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2-23 Classification of direct and indirect costs, manufacturing sector. Timi Company manufactures pens for schools. Summary...
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...
Problem 1-23 Cost Classification [LO1-1, LO1-3, LO1-4] Listed below are costs found in various organizations. Required:...
Problem 1-23 Cost Classification [LO1-1, LO1-3, LO1-4] Listed below are costs found in various organizations. Required: For each cost item, 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 whether it is a direct cost or an indirect cost with respect to units of product. Manufacturing (Product) Cost...
Exercise A: Classification of manufacturing costs (Value: 8 points) Bike Inc. is a small company that...
Exercise A: Classification of manufacturing costs (Value: 8 points) Bike Inc. is a small company that builds bicycles on orders with customer specifications and carries out its operations in a small store that was a warehouse. The parts and parts of the bicycles are supplied by different manufacturers. Some of the costs incurred by the factory are presented below. Indicates the classification of costs in the following categories: direct materials (MD), direct labor (MOD), indirect costs (CI), administrative costs (CA)...
trouble filling in chart Problem 1-23 Cost Classification (L01-1, LO1-3, LO1-4) Listed below are costs found...
trouble filling in chart
Problem 1-23 Cost Classification (L01-1, LO1-3, LO1-4) Listed below are costs found in various organizations. Required: For each cost item, 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 whether it is a direct cost or an indirect cost with respect to units of...
The costs were taken from the accounting records of the Barnwell Manufacturing Company, Classify each item...
The costs were taken from the accounting records of the Barnwell Manufacturing Company, Classify each item as either a product cost or a period cost. Also, classify all product costs as direct or indirect, assuming that the cost object is each unit of product manufactured.(If not applicable then select NA.) Product Cost or Period Cost Direct Cost or Indirect Cost Items 1. State income taxes 2. Insurance on the manufacturing facilities 3. Supplies used in manufacturing 4. Wages for employees...
2-25 Classification of costs, manufacturing sector. The Cooper Furniture Company of Potomat, Maryland, assembles two types...
2-25 Classification of costs, manufacturing sector. The Cooper Furniture Company of Potomat, Maryland, assembles two types of chairs (Recliners and Rockers). Separate assembly lines are used for each type of chair. Classify each cost item (A-I) as follows: Direct or indirect (D or I) cost for the total number of Recliners assembled. b. Variable or fixed (V or F) cost depending on how total costs change as the total number of Recliners assembled changes. (If in doubt, select on the...
$ 15,500 135,000 8,500 75,000 230, 700 10,500 $475,200 Manufacturing overhead costs incurred: Indirect materials Indirect...
$ 15,500 135,000 8,500 75,000 230, 700 10,500 $475,200 Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $405,000 $ 65,000 $ 20,500 $ 30,500 $ 40,500 $ 70,500 The company uses a predetermined overhead rate of...
Problem 1-23 Cost Classification [LO1-1, LO1-3, L01-4] Listed below are costs found In varlous organizations Required...
Problem 1-23 Cost Classification [LO1-1, LO1-3, L01-4] Listed below are costs found In varlous organizations Required For each cost Item, Indicate whether It would be variable or fixed with respect to the number of units produced and sold, and then whether t would be a selling cost, an administrative cost, or a manufacturing cost. If It is a manufacturing cost, Indicate whether It is a direct cost or an Indirect cost with respect to units of product. Manufacturing (Product) Cost...
The Mango Production manufactures pens and customizes them for retail sales on the premises. The shop...
The Mango Production manufactures pens and customizes them for retail sales on the premises. The shop sold 5000 pens last month. Costs incurred during the last month include the following: Cost of ink used in pens 560.000 Wages of pen filles 5.000 Wages of pen designers 4.000 Wages of sales personnel 1.000 Wages of designers who experiment with new ink and designs 3.000 Wages of the employee who repair the shop's display 2.000 Salary of the owner's assistant 1.200 Cost...
Wilson Manufacturing reports the following costs and expenses in June 2015. Indirect materials $ 900 Direct...
