Classify the various costs using the information below,
a) Behavior: fixed or variable cost
b) Traceability: direct or indirect
c) Financial reporting: product or period
d) If product cost, identify which items are direct materials, direct labor or
manufacturing overhead.
Homework Answers
Corporate Office building depreciation:-
a) Behaviour: fixed cost
b) Traceability : Indirect
c) Financial reporting: Period
Depreciation of equipment to build custom houses:-
a) Behaviour: fixed cost
b) Traceability : direct
c) Financial reporting: Product
d)manufacturing overhead.
Lumber:-
a) Behaviour: variable cost
b) Traceability : direct
c) Financial reporting: Product
d)direct materials
Roof:-
a) Behaviour: variable cost
b) Traceability : direct
c) Financial reporting: Project
d) direct materials
Concrete:-
a) Behaviour: variable cost
b) Traceability : direct
c) Financial reporting: product
d) direct materials
Insulation:-
a) Behaviour: variable cost
b) Traceability : direct
c) Financial reporting: Product
d) manufacturing overhead.
Ducting:-
a) Behaviour: fixed cost
b) Traceability : Indirect
c) Financial reporting: Period
d) manufacturing overhead.
Paint:-
a) Behaviour: variable cost
b) Traceability : direct
c) Financial reporting: Product
d) manufacturing overhead.
Utilities for office:-
a) Behaviour: fixed cost (This expense is considered a mixed cost, since there is usually a fixed fee component plus a variable charge that is based on actual usage.)
b) Traceability : Indirect
c) Financial reporting: Period
Mobile Phone:-
a) Behaviour: fixed cost (this can also be considered as mixed cost because it has elements of fixed as well as variable)
b) Traceability : Indirect
c) Financial reporting: Period
Accountant Salary:-
a) Behaviour: fixed cost
b) Traceability : Indirect
c) Financial reporting: Period
Supervisor salary:-
a) Behaviour: fixed cost
b) Traceability : Indirect
c) Financial reporting: Period
Thomas salary:-
a) Behaviour: fixed cost
b) Traceability : Indirect
c) Financial reporting: Period
Salary of assembly works:-
a) Behaviour: fixed cost (Wages paid to workers for their regular hours are a fixed cost. Any extra time they spend on the job is a variable cost)
b) Traceability : direct
c) Financial reporting: Product
d) direct labour
Add Answer to:
Classify the various costs using the information below,
a) Behavior: fixed or variable cost
b) Traceability:...
kindly i need answers so i can compare with my answer Azlina needs your help in...
kindly i need answers so i can compare with my answer
Azlina needs your help in classifying the various costs. In order to manage these costs, she wants them identified using the information below. She asked you to use Table 2 for your answers. Please mark (x) in the column provided for all the costs. ecce Behavior (fixed or variable) Traceability (direct or indirect) Financial reporting (product or period) If product cost, identify which items are direct materials, direct labor...
Pinnacle Manufacturing manufactures custom wheel covers. Identify each of the preceding costs as either a prime...
Pinnacle Manufacturing manufactures custom wheel covers. Identify each of the preceding costs as either a prime cost period cost or conversion cost. If the cost is a prime cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH). (Select "Both Prime and Conversion Costs" if both of the categories apply for a particular item.) Product Costs Prime/Conversion/Period cost MOH DM MOH MOH Period Cost Conversion Cost Prime Cost Conversion Cost Conversion Cost Administrative Salaries...
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...
ERPSim Cost Classification Assignment In managerial accounting, costs are classified into fixed, variable or mixed costs...
ERPSim Cost Classification Assignment In managerial accounting, costs are classified into fixed, variable or mixed costs (based on behavior); product or period costs (for external reporting); and direct or indirect costs (based on traceability). Classification of costs based on behavior helps in cost-volume-profit analysis. Classification based on traceability is important for accurate costing of jobs and units produced. Classification for the purpose of decision-making is important to help management identify costs which are relevant for a decision. This exercise is...
Listed below are costs of providing an airline service. Classify each cost as (a) either variable...
Listed below are costs of providing an airline service.
Classify each cost as (a) either variable or fixed, and
(b) either direct or indirect by selecting the appropriate
dropdowns. Consider the cost object to be a flight. Flight
attendants and pilots are paid based on hours of flight
time.
Cost Variable or Fixed Direct or Indirect 1. Fuel used in planes 2. Depreciation (straight-line) on ground equipment 3. Flight attendant wages 4. Aircraft maintenance manager salary 5. Pilot wages 6....
Crispin Company’s sales from last year were $8 million. The company maintains no beginning or ending...
Crispin Company’s sales from last year were $8 million. The
company maintains no beginning or ending inventories. It has
assembled all of its costs from last year and would like your
assistance in sorting these costs into various categories,
depicting them graphically, and preparing traditional and
contribution format income statements.
2. Using PivotTable and Charts:
a. Calculate the company’s total variable costs
and total fixed costs.
The total variable costs
are.
The total fixed costs are
b. Calculate...
Listed below are costs of providing an airline service. Classify each cost as (a) either variable...
Listed below are costs of providing an airline service. Classify each cost as (a) either variable or fixed, and (b) either direct or indirect by selecting the appropriate dropdowns. Consider the cost object to be a flight. Flight attendants and pilots are paid based on hours of flight time. Variable or Fixed Direct or Indirect Cost 1. Regional vice president salary 2. Fuel used in planes 3. Depreciation (straight-line) on ground equipment 4. Flight attendant wages 5. Aircraft maintenance manager...
