Homework Answers
8) Book binder is direct labour cost in commercial printer/publisher
So answer is a) Book binder
9) Wages of assembly line worker is not period cost
So answer is d) Wages of assembly line worker
10) Material used such as cleaning supplies etc is manufacturing overhead
SO answer is d) Manufacturing overhead
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QUESTION 8 Which of the following employees of a commercial printer/publisher would be classified as direct...
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a....
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a. Steel used in an overhead door plant. b. Cloth used in a shirt factory. c. Fiberglass used by a sailboat builder. d. Cleaning solvent for the factory floor. e. Wages of a binder employed in a printing plant. f. Insurance on factory machines. g. Rent paid for factory buildings. h. Wages of the Machining Department supervisor. i. Leather used in a shoe factory. j....
Which of the following would be classified as a prime cost? O A. cost of direct...
Which of the following would be classified as a prime cost? O A. cost of direct materials used B. salary of sales personnel O C. depreciation on factory equipment OD. depreciation on office furniture
QUESTION 20 Which of the following should be classified as production costs? Direct materials and selling...
QUESTION 20 Which of the following should be classified as production costs? Direct materials and selling costs. Direct labor and administrative costs. Manufacturing overhead and selling and administrative costs. Direct materials, direct labor, and selling and administrative costs. Direct materials, direct labor, and manufacturing overhead.
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 -...
16. The cost of a manufactured product generally consists of which of the following costs? a...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
04. O period costs. direct material, direct labor, and manufacturing overhead. 9 Which of the following...
04. O period costs. direct material, direct labor, and manufacturing overhead. 9 Which of the following employees would not be classified as indirect labor? 01. O An employee that packs products for shipment. 02. O Plant Custodian. 03. Salesperson. 04. Plant security guard. 05. A line employee that produces parts for chairs using a saw and template. home builder would likely utilize: 14 Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of...
Managerial Accounting Classifying Costs The following is a list of costs that were incurred in the...
Managerial Accounting
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Salary of chief compliance officer of company b. Power used...
Question 8 XYZ Company recorded the following information related to their inventory accounts for 2020: Direct...
Question 8 XYZ Company recorded the following information related to their inventory accounts for 2020: Direct materials Work in process Finished goods January 1, 2020 37,000 38,000 22,000 December 31, 2020 50,000 41,000 34,000 O 90 The following information was taken from XYZ for 2020: $630,000 Sales revenue .... Direct materials purchased .. Depreciation, factory equipment Prime costs ...... Utilities (60% for factory; 40% for office building) .. Sales commissions Indirect materials .. Depreciation, office equipment .. Rent, factory building...
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...
Question 1 of 1010.0 Points If the variable costing concept is followed, which of the following...
Question 1 of 1010.0 Points If the variable costing concept is followed, which of the following costs would be included as part of the cost of product manufactured? (1) Depreciation on plant; (2) Direct labor; (3) Direct materials; (4) Property taxes on plant; (5) Insurance on plant; (6) Electricity purchased to operate machinery. A. 1, 2, 3 would be included. B. 2, 3, 5, and 6 would be included. C. Only 2, 3, and 6 would be included. Question...
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a. Steel used in an overhead door plant. b. Cloth used in a shirt factory. c. Fiberglass used by a sailboat builder. d. Cleaning solvent for the factory floor. e. Wages of a binder employed in a printing plant. f. Insurance on factory machines. g. Rent paid for factory buildings. h. Wages of the Machining Department supervisor. i. Leather used in a shoe factory. j....
Which of the following would be classified as a prime cost? O A. cost of direct materials used B. salary of sales personnel O C. depreciation on factory equipment OD. depreciation on office furniture
QUESTION 20 Which of the following should be classified as production costs? Direct materials and selling costs. Direct labor and administrative costs. Manufacturing overhead and selling and administrative costs. Direct materials, direct labor, and selling and administrative costs. Direct materials, direct labor, and manufacturing overhead.
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 -...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
04. O period costs. direct material, direct labor, and manufacturing overhead. 9 Which of the following employees would not be classified as indirect labor? 01. O An employee that packs products for shipment. 02. O Plant Custodian. 03. Salesperson. 04. Plant security guard. 05. A line employee that produces parts for chairs using a saw and template. home builder would likely utilize: 14 Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of...
Managerial Accounting
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Costs Classification a. Salary of chief compliance officer of company b. Power used...
Question 8 XYZ Company recorded the following information related to their inventory accounts for 2020: Direct materials Work in process Finished goods January 1, 2020 37,000 38,000 22,000 December 31, 2020 50,000 41,000 34,000 O 90 The following information was taken from XYZ for 2020: $630,000 Sales revenue .... Direct materials purchased .. Depreciation, factory equipment Prime costs ...... Utilities (60% for factory; 40% for office building) .. Sales commissions Indirect materials .. Depreciation, office equipment .. Rent, factory building...
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