annual sales meeting | X | ||||
| h | Depreciation of copying machines used by the Marketing Department | X | ||||
| i | Fees charged by collection agency on past-due customer accounts | X | ||||
| j | Electricity used to operate factory machinery | X | ||||
| k | Maintenance costs for factory equipment | X | ||||
| l | Pens, paper and other supplies used by the Accounting Department in preparing Report | X | ||||
| m | Charitable contribution to United Fund | X | ||||
| n | Depreciation of microcomputers used in the factory to coordinate and monitor | X | ||||
| o | Fee paid to lawn service for office grounds unkeep | X | ||||
| p | Cost of sewing machine needles used by a shirt man | X | ||||
| q | Cost of plastic for a telephone being manufactured | X | ||||
| r | Telephone charges by president's office | X | ||||
| s | Cost of 30-second television commercial | X | ||||
| t | Surgeon's fee for heart bypass surgery | X | ||||
| u | Depreciation of tools used in production | X | ||||
| v | Wages of a machine operator on the production line | X | ||||
| w | Salary of the vice president of manufacturing operations | X | ||||
| x | Factory janitorial supplies | X |
LEARNING NOTE :
PRODUCT COST
Product Cost are those cost which was directly related to production of a product. Product cost includes following cost:
a. Direct Material
b.Direct labour
C.Over head which are directly related to facilite the prodcution like electricity , Factory overhead etc.
D. Manufacturing Supplies
these cost are became the part of Cost of goods gold which are helpful for calculating gross profit.
Period Cost:
on the other hand period cost are cost which are not related to prodcution in easy language it means all of rest of cost which are not product cost.it include selling exp., Administartion cost,genral cost etc these cost are related to selling marketiong of a product and also realted to offcie related costs.
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