P2.33 Classifying costs; product versus period; components of product cost LO 2.8, 2.9 Indicate, for each...
- P2.33
Classifying costs; product versus period; components of product cost LO 2.8, 2.9
Indicate, for each of the costs listed below, whether it is:
- (a)product cost
- (b)period cost
- (c)conversion cost
- (d)prime cost
- (e)direct material cost
- (f)direct labour cost
- (g)
manufacturing overhead.
More than one classification may apply to each item.
Costs:
-
cost incurred by a department store chain to transport goods purchased for resale to its stores
-
cost of grapes purchased by a winery
-
depreciation on pizza ovens in a pizza restaurant
-
wages of aircraft mechanics employed by an airline
-
wages of drill-press operators in a manufacturing plant
-
cost of food in a frozen packaged dinner
Page 68 -
salary of a plant manager in a computer production facility
-
wages of security personnel in a department store
-
cost of electricity and gas in a manufacturing facility
-
depreciation of computers used in a sales department
-
depreciation of computers used to control production equipment.
Homework Answers
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P2.33
Classifying costs; product versus period; components of
product cost LO 2.8, 2.9
Indicate, for each...
Classifying Costs The following is a list of costs incurred by several business Classify each of...
Classifying Costs The following is a list of costs incurred by several business Classify each of the following costs as product costs or period costs. 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. Cost of fabric used by dothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse...
2. Saldly UI CICILIUM Instructions Classify each cost as either a product cost or a period...
2. Saldly UI CICILIUM Instructions 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. Use the following tabular headings for your answer, placing an "X" in the appropriate column: Product Costs Period Costs Direct Direct Factory Materials Labor Overhead Selling Administrative Cast Cost Cost Cost...
PR 1-2A Classifying costs OBJ. 2 The following is a list of costs incurred by several...
PR 1-2A Classifying costs OBJ. 2 The following is a list of costs incurred by several businesses: a. Cost of fabric used by clothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse used to store work in process and finished products d. Wages of production quality control personnel e. Oil lubricants for factory plant and equipment f. Depreciation of robot used to assemble a product g. Travel costs of marketing executives to annual sales...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
2-33 Inventoriable versus period costs. The following items appear as cost of a manufacturing company: A....
2-33 Inventoriable versus period costs. The following items appear as cost of a manufacturing company: A. Depreciation on plant and equipment B. Depreciation on delivery vans C. Insurance on plant and building D. Marketing manager's salary E. Raw materials E Manufacturing overheads G. Electricity bill for the residential quarters H. Production staff wages 1. Identify the following as either an inventoriable product cost or a period cost. 2. Using the following information, compute the cost of goods manufactured: 3. Direct...
Use the file Product or Period Cost worksheet. Complete the total amounts for each column. Product...
Use
the file Product or Period Cost worksheet. Complete the total
amounts for each column.
Product Manufacturing Costs Direct Labor Manufacturing Overhead Period/Non Manufacturing Costs Period Cost/Expense Direct Materials Depreciation on Factory Equipment Rent Expense - Sales Office Sales peoples Salaries Wood for making Chairs Wages for Assembly Line Workers Small nails& Glue for production Supplies for Accountants Depreciation on Delivery Truck Rent for Factory Factory Security Salaries Production Manager Salary Supplies Fixpense for factory Depreciation on Sales Cars Depreciation...
Exercise 1-2 Classifying Manufacturing Costs (L01-2] The PC Works assembles custom computers from components supplied by...
Exercise 1-2 Classifying Manufacturing Costs (L01-2] The PC Works assembles custom computers from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a single facility in a Redmond, Washington, industrial park. Listed below are some of the costs that are incurred at the company. Required: For each cost, indicate whether it would most likely be classified as direct materials, direct labor, manufacturing overhead, selling, or an administrative cost....
Exercise 1-2 Classifying Manufacturing Costs [LO1-2] The PC Works a assembles custom computers from components supplied...
Exercise 1-2 Classifying Manufacturing Costs [LO1-2] The PC Works a assembles custom computers from components supplied by various manufacturers. The company is very small and its il sales store are housed in a single facility in a Redmond, Washington, industrial park. Listed below are some of the costs that are incurred at the company Required: For each cost, Indicate an administrative cost whether it would most likely be classified as direct materials, direct labor, manufacturing overhead, selling, or The cost...
