Homework Answers
Ans) the correct option is b) the annual fire and theft insurance premiums
Ans) the correct option is d) total cost ; total variable cost
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11. Which of the following is a fixed cost for a manufacturing firm? A) wages paid to labor B) the annual fire and...
Identify the following costs into either being product cost or period cost: A. Wages incurred in...
Identify the following costs into either being product cost or period cost: A. Wages incurred in producing products B. Leasing expense for forklift trucks in warehouse operation C. Material handling cost related to production D. Raw material costs E. Fire insurance premium paid on factory buildings F. Salary paid for plant manager G. Interest expenses on borrowed funds H. Salary paid for engineers I. Income taxes paid J. Electric bill for the warehouse operation
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c...
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
Assume that a firm uses capital as a fixed factor of production and uses labor as...
Assume that a firm uses capital as a fixed factor of production and uses labor as a variable factor. The marginal product of labor at first increases and then decreases with the amount of labor. (a) Using a correctly labeled graph, draw and identify the form’s average total cost curve (ATC), average variable cost curve (AVC), and marginal cost curve (MC). d) Draw a long-run average total cost curve that has a region of economies of scale followed by a...
Wages paid to workers responsible for manufacturing and assembling products are: A) fixed costs B) variable...
Wages paid to workers responsible for manufacturing and assembling products are: A) fixed costs B) variable costs C) not relevant for cost analysis D) costs whose behavior depends on the context
12. If we assume that there is no fixed manufacturing overhead and the variable manufacturing overhead...
12. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated finished goods inventory balance
at the end of July?
13. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated cost of goods sold and gross
margin for July?
14. What is the estimated total selling and administrative
expense for July?...
Refer to the following table. What is the average variable cost of producing three units of...
Refer to the following table. What is the average variable cost of producing three units of the good? Output Total Fixed Cost Total Variable Cost Total Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 1 — — — — — — — 2 — — $600 — — — — 3 — — — — ????? — $20 4 — $440 — — — — — 5 $500 — — — — — — a. $20...
Which of the following is not classified as a direct labor cost? A. Wages of the...
Which of the following is not classified as a direct labor cost? A. Wages of the store manager at Starbucks. B. Wages of the assemblers who assemble planes at Boeing. C. Wages of computer animators at Pixar. D. Ring engravers at Josten’s. If the cost of goods sold is less than the cost of goods manufactured, then A. Finished Goods Inventory increased during the period. B. Finished Goods Inventory decreased during the period. C. Overhead was overapplied. D. Overhead was...
Wyckam Manufacturing Inc. has provided the following information concerning its manufacturing costs: Fixed Cost Cost per...
Wyckam Manufacturing Inc. has provided the following information concerning its manufacturing costs: Fixed Cost Cost per per Month Machine-Hour $5.60 $ 42,600 Direct materials Direct labor Supplies Utilities Depreciation Insurance $ 0.30 $ 0.25 $ 1,100 $ 15,000 $11,200 For example, utilities should be $1,100 per month plus $0.25 per machine-hour. The company expects to work 4,400 machine-hours in June. Note that the company's direct labor is a fixed cost. Required: Prepare the company's planning budget for June. Wyckam Manufacturing...
Presented below are data relating to labor for Verde Appliance Repair Shop. Repair-technicians' wages $110,000 Fringe...
Presented below are data relating to labor for Verde Appliance Repair Shop. Repair-technicians' wages $110,000 Fringe benefits 26,400 Overhead 48,400 The desired profit margin per hour is $28. The material loading charge is 60% of invoice cost. Verde estimates that 4,400 labor hours will be worked next year. If Verde repairs a dishwasher that takes 1.5 hours to repair and uses parts of $80, compute the bill for the job. Total cost $ Presented below are data relating to labor...
A firm produces 200 units hourly with $150 in labor costs an hour, $80 in materials costs an hour, and a fixed cost that...
A firm produces 200 units hourly with $150 in labor costs an hour, $80 in materials costs an hour, and a fixed cost that works out to $20 per hour. First, what are this firm's hourly variable and total costs? a. VC=$1.15, TC=$1.25 b. VC=$150, TC=$170 c. VC=$170, TC=$250 d. VC=$230, TC=$250
which of the following is considered a variable manufacturing overhead cost? Factory rent Direct labor c Factory utilities d. Direct materials Which of the following costs is considered a direct cost? Depreciation on machinery b. Glue used in the manufacturing process c. The superintendent's salary d. Factory insurance c. Assembly-line labor costs The cost of rent for a manufacturing plant is generally considered to be a: Fixed cost Overhead cost No Yes No No No Yes Yes Yes When production...
12. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated finished goods inventory balance
at the end of July?
13. If we assume that there is no fixed manufacturing overhead
and the variable manufacturing overhead is $9 per direct
labor-hour, what is the estimated cost of goods sold and gross
margin for July?
14. What is the estimated total selling and administrative
expense for July?...
Wyckam Manufacturing Inc. has provided the following information concerning its manufacturing costs: Fixed Cost Cost per per Month Machine-Hour $5.60 $ 42,600 Direct materials Direct labor Supplies Utilities Depreciation Insurance $ 0.30 $ 0.25 $ 1,100 $ 15,000 $11,200 For example, utilities should be $1,100 per month plus $0.25 per machine-hour. The company expects to work 4,400 machine-hours in June. Note that the company's direct labor is a fixed cost. Required: Prepare the company's planning budget for June. Wyckam Manufacturing...
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