Homework Answers
The answer is 2.Period cost
Since the cost is not directly related to product, and it is of a fixed nature, it will be classified as period cost
Prime cost includes direct material and direct labor costs
Insurance is neither material nor labor
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04. O period costs. direct material, direct labor, and manufacturing overhead. 9 Which of the following employees would not be classified as indirect labor? 01. O An employee that packs products for shipment. 02. O Plant Custodian. 03. Salesperson. 04. Plant security guard. 05. A line employee that produces parts for chairs using a saw and template. home builder would likely utilize: 14 Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of...
FIRE AT THE MANDALORIAN MANUFACTURING PLANT! Fortunately, everyone was safe, but the inventory was ruined. The Mandalorian backs up many records in the cloud, but the inventory records are kept by hand on paper cards that are now a pile of ashes. Somehow, the Mandalorian will need to figure out the value of the ruined inventory to submit an insurance claim. Since the beginning inventory is the same as the ending inventory from the prior period, the beginning inventory figures...
All of the following are inventoried under absorption costing except: 01. 0 raw materials used in production. 02. utilities cost consumed in manufacturing 03. d machine lubricant used in production. 04. a direct labor. 05. sales commissions.
05. Batch. Shu Corporation recently computed total product costs of $567,000 and total period costs of $420,000, excluding $35,000 of sales commissions that were overlooked by the company's administrative assistant. On the basis of this information, Shu's income statement should reveal operating expenses of: 01. O $602,000. 02. 0 $420,000. 03. O $455,000. 04. O $567,000. 05. O $35,000. milend, unlell labol, and manufacturing overhead 9 Which of the following employees would not be classified as indirect labor? 01. O...
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14 Farrina Manufacturing uses a predetermined overhead application rate of $8 per direct labor hour. A review of the company's accounting records for the year just ended discovered the following: Underapplied manufacturing overhead: $7,200 Actual manufacturing overhead: $392,000 Budgeted labor hours: 50,000 Simone's actual labor hours worked totaled: 01. O 48,100. 02. O cannot be determined based on the information presented. 03. 49,900. 04. 50,900. 05. O 49,100.
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