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A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,600 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and twenty percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? Product Period $2,880 $720 $960 $240 Oo oo $1.920 $480 $3.600 $0
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,330 and is paid at the beginning of the first year. Ninety percent of the premium applies to manufacturing operations and ten percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? 2:25 Period Product $3,330 $2,997 $1,998 $999 $333 $222 $111 Multiple Choice O Choice A 0 O...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,120 and is paid at the beginning of the first year. Ninety percent of the premium applies to manufacturing operations and ten percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? Product Period A) $3,120 $0 B) $2,808 $312 C) $1,872 $208 D) $936 $104
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,330 and is paid at the beginning of the first year. Ninety percent of the premium applies to manufacturing operations and ten percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? 2:25 TTT Product Period A) $3,330 $2,997 $1,998 B) c) D) $333 $222 $999 $111 Multiple Choice...
In September direct labor was 35% of conversion cost. If the manufacturing overhead for the month...
In September direct labor was 35% of conversion cost. If the manufacturing overhead for the month was $102,050 and the direct materials cost was $23,800, the direct labor cost was: A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,600 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and twenty percent applies to selling and administrative activities. What amounts should...
Show Me How Calculator Activity-Based Costing for a Service Company Safety First Insurance Company carries three...
Show Me How Calculator Activity-Based Costing for a Service Company Safety First Insurance Company carries three major lines of insurance auto, workers' compensation, and homeowners. The company has prepared the following report: Safety First Insurance Company Product Profitability Report For the Year Ended December 31 Auto Workers' Compensation Homedyners Premium revenue $5,750,000 $6,240,000 4,680,000 Estimated claims 4,312,500 58,160,000 6,120,000 $2,040,000 Underwriting income $1,437,500 $1,560,000 Underwriting income as a percent of premium revenue 25% 25% 25% Management is concerned that the...
Watson Inc. is a manufacturing company operating in the southeastern United States. The company has three...
Watson Inc. is a manufacturing company operating in the southeastern United States. The company has three primary product lines, as well as several "secondary" lines. The company's controller is in the process of preparing the annual financial statements and will need to classify the following cost objects as either product costs or period costs. For each of these costs, determine the amounts that will be considered product costs versus the amounts that will be considered period costs and enter them...
Aflac Insurance Company InformatIon: Aflac is a Fortune 500 insurance company founded in 1955 by three...
Aflac Insurance Company InformatIon: Aflac is a Fortune 500 insurance company founded in 1955 by three brothers, John, Paul and Bill Amos. Today, Aflac employs more than 4,500 people and has more than 71,000 licensed independent agents throughout the United States and Japan. The following is an excerpt from the New York Stock Exchange business summary. “Aflac Incorporated is a general business holding company and acts as a management company, overseeing the operations of its subsidiaries by providing management services...
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations. $133 Selling price Units in beginning inventory Units produced U...
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations. $133 Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: 7,000 6,800 200 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense 41 5 517 Fixed costs: $133,e88 34,e08 Fixed manufacturing overhead Fixed selling and administrative expense What is the total period cost for the month under absorption...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018. a two-year insurance premium on equipment in the amount of $792 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,600 and is paid at the beginning of the first year. Eighty percent of the premium applies to manufacturing operations and twenty percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? Product Period $2,880 $720 $960 $240 Oo oo $1.920 $480 $3.600 $0
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,330 and is paid at the beginning of the first year. Ninety percent of the premium applies to manufacturing operations and ten percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? 2:25 Period Product $3,330 $2,997 $1,998 $999 $333 $222 $111 Multiple Choice O Choice A 0 O...
A manufacturing company prepays its insurance coverage for a three-year period. The premium for the three years is $3,330 and is paid at the beginning of the first year. Ninety percent of the premium applies to manufacturing operations and ten percent applies to selling and administrative activities. What amounts should be considered product and period costs respectively for the first year of coverage? 2:25 TTT Product Period A) $3,330 $2,997 $1,998 B) c) D) $333 $222 $999 $111 Multiple Choice...
Show Me How Calculator Activity-Based Costing for a Service Company Safety First Insurance Company carries three major lines of insurance auto, workers' compensation, and homeowners. The company has prepared the following report: Safety First Insurance Company Product Profitability Report For the Year Ended December 31 Auto Workers' Compensation Homedyners Premium revenue $5,750,000 $6,240,000 4,680,000 Estimated claims 4,312,500 58,160,000 6,120,000 $2,040,000 Underwriting income $1,437,500 $1,560,000 Underwriting income as a percent of premium revenue 25% 25% 25% Management is concerned that the...
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations. $133 Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: 7,000 6,800 200 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense 41 5 517 Fixed costs: $133,e88 34,e08 Fixed manufacturing overhead Fixed selling and administrative expense What is the total period cost for the month under absorption...
Brokeback Towing Company is at the end of its accounting year, December 31, 2018. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2018. a two-year insurance premium on equipment in the amount of $792 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2018, the unadjusted balance in the Supplies account was $1,000. A physical...
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