What are two examples of product costs? Choose two answers. A. Period expenses B. Manufacturing overhead...
What are two examples of product costs? Choose two answers.
A. Period expenses
B. Manufacturing overhead
C. Direct materials
D. Selling and administrative expenses
Homework Answers
| Product costs are those which are incurred in the manufacturing process directly or indirectly. |
| These include Direct materials, direct labor and Manufacturing overhead |
| Two examples of product costs are: |
| Manufacturing overhead |
| Direct materials |
| Option B and C is correct |
Add Answer to:
What are two examples of product costs? Choose two answers.
A. Period expenses
B. Manufacturing overhead...
4) Product (or manufacturing) costs consists of a) Direct materials, direct labor, and selling costs b)...
4) Product (or manufacturing) costs consists of a) Direct materials, direct labor, and selling costs b) Direct materials, direct labor, manufacturing overhead, and operating expenses c) Administrative cost and conversion cost d) Selling and administrative costs
The following product costs are available for Haworth Company on the production of chairs: direct materials,...
The following product costs are available for Haworth Company on the production of chairs: direct materials, $14,225, direct labor, 124,000, manufacturing overhead, $13,800, selling expenses, $7,000; and administrative expenses, $15,300. Round "Cost per unit" answers to two decimal places. A. What are the prime costs? B. What are the conversion costs? c. What is the total product cost? D. What is the total period cost? E. 1 7.750 equivalent units are produced, what is the equivalent material cost per unit?...
Identify the true statement about variable costing. a. It treats fixed manufacturing overhead as a period...
Identify the true statement about variable costing. a. It treats fixed manufacturing overhead as a period cost. b. It is the most acceptable product-costing method for external reporting, c. It assigns all manufacturing costs to the product. Od. It treats fixed selling overhead as a product cost. blem #3 of 12 The following data relates to Alpha Company. Units in beginning inventory Units produced 24,000 Units sold ($250 per unit) 20,000 Variable costs per unit: Direct materials Direct labor Variable...
product at a level of 12,000 $32 16. The estimated unit costs for a company to...
product at a level of 12,000 $32 16. The estimated unit costs for a company to produce and sell a product at a level units per month are as follows: Cost Item Estimated Unit Cost Direct material Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling expenses Fixed selling expenses What are the estimated variable costs per unit? A. $70 B. $38 C. $67 D. $52 E. $18 17. Laner Company has the following data for the production and...
8. Which of the following are period costs? A) Raw materials B) Direct materials and direct...
8. Which of the following are period costs? A) Raw materials B) Direct materials and direct labor C) Direct labor and manufacturing overhead D) Selling expenses
Classify the following costs at a car manufacturer as a) product or period and b) direct...
Classify the following costs at a car manufacturer as a) product or period and b) direct materials (DM), direct labor (DL), manufacturing overhead (MOH), or selling or general and administrative expense (G&A). D M or D Lor If MOH What Selling Expense or Windshield Engine Wages of assembly line worker Depreciation of factory machines Factory machinery lubricants Steering wheel Salary painting supervisor Salary of company president Rent on office building Utilities on factory building Factory safety manager Janitorial wages on...
Determine the: Manufacturing overhead, Product costs, and Period costs. Knight Company reports the following costs and...
Determine the: Manufacturing overhead, Product costs, and Period
costs.
Knight Company reports the following costs and expenses in May. Direct labor Sales salaries Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary $16,500 14,750 4,000 54,000 81,700 141,700 Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $74,000 49,300 2,900 1,600 2,740 16,600 2,990 8,300 From the information:
The following costs were incurred in September Direct materials Direct labor Manufacturing overhead Selling expenses Administrative...
The following costs were incurred in September Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses $42.700 $29.400 $27.300 $23.600 $33.700 Conversion costs during the month totaledi O $56,700 $72.100 O $156,700 O $70,000
The following costs were incurred in April: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative...
The following costs were incurred in April: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses $57.000 $48.000 $40,000 $36.0po $51,000 Conversion costs during the month totaled: O $97.000 O $88.000 O $232.000 O $124.000
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...
4) Product (or manufacturing) costs consists of a) Direct materials, direct labor, and selling costs b) Direct materials, direct labor, manufacturing overhead, and operating expenses c) Administrative cost and conversion cost d) Selling and administrative costs
The following product costs are available for Haworth Company on the production of chairs: direct materials, $14,225, direct labor, 124,000, manufacturing overhead, $13,800, selling expenses, $7,000; and administrative expenses, $15,300. Round "Cost per unit" answers to two decimal places. A. What are the prime costs? B. What are the conversion costs? c. What is the total product cost? D. What is the total period cost? E. 1 7.750 equivalent units are produced, what is the equivalent material cost per unit?...
Identify the true statement about variable costing. a. It treats fixed manufacturing overhead as a period cost. b. It is the most acceptable product-costing method for external reporting, c. It assigns all manufacturing costs to the product. Od. It treats fixed selling overhead as a product cost. blem #3 of 12 The following data relates to Alpha Company. Units in beginning inventory Units produced 24,000 Units sold ($250 per unit) 20,000 Variable costs per unit: Direct materials Direct labor Variable...
product at a level of 12,000 $32 16. The estimated unit costs for a company to produce and sell a product at a level units per month are as follows: Cost Item Estimated Unit Cost Direct material Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling expenses Fixed selling expenses What are the estimated variable costs per unit? A. $70 B. $38 C. $67 D. $52 E. $18 17. Laner Company has the following data for the production and...
8. Which of the following are period costs? A) Raw materials B) Direct materials and direct labor C) Direct labor and manufacturing overhead D) Selling expenses
Classify the following costs at a car manufacturer as a) product or period and b) direct materials (DM), direct labor (DL), manufacturing overhead (MOH), or selling or general and administrative expense (G&A). D M or D Lor If MOH What Selling Expense or Windshield Engine Wages of assembly line worker Depreciation of factory machines Factory machinery lubricants Steering wheel Salary painting supervisor Salary of company president Rent on office building Utilities on factory building Factory safety manager Janitorial wages on...
Determine the: Manufacturing overhead, Product costs, and Period
costs.
Knight Company reports the following costs and expenses in May. Direct labor Sales salaries Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary $16,500 14,750 4,000 54,000 81,700 141,700 Property taxes on factory building Repairs to office equipment Factory repairs Advertising Office supplies used $74,000 49,300 2,900 1,600 2,740 16,600 2,990 8,300 From the information:
The following costs were incurred in September Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses $42.700 $29.400 $27.300 $23.600 $33.700 Conversion costs during the month totaledi O $56,700 $72.100 O $156,700 O $70,000
The following costs were incurred in April: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses $57.000 $48.000 $40,000 $36.0po $51,000 Conversion costs during the month totaled: O $97.000 O $88.000 O $232.000 O $124.000
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...
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