Homework Answers
Answer-----------True
.
All costs direct or indirect that is related to a manufacturing plant is a product cost.
Lubricants and cleaning fluids are indirect material cost which is one of the Manufacturing overhead.
Manufacturing overhead are a part of product cost.
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In a manufacturing plant, indirect materials costs from
lubricants and cleaning fluids are product costs. True...
For financial accounting purposes, product costs include direct materials, direct labor, and manufacturing overhead. True or...
For financial accounting purposes, product costs include direct materials, direct labor, and manufacturing overhead. True or False
Direct and indirect materials may physically become part of the finished product True False
Direct and indirect materials may physically become part of the finished product True False
2. Product costs include: a. all direct and indirect manufacturing costs b. only direct manufacturing costs...
2. Product costs include: a. all direct and indirect manufacturing costs b. only direct manufacturing costs c. all operating expenses of the accounting period d. only conversion costs 3. The distinction between product costs and period exper a. whether the costs are direct or indirect b. whether the costs are variable or fixed c. whether the costs are part of inventory or cost of go d. whether the costs are manufacturing or nonmanufa 4. During a recent month, the Silver...
True or false 1. Indirect manufacturing costs are easily traceable to products. 2. One important reason...
True or false
1. Indirect manufacturing costs are easily traceable to products. 2. One important reason that managers allocate overhead costs to products is to promote the efficient use of resources. 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated to products for inventory costing purposes. 4. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used. 5. The plant wide approach to allocating overhead is typically the simplest...
true or false 1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses...
true or false
1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses ti ses direct s as its all 2. One important reason that managers allocate overhead costs to products is to promote efficient use of resources. Departmer Departmen 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated products for inventory costing purposes. 4. Total company wide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used....
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.
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all...
Product costs include direct materials, direct labor, and selling costs. True False Period costs are all costs that are not product costs, such as office supplies. True False A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned. True False The valve chain is the set of activities that increase the value of an organization's product and services. True False Direct costs can be economically and easily traced...
Under process costing, which manufacturing costs are assigned to the product as it moves from one...
Under process costing, which manufacturing costs are assigned to the product as it moves from one manufacturing process to the next? a. Direct materials, direct labor, and conversion costs b. Direct materials, indirect materials, and manufacturing overhead c. Direct materials, direct labor, and manufacturing overhead d. Direct materials, direct labor, and indirect labor
TRUE or FALSE? As product diversity and indirents as a percent of total costs increase, it...
TRUE or FALSE? As product diversity and indirents as a percent of total costs increase, it is usually best to switch away from an activity-based cost system to a traditional volume-based cost allocation system. O True O False 15 问题2 TRUE or FALSE? Under activity-based costing, some manufacturing costs can be excluded from unit product cost. O True False
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect -...
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect - cost rate of $15 per direct labor - hour. The following data are obtained from the accounting records for June 2018: Direct materials Direct labor (4,600 hours @ $11/hour) Indirect labor Plant facility rent Depreciation on plant machinery and equipment Sales commissions Administrative expenses $190,000 50,600 19,000 26,000 23,500 27,000 30,000 For June 2018, manufacturing overhead is O A. overallocated by $29,500 O B....
2. Product costs include: a. all direct and indirect manufacturing costs b. only direct manufacturing costs c. all operating expenses of the accounting period d. only conversion costs 3. The distinction between product costs and period exper a. whether the costs are direct or indirect b. whether the costs are variable or fixed c. whether the costs are part of inventory or cost of go d. whether the costs are manufacturing or nonmanufa 4. During a recent month, the Silver...
True or false
1. Indirect manufacturing costs are easily traceable to products. 2. One important reason that managers allocate overhead costs to products is to promote the efficient use of resources. 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated to products for inventory costing purposes. 4. Total companywide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used. 5. The plant wide approach to allocating overhead is typically the simplest...
true or false
1. Indirect manufacturing costs are easily traceable to products. answer ch ny uses ti ses direct s as its all 2. One important reason that managers allocate overhead costs to products is to promote efficient use of resources. Departmer Departmen 3. U.S. Generally Accepted Accounting Principles require all manufacturing costs be allocated products for inventory costing purposes. 4. Total company wide estimated overhead costs will change depending on if plant wide allocation or departmental allocation is used....
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.
TRUE or FALSE? As product diversity and indirents as a percent of total costs increase, it is usually best to switch away from an activity-based cost system to a traditional volume-based cost allocation system. O True O False 15 问题2 TRUE or FALSE? Under activity-based costing, some manufacturing costs can be excluded from unit product cost. O True False
Franklin Inc. manufactures pipes and applies manufacturing overhead costs to production at a budgeted indirect - cost rate of $15 per direct labor - hour. The following data are obtained from the accounting records for June 2018: Direct materials Direct labor (4,600 hours @ $11/hour) Indirect labor Plant facility rent Depreciation on plant machinery and equipment Sales commissions Administrative expenses $190,000 50,600 19,000 26,000 23,500 27,000 30,000 For June 2018, manufacturing overhead is O A. overallocated by $29,500 O B....
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