(Fill in the blank Choices) for: (Question 6)(Question 9) Administrative Beginning Contribution Cost driver Direct...
(Fill in the blank Choices) for: (Question 6)(Question
9)
Administrative
Beginning
Contribution
Cost driver
Direct labor
Direct labor-hours
Direct materials
Dollars of direct labor cost
Ending
Expensed
Fixed
Fixed manufacturing overhead
For the period ended
Income statement
Indirect labor
Indirect materials
Job cost
Level of activity
Machine-hours
Manufacturing
Manufacturing overhead
Margin
Name of company
Overapplied
Period
Predetermined overhead rate
Process cost
Selling
Statement of cost of goods manufactured
Total budgeted overhead
Underapplied
Variable costing
Work inprocess inventory
Question 7...
Crispin Company’s sales from last year were $8 million. The company maintains no beginning or ending...
Crispin Company’s sales from
last year were $8 million. The company maintains no beginning or
ending inventories. It has assembled all of its costs from last
year and would like your assistance in sorting these costs into
various categories, depicting them graphically, and preparing
traditional and contribution format income statements. (Using
Excel)
1. Go to the “Cost Summary” tab. Using
PivotTable and Charts:
a. Calculate the company’s total product costs
and total period costs.
b. Calculate the portions of the...
4) Lets Assume we are a car company: If Product Product Fixed or Variable Cost,DM, DL...
4) Lets Assume we are a car company: If Product Product Fixed or Variable Cost,DM, DL or OH or Period Property Taxes, factory Salesperson's commissions Supervisor Salary, factory Wages of workers assembling components Tires used is automobile production Shipping costs on merchandise sold Automobiles for company executives Cost of AM/FM car stereos with CD Player Lubricants for machinery Cost of workers painting the product Cost of shipping radar sets to customers Utilities for administrative offices Utilities for factory machinery Utilities...
kindly i need answers so i can compare with my answer
Azlina needs your help in classifying the various costs. In order to manage these costs, she wants them identified using the information below. She asked you to use Table 2 for your answers. Please mark (x) in the column provided for all the costs. ecce Behavior (fixed or variable) Traceability (direct or indirect) Financial reporting (product or period) If product cost, identify which items are direct materials, direct labor...
Pinnacle Manufacturing manufactures custom wheel covers. Identify each of the preceding costs as either a prime cost period cost or conversion cost. If the cost is a prime cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH). (Select "Both Prime and Conversion Costs" if both of the categories apply for a particular item.) Product Costs Prime/Conversion/Period cost MOH DM MOH MOH Period Cost Conversion Cost Prime Cost Conversion Cost Conversion Cost Administrative Salaries...
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...
Listed below are costs of providing an airline service.
Classify each cost as (a) either variable or fixed, and
(b) either direct or indirect by selecting the appropriate
dropdowns. Consider the cost object to be a flight. Flight
attendants and pilots are paid based on hours of flight
time.
Cost Variable or Fixed Direct or Indirect 1. Fuel used in planes 2. Depreciation (straight-line) on ground equipment 3. Flight attendant wages 4. Aircraft maintenance manager salary 5. Pilot wages 6....
Crispin Company’s sales from last year were $8 million. The
company maintains no beginning or ending inventories. It has
assembled all of its costs from last year and would like your
assistance in sorting these costs into various categories,
depicting them graphically, and preparing traditional and
contribution format income statements.
2. Using PivotTable and Charts:
a. Calculate the company’s total variable costs
and total fixed costs.
The total variable costs
are.
The total fixed costs are
b. Calculate...
Listed below are costs of providing an airline service. Classify each cost as (a) either variable or fixed, and (b) either direct or indirect by selecting the appropriate dropdowns. Consider the cost object to be a flight. Flight attendants and pilots are paid based on hours of flight time. Variable or Fixed Direct or Indirect Cost 1. Regional vice president salary 2. Fuel used in planes 3. Depreciation (straight-line) on ground equipment 4. Flight attendant wages 5. Aircraft maintenance manager...
(Fill in the blank Choices) for: (Question 6)(Question
9)
Administrative
Beginning
Contribution
Cost driver
Direct labor
Direct labor-hours
Direct materials
Dollars of direct labor cost
Ending
Expensed
Fixed
Fixed manufacturing overhead
For the period ended
Income statement
Indirect labor
Indirect materials
Job cost
Level of activity
Machine-hours
Manufacturing
Manufacturing overhead
Margin
Name of company
Overapplied
Period
Predetermined overhead rate
Process cost
Selling
Statement of cost of goods manufactured
Total budgeted overhead
Underapplied
Variable costing
Work inprocess inventory
Question 7...
Crispin Company’s sales from
last year were $8 million. The company maintains no beginning or
ending inventories. It has assembled all of its costs from last
year and would like your assistance in sorting these costs into
various categories, depicting them graphically, and preparing
traditional and contribution format income statements. (Using
Excel)
1. Go to the “Cost Summary” tab. Using
PivotTable and Charts:
a. Calculate the company’s total product costs
and total period costs.
b. Calculate the portions of the...
4) Lets Assume we are a car company: If Product Product Fixed or Variable Cost,DM, DL or OH or Period Property Taxes, factory Salesperson's commissions Supervisor Salary, factory Wages of workers assembling components Tires used is automobile production Shipping costs on merchandise sold Automobiles for company executives Cost of AM/FM car stereos with CD Player Lubricants for machinery Cost of workers painting the product Cost of shipping radar sets to customers Utilities for administrative offices Utilities for factory machinery Utilities...
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