Wilson Manufacturing reports the following costs and expenses in June 2015. Indirect materials $ 900 Direct labor $11,000 Depreciation on manufacturing Property taxes on factory building 2,100 equipment 11,000 Office equipment Indirect labor 3,000 repairs 300 Property taxes on office Office supplies 650 building 870 Factory utilities 1,490 CEO salary 12,000 Repairs on manufacturing Direct materials 13,200 equipment 2,180 Instructions Determine the total amount of (a) manufacturing overhead costs, (b) other product costs and (c) period costs.
Problem 1-23 Cost Classification [LO1-1, LO1-3, LO1-4] Listed below are costs found in various organizations. Required: For each cost item, 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 whether it is a direct cost or an indirect cost with respect to units of product. Manufacturing (Product) Cost...
Exercise A: Classification of manufacturing costs (Value: 8 points) Bike Inc. is a small company that builds bicycles on orders with customer specifications and carries out its operations in a small store that was a warehouse. The parts and parts of the bicycles are supplied by different manufacturers. Some of the costs incurred by the factory are presented below. Indicates the classification of costs in the following categories: direct materials (MD), direct labor (MOD), indirect costs (CI), administrative costs (CA)...
trouble filling in chart
Problem 1-23 Cost Classification (L01-1, LO1-3, LO1-4) Listed below are costs found in various organizations. Required: For each cost item, 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 whether it is a direct cost or an indirect cost with respect to units of...
The costs were taken from the accounting records of the Barnwell Manufacturing Company, Classify each item as either a product cost or a period cost. Also, classify all product costs as direct or indirect, assuming that the cost object is each unit of product manufactured.(If not applicable then select NA.) Product Cost or Period Cost Direct Cost or Indirect Cost Items 1. State income taxes 2. Insurance on the manufacturing facilities 3. Supplies used in manufacturing 4. Wages for employees...
2-25 Classification of costs, manufacturing sector. The Cooper Furniture Company of Potomat, Maryland, assembles two types of chairs (Recliners and Rockers). Separate assembly lines are used for each type of chair. Classify each cost item (A-I) as follows: Direct or indirect (D or I) cost for the total number of Recliners assembled. b. Variable or fixed (V or F) cost depending on how total costs change as the total number of Recliners assembled changes. (If in doubt, select on the...
$ 15,500 135,000 8,500 75,000 230, 700 10,500 $475,200 Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $405,000 $ 65,000 $ 20,500 $ 30,500 $ 40,500 $ 70,500 The company uses a predetermined overhead rate of...
Problem 1-23 Cost Classification [LO1-1, LO1-3, L01-4] Listed below are costs found In varlous organizations Required For each cost Item, Indicate whether It would be variable or fixed with respect to the number of units produced and sold, and then whether t would be a selling cost, an administrative cost, or a manufacturing cost. If It is a manufacturing cost, Indicate whether It is a direct cost or an Indirect cost with respect to units of product. Manufacturing (Product) Cost...
The Mango Production manufactures pens and customizes them for retail sales on the premises. The shop sold 5000 pens last month. Costs incurred during the last month include the following: Cost of ink used in pens 560.000 Wages of pen filles 5.000 Wages of pen designers 4.000 Wages of sales personnel 1.000 Wages of designers who experiment with new ink and designs 3.000 Wages of the employee who repair the shop's display 2.000 Salary of the owner's assistant 1.200 Cost...
Wilson Manufacturing reports the following costs and expenses in June 2015. Indirect materials $ 900 Direct labor $11,000 Depreciation on manufacturing Property taxes on factory building 2,100 equipment 11,000 Office equipment Indirect labor 3,000 repairs 300 Property taxes on office Office supplies 650 building 870 Factory utilities 1,490 CEO salary 12,000 Repairs on manufacturing Direct materials 13,200 equipment 2,180 Instructions Determine the total amount of (a) manufacturing overhead costs, (b) other product costs and (c) period costs.
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