E1-6 (Static) Classifying Costs (LO 1-4) Dirk Inc. produces and sells model cars. It incurs the...
E1-6 (Static) Classifying Costs (LO 1-4) Dirk Inc. produces and sells model cars. It incurs the costs listed in the following table. Required: For each of the following costs, choose "Yes" to indicate the category of product cost and whether it is a period cost, variable cost. fixed cost (can choose "Yes" in more than one column if applicable). (Select 'No' in the inappropriate cells.) points PRODUCT COSTS Direct Labor Mfg. Overhead Direct eBook Period Cost Variable Cost Fixed Cost...
Classify each of the following costs as a period cost (nonmanufacturing) or a product cost(manufacturing). 1....
Classify each of the following costs as a period cost (nonmanufacturing) or a product cost(manufacturing). 1. Research and development costs 2. Wood used in production 3. Wages paid to security guards of the factory 4. Depreciation on factory equipment 5. Cost of shipping a product to a customer A. product B. period
Classifying Costs The following is a list of costs incurred by several business Classify each of the following costs as product costs or period costs. 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. Cost of fabric used by dothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse...
2. Saldly UI CICILIUM Instructions 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. Use the following tabular headings for your answer, placing an "X" in the appropriate column: Product Costs Period Costs Direct Direct Factory Materials Labor Overhead Selling Administrative Cast Cost Cost Cost...
PR 1-2A Classifying costs OBJ. 2 The following is a list of costs incurred by several businesses: a. Cost of fabric used by clothing manufacturer b. Maintenance and repair costs for factory equipment c. Rent for a warehouse used to store work in process and finished products d. Wages of production quality control personnel e. Oil lubricants for factory plant and equipment f. Depreciation of robot used to assemble a product g. Travel costs of marketing executives to annual sales...
Instructions Classify each cost as either a product cost or a period cost. Indicate whether each ne cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate each period cost is a selling expense or an administrative expense. Use the followin headings for your answer, placing an "X" in the appropriate column: whether g tabula Period Costs Product Costs Direct Cost Direct Factory Materials Labor Overhead Selling Expense Administrative Expense Cost Cost Cost PR...
2-33 Inventoriable versus period costs. The following items appear as cost of a manufacturing company: A. Depreciation on plant and equipment B. Depreciation on delivery vans C. Insurance on plant and building D. Marketing manager's salary E. Raw materials E Manufacturing overheads G. Electricity bill for the residential quarters H. Production staff wages 1. Identify the following as either an inventoriable product cost or a period cost. 2. Using the following information, compute the cost of goods manufactured: 3. Direct...
Use
the file Product or Period Cost worksheet. Complete the total
amounts for each column.
Product Manufacturing Costs Direct Labor Manufacturing Overhead Period/Non Manufacturing Costs Period Cost/Expense Direct Materials Depreciation on Factory Equipment Rent Expense - Sales Office Sales peoples Salaries Wood for making Chairs Wages for Assembly Line Workers Small nails& Glue for production Supplies for Accountants Depreciation on Delivery Truck Rent for Factory Factory Security Salaries Production Manager Salary Supplies Fixpense for factory Depreciation on Sales Cars Depreciation...
Exercise 1-2 Classifying Manufacturing Costs (L01-2] The PC Works assembles custom computers from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales store are housed in a single facility in a Redmond, Washington, industrial park. Listed below are some of the costs that are incurred at the company. Required: For each cost, indicate whether it would most likely be classified as direct materials, direct labor, manufacturing overhead, selling, or an administrative cost....
Exercise 1-2 Classifying Manufacturing Costs [LO1-2] The PC Works a assembles custom computers from components supplied by various manufacturers. The company is very small and its il sales store are housed in a single facility in a Redmond, Washington, industrial park. Listed below are some of the costs that are incurred at the company Required: For each cost, Indicate an administrative cost whether it would most likely be classified as direct materials, direct labor, manufacturing overhead, selling, or The cost...
E1-6 (Static) Classifying Costs (LO 1-4) Dirk Inc. produces and sells model cars. It incurs the costs listed in the following table. Required: For each of the following costs, choose "Yes" to indicate the category of product cost and whether it is a period cost, variable cost. fixed cost (can choose "Yes" in more than one column if applicable). (Select 'No' in the inappropriate cells.) points PRODUCT COSTS Direct Labor Mfg. Overhead Direct eBook Period Cost Variable Cost Fixed Cost...
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