Which of the following statements is false? a) a misclassification of a direct labor cost as...
Homework Answers
Statement (d) is False
Explanation:
First of all Factory overhead cost is not an operating cost and if somehow it is misclassified as operating cost then, it will increase the total cost, which will further overstate the unit cost of the product
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Which of the following statements is false?
a) a misclassification of a direct labor cost as...
ncome Statements under The reporting of the costs of manufactured products, normally direct materials, direct labor,...
ncome Statements under The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.Absorption Costing and The concept that considers the cost of products manufactured to be composed only of those manufacturing costs that increase or decrease as the volume of production rises or falls (direct materials, direct labor, and variable factory overhead).Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated...
Skolnick Corporation has provided the following information: Cost per Period Direct materials Direct labor Variable manufacturing...
Skolnick Corporation has provided the following information: Cost per Period Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Cost per Unit $5.90 $ 4.10 $ 2.20 $152,000 $ 1.40 $ 0.30 $ 43,700 Required: a. If 9,500 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round intermediate calculations.) b. If 9,500 units are produced, what is the total amount of indirect...
Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory...
Cost Classification Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory rent 21,000 Direct labor 120,000 Factory utilities 6,300 Supervision in the factory 55,000 Indirect labor in the factory 38,000 Depreciation on factory equipment 8,500 Sales commissions 33,000 Sales salaries 72,000 Advertising 35,000 Depreciation on the headquarters building 10,200 Salary of the corporate receptionist 27,000 Other administrative costs 183,000 Salary of the factory receptionist 29,000 Required: 1. Classify each of the costs using the table...
Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing...
Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales comissions Variable administrative expense Fixed selling and administrative expense Cost per cost per Unit Period $6.20 $ 4.20 $ 1.80 $32,000 $ 0.62 $8.50 $11,200 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 8,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 8,000 units?...
g. Which of the following are included in manufacturing overhead? 1) All direct material, direct labour,...
g. Which of the following are included in manufacturing overhead? 1) All direct material, direct labour, and administrative costs 2) All manufacturing costs except direct labour 3) All manufacturing costs except direct labour and direct materials 4) All selling and administrative costs h. Which of the following statements describes the treatment of period costs? 1) They will never constitute part of the cost of goods manufactured statement but will always be part of the income statement. 2) They will always...
Kesterson Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing...
Kesterson Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Cost Cost per per Period Unit $6.40 $3.50 $1.35 $18,900 $1.50 $0.80 $ 6,300 if 8,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
Skolnick Corporation has provided the following information: Cost per Unit Cost per Period Direct materials Direct...
Skolnick Corporation has provided the following information: Cost per Unit Cost per Period Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense s 4.70 $ 1.80 $126,000 1.40 s 0.60 s 39,600 Required: a. If 9,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round intermedi calculations.) b. If 9,000 units are produced, what is the total amount of indirect manufacturing costs...
34. Which of the following is part of factory overhead cost? a. sales commissions b. depreciation of f...
34. Which of the following is part of factory overhead cost? a. sales commissions b. depreciation of factory equipment and machines c. depreciation of sales person's vehicle d. direct materials used ANSWER: b 35. Which of the following manufacturing costs is an indirect cost of producing a product? a. oil lubricants used for factory machinery b. commissions for sales personnel c. hourly wages of an assembly worker d. memory chips for a microcomputer manufacturer 36. All of the following could...
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....
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...
Skolnick Corporation has provided the following information: Cost per Period Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Cost per Unit $5.90 $ 4.10 $ 2.20 $152,000 $ 1.40 $ 0.30 $ 43,700 Required: a. If 9,500 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round intermediate calculations.) b. If 9,500 units are produced, what is the total amount of indirect...
Learned Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales comissions Variable administrative expense Fixed selling and administrative expense Cost per cost per Unit Period $6.20 $ 4.20 $ 1.80 $32,000 $ 0.62 $8.50 $11,200 Required: a. For financial reporting purposes, what is the total amount of product costs incurred to make 8,000 units? b. For financial reporting purposes, what is the total amount of period costs incurred to sell 8,000 units?...
Kesterson Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense Cost Cost per per Period Unit $6.40 $3.50 $1.35 $18,900 $1.50 $0.80 $ 6,300 if 8,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
Skolnick Corporation has provided the following information: Cost per Unit Cost per Period Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Variable administrative expense Fixed selling and administrative expense s 4.70 $ 1.80 $126,000 1.40 s 0.60 s 39,600 Required: a. If 9,000 units are produced, what is the total amount of direct manufacturing cost incurred? (Do not round intermedi calculations.) b. If 9,000 units are produced, what is the total amount of indirect manufacturing costs...
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....
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