Homework Answers
Option C Depreciation of the office building
Since depreciation of the office building is not related to production of products that's why it's not a product Cost.
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Which of the following is not a product cost: Select one: A. Direct Materials B. Indirect...
Which of the following is a product cost? Select one: A. delivery van depreciation B. depreciation...
Which of the following is a product cost? Select one: A. delivery van depreciation B. depreciation on office equipment C. CEO's salary D. factory supervisor's salary E. None of the above. Which of the following correctly describes the accounting for indirect labor costs? Select one: A. Indirect labor costs are expensed as incurred. B. Indirect labor costs are period costs and are expensed when the manufactured product is sold. C. Indirect labor costs are product costs and are expensed as...
determine period or product cost if a product cost which type direct labor, direct materials, or...
determine period or product cost
if
a product cost which type direct labor, direct materials, or
factory overhead
Commissions to sales representatives Period Cost Payroll department salaries Select One Maintenance of factory equipment Select One VP of Manufacturing salary Select One Accounting department office supplies Select One Factory rent Select One Factory utilities Select One Wages of assembly line workers Select One Factory janitorial services Select One Factory supplies Select One Leather for bicycle seats Select One Depreciation of office...
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.
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect...
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation $16,000 4,000 8,500 12,800 37,000 Direct labor Using the above information, total factory A) $53,000. B) $25,300. e above information total factory overhead costs would be: C) $78,300. D) $16,800. E) $12,800 ne overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to: A) Work in Process Inventory. B) Cost...
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....
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...
Blue Corporation has the following cost records for June 2017. Indirect factory labor Direct materials used...
Blue Corporation has the following cost records for June 2017. Indirect factory labor Direct materials used Work in process, 6/1/17 Work in process, 6/30/17 Finished goods, 6/1/17 Finished goods, 6/30/17 $5,220 Factory utilities 22,500 Depreciation, factory equipment 3,820 Direct labor 4,360 Maintenance, factory equipment 5,420 Indirect materials 8,300 Factory manager's salary $510 1,720 42,400 1,960 2,430 3,980 Prepare a cost of goods manufactured schedule for June 2017 BLUE CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0...
Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $6.00 per Ib.) Direct labor (1.8 hrs. @ $11.00 per hr.) Overhead (1.8 hrs. @ $18.50 per hr.) Total standard cost $24.00 19.80 33.30 $77.10 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the...
I. Match: Determine whether each of the following is classified as a. Direct Materials b. Direct...
I. Match: Determine whether each of the following is classified as a. Direct Materials b. Direct labor c. Manufacturing overhead. Write the appropriate letter in the space provided. A Factory machinery lubricants B. Depreciation on manufacturing building D. Wood used in manufacturing furniture C. Assembly line worker's wages Salaries for the night security guards for the factory building Glue, nails and other small parts used in production Insurance on factory machines Factory supervisor's salaries Metal used in manufacturing process -...
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used...
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used Work in process, 6/1/20 Work in process, 6/30/20 Finished goods, 6/1/20 Finished goods, 6/30/20 $4,750 21,330 3,400 4,540 6,090 8,470 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary $440 1,590 42,300 1,900 2,140 3,360 Prepare a cost of goods manufactured schedule for June 2020. CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
Which of the following is a product cost? Select one: A. delivery van depreciation B. depreciation on office equipment C. CEO's salary D. factory supervisor's salary E. None of the above. Which of the following correctly describes the accounting for indirect labor costs? Select one: A. Indirect labor costs are expensed as incurred. B. Indirect labor costs are period costs and are expensed when the manufactured product is sold. C. Indirect labor costs are product costs and are expensed as...
determine period or product cost
if
a product cost which type direct labor, direct materials, or
factory overhead
Commissions to sales representatives Period Cost Payroll department salaries Select One Maintenance of factory equipment Select One VP of Manufacturing salary Select One Accounting department office supplies Select One Factory rent Select One Factory utilities Select One Wages of assembly line workers Select One Factory janitorial services Select One Factory supplies Select One Leather for bicycle seats Select One Depreciation of office...
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.
31) Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation $16,000 4,000 8,500 12,800 37,000 Direct labor Using the above information, total factory A) $53,000. B) $25,300. e above information total factory overhead costs would be: C) $78,300. D) $16,800. E) $12,800 ne overhead cost applied to a job during a period is recorded with a credit to Factory Overhead and a debit to: A) Work in Process Inventory. B) Cost...
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....
Blue Corporation has the following cost records for June 2017. Indirect factory labor Direct materials used Work in process, 6/1/17 Work in process, 6/30/17 Finished goods, 6/1/17 Finished goods, 6/30/17 $5,220 Factory utilities 22,500 Depreciation, factory equipment 3,820 Direct labor 4,360 Maintenance, factory equipment 5,420 Indirect materials 8,300 Factory manager's salary $510 1,720 42,400 1,960 2,430 3,980 Prepare a cost of goods manufactured schedule for June 2017 BLUE CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
Antuan Company set the following standard costs for one unit of its product. Direct materials (4.0 Ibs. @ $6.00 per Ib.) Direct labor (1.8 hrs. @ $11.00 per hr.) Overhead (1.8 hrs. @ $18.50 per hr.) Total standard cost $24.00 19.80 33.30 $77.10 The predetermined overhead rate ($18.50 per direct labor hour) is based on an expected volume of 75% of the factory capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the...
I. Match: Determine whether each of the following is classified as a. Direct Materials b. Direct labor c. Manufacturing overhead. Write the appropriate letter in the space provided. A Factory machinery lubricants B. Depreciation on manufacturing building D. Wood used in manufacturing furniture C. Assembly line worker's wages Salaries for the night security guards for the factory building Glue, nails and other small parts used in production Insurance on factory machines Factory supervisor's salaries Metal used in manufacturing process -...
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor Direct materials used Work in process, 6/1/20 Work in process, 6/30/20 Finished goods, 6/1/20 Finished goods, 6/30/20 $4,750 21,330 3,400 4,540 6,090 8,470 Factory utilities Depreciation, factory equipment Direct labor Maintenance, factory equipment Indirect materials Factory manager's salary $440 1,590 42,300 1,900 2,140 3,360 Prepare a cost of goods manufactured schedule for June 2020. CEPEDA CORPORATION Cost of Goods Manufactured Schedule For the Year Ended June 30,...
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