Homework Answers
8) Book binder is direct labour cost in commercial printer/publisher
So answer is a) Book binder
9) Wages of assembly line worker is not period cost
So answer is d) Wages of assembly line worker
10) Material used such as cleaning supplies etc is manufacturing overhead
SO answer is d) Manufacturing overhead
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QUESTION 8 Which of the following employees of a commercial printer/publisher would be classified as direct...
Which of the following would be classified as a prime cost? O A. cost of direct...
Which of the following would be classified as a prime cost? O A. cost of direct materials used B. salary of sales personnel O C. depreciation on factory equipment OD. depreciation on office furniture
Classify the following costs of a book publisher as product or period. Product costs should be...
Classify the following costs of a book publisher as product or period. Product costs should be further classified as prime or conversion. Product or period Prime or conversion a. Costs of rolls of blank paper b. Cost of cardboard displays for bookstores c. wages of accounting clerks that process production payroll d. utility costs at the printing facility. e. salary or pressroom supervisor. f. shipping charges for carbon black inks to be used. g. cost of temporary workers hired for...
I. Match: Determine whether each of the following is classified as a. Direct Materials b. Direct...
I. Match: Determine whether each of the following is classified as a. Direct Materials b. Direct labor c. Manufacturing overhead. Write the appropriate letter in the space provided. A Factory machinery lubricants B. Depreciation on manufacturing building D. Wood used in manufacturing furniture C. Assembly line worker's wages Salaries for the night security guards for the factory building Glue, nails and other small parts used in production Insurance on factory machines Factory supervisor's salaries Metal used in manufacturing process -...
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a....
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a. Steel used in an overhead door plant. b. Cloth used in a shirt factory. c. Fiberglass used by a sailboat builder. d. Cleaning solvent for the factory floor. e. Wages of a binder employed in a printing plant. f. Insurance on factory machines. g. Rent paid for factory buildings. h. Wages of the Machining Department supervisor. i. Leather used in a shoe factory. j....
Classify the following costs incurred in the manufacturing of music CD's: MAT - Direct Materials Product...
Classify the following costs incurred in the manufacturing of music CD's: MAT - Direct Materials Product Cost LAB - Direct Labor Product Cost MOH - Manufacturing Overhead Product Cost SELL - Selling Expenses Period Cost ADM - Administrative Expenses Period Cost 1 Salary for the V. P. of Manufacutring 2 Salary for the V. P. of Human Resources 3 Plant janitorial costs 4 Corporate jet operating expense 5 Depreciation for the sales office 6 Depreciation on the production equipment 7...
Classifying Costs The following is a list of costs that were incurred in the production and...
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes: 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, r a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Classification Costs Period costs-administrative expense v a. Salary of chief compliance officer of company b....
QUESTION 20 Which of the following should be classified as production costs? Direct materials and selling...
QUESTION 20 Which of the following should be classified as production costs? Direct materials and selling costs. Direct labor and administrative costs. Manufacturing overhead and selling and administrative costs. Direct materials, direct labor, and selling and administrative costs. Direct materials, direct labor, and manufacturing overhead.
Managerial Accounting Classifying Costs The following is a list of costs that were incurred in the...
Managerial Accounting
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes 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. Costs Classification a. Salary of chief compliance officer of company b. Power used...
A review of the accounting records of Fanning Manufacturing indicated that the company incurred the following...
A review of the accounting records of Fanning Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the companies financial statements are prepared in accordance with GAAP. Salary of the company president—$32,000. Salary of the vice president of manufacturing—$16,000. Salary of the chief financial officer—$18,300. Salary of the vice president of marketing—$16,200. Salaries of middle managers (department heads, production supervisors) in manufacturing plant—$190,000. Wages of production workers—$931,000. Salaries of administrative secretaries—$110,000. Salaries of...
16. The cost of a manufactured product generally consists of which of the following costs? a...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
Which of the following would be classified as a prime cost? O A. cost of direct materials used B. salary of sales personnel O C. depreciation on factory equipment OD. depreciation on office furniture
I. Match: Determine whether each of the following is classified as a. Direct Materials b. Direct labor c. Manufacturing overhead. Write the appropriate letter in the space provided. A Factory machinery lubricants B. Depreciation on manufacturing building D. Wood used in manufacturing furniture C. Assembly line worker's wages Salaries for the night security guards for the factory building Glue, nails and other small parts used in production Insurance on factory machines Factory supervisor's salaries Metal used in manufacturing process -...
1-Classify the following as direct materials, direct labor, factory overhead, or selling and administrative expense. a. Steel used in an overhead door plant. b. Cloth used in a shirt factory. c. Fiberglass used by a sailboat builder. d. Cleaning solvent for the factory floor. e. Wages of a binder employed in a printing plant. f. Insurance on factory machines. g. Rent paid for factory buildings. h. Wages of the Machining Department supervisor. i. Leather used in a shoe factory. j....
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes: 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, r a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Classification Costs Period costs-administrative expense v a. Salary of chief compliance officer of company b....
QUESTION 20 Which of the following should be classified as production costs? Direct materials and selling costs. Direct labor and administrative costs. Manufacturing overhead and selling and administrative costs. Direct materials, direct labor, and selling and administrative costs. Direct materials, direct labor, and manufacturing overhead.
Managerial Accounting
Classifying Costs The following is a list of costs that were incurred in the production and sale of large commercial airplanes 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. Costs Classification a. Salary of chief compliance officer of company b. Power used...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
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