Homework Answers
| Answer: "Factory lease is a product cost, and sales commissions are a period cost." |
| This is because Factory lease is a part of Manufacturing overhead which is part of Total Product Cost along-with Direct Material & Direct Labor. |
| The sales commissions are the period under the heading Selling Expenses which is calculated on sales and not on production. |
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Which of the following is true regarding period and product costs? Multiple Choice 0 Factory lease...
Which of the following costs should not be recorded as an expense? Multiple Choice Ο Product...
Which of the following costs should not be recorded as an expense? Multiple Choice Ο Product shipping costs Ο Product advertising Ο Sales commissions Ο Insurance on factory building
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs...
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
Which of the following is NOT a period cost? Multiple Choice 0 Cost of a seminar...
Which of the following is NOT a period cost?Multiple ChoiceCost of a seminar concerning tax law updates that was attended by the company's controller.Insurance on a company showroom where customers can view new products.Depreciation of factory maintenance equipment.Salary of a clerk who handles customer billing.For financial reporting purposes, the total amount of product costs incurred to make 5,000 units is closest to:Multiple Choice$ 70,750$ 10,000$ 65,750$ 55,750
7.Which of the following statements is true when referring to fixed costs? Multiple Choice Fixed costs...
7.Which of the following statements is true when referring to fixed costs? Multiple Choice Fixed costs increase in total throughout the relevant range. Committed fixed costs arise from the annual decisions by management. As volume increases, unit fixed cost and total fixed cost will change. Discretionary fixed costs can often be reduced to zero for short periods of time without seriously impairing the long-run goals of the company. 8 .Which of the following is an example of a period cost...
Which of the following statements is true regarding variable costing? Multiple Choice It is a traditional...
Which of the following statements is true regarding variable costing? Multiple Choice It is a traditional costing approach. It makes it easier to manipulate earnings with changes in production levels. Only manufacturing costs that change in total with changes in production level are included in product costs. It treats overhead in the same manner as absorption costing. It is not permitted to be used for managerial reporting.
Which of the following would not be considered a product cost? Multiple Choice Direct material costs....
Which of the following would not be considered a product cost? Multiple Choice Direct material costs. Factory supervisor's salary. Direct labor costs. Budget accountant's salary. Manufacturing overhead costs.
1. Identify the following costs as product or period costs by placing on"X" Product Period Oil...
1. Identify the following costs as product or period costs by placing on"X" Product Period Oil for the factory machines Direct material Commissions on sales Rent of office space Direct labor Insurance on the administration building Repairs on factory machine Power for the factory Indirect material for factory Customer relations Distribution costs (shipping) 2. What is the difference between product and period costs? Why do we care? 3. Can you provide other name for the term product costs?
Which of these following is NOT true regarding generally accepted accounting principles? Multiple choice. Choose one...
Which of these following is NOT true regarding generally accepted accounting principles? Multiple choice. Choose one of the below answers. 1. Include broad principles and conventions of general applications including underlying concepts 2. The GAAP requirement for Private companies is enforceable by the provincial securities commissions. 3. Standards of accounting, a material departure from which may result in a qualified opinion issued by an auditor. 4. Include specific rules, practices and procedures.
Identify each of the following costs as either a product cost or a period cost. Period...
Identify each of the following costs as either a product cost or a period cost. Period cost 1. Production manager's salary 2. Administrative expenses 3. Income tax expense 4. Office supplies used 5. Accident insurance-Factory workers 6. Factory utilities 7. Factory maintenance 8. Sales commissions Period cost Product cost Product cost (Product cost Period cost Identify each of the following costs as either direct materials, direct labor, or factory overhead. The company manufactures ten Direct labor 1. Wages paid to...
All of the following are examples of variable product costs, except: Multiple Choice Factory utilities Direct...
All of the following are examples of variable product costs, except: Multiple Choice Factory utilities Direct materials Indirect materials Direct labor (hourly workers) Office supplies
Which of the following costs should not be recorded as an expense? Multiple Choice Ο Product shipping costs Ο Product advertising Ο Sales commissions Ο Insurance on factory building
Which one of the following statements is correct (true)? Multiple Choice U Most factory overhead costs are direct costs and can be easily traced to specific jobs. C ) A company producing many different kinds of furniture would probably use a process costing system. • Selling and administrative costs are expensed in the period incurred. Selling and admin Any balance in the Work In Process account at the end of the period should be closed to COGS Suppose jobs are...
1. Identify the following costs as product or period costs by placing on"X" Product Period Oil for the factory machines Direct material Commissions on sales Rent of office space Direct labor Insurance on the administration building Repairs on factory machine Power for the factory Indirect material for factory Customer relations Distribution costs (shipping) 2. What is the difference between product and period costs? Why do we care? 3. Can you provide other name for the term product costs?
Identify each of the following costs as either a product cost or a period cost. Period cost 1. Production manager's salary 2. Administrative expenses 3. Income tax expense 4. Office supplies used 5. Accident insurance-Factory workers 6. Factory utilities 7. Factory maintenance 8. Sales commissions Period cost Product cost Product cost (Product cost Period cost Identify each of the following costs as either direct materials, direct labor, or factory overhead. The company manufactures ten Direct labor 1. Wages paid to...
All of the following are examples of variable product costs, except: Multiple Choice Factory utilities Direct materials Indirect materials Direct labor (hourly workers) Office supplies
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