Written Assignment - BUS 3301 - Unit 3

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University of the People *

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3301

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Nov 24, 2024

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Non-Proctor Written Assignment Written Assignment - Unit 3 University of the People BUS 3301 – Financial Accounting Mary Shilpashree , Instructor July 3 rd , 2022

Non-Proctor Written Assignment I will say if each of the following statements is true or false. And in case one is false, restate it in the right way.  Billboard advertising space would be period cost, not a product cost. The statement is true .  Beginning work in process, plus conversion costs, minus ending work in process, equals cost of goods manufactured. The statement is false . Rather, Cost of goods manufactured = Total manufacturing Cost + Beginning work in process inventory – Ending work in process inventory  Conversion costs are always the same, no matter the level of output. The statement is false . Rather, I think that conversion costs should vary according to the level of output.  Production costs generally consist of prime costs plus manufacturing overhead. The above statement is true . For, production cost = prime cost + factory overhead also called manufacturing overhead or again manufacturing support costs.  Product costs attach can also be described as "inventoriable." The above statement is true .  The cost of air filters used in the paint shop of a manufacturing facility is a period cost because they are replaced monthly. The above statement is true .  Non-manufacturing costs for selling and general/administrative purposes are not part of factory overhead. The statement above is false . Rather, non-manufacturing costs for selling and general/administrative purposes are part of factory 2

Non-Proctor Written Assignment overhead.  Manufacturers may have three inventory categories: raw materials, finished goods, and cost of goods sold. The above statement is false . Rather, the right three inventory categories are rather: raw materials (that are waiting to be used to produce goods), work-in-progress (What are currently being used ) , and finished goods (that are ready for sale),  The cost of carbon fiber incorporated into the frame of a bicycle built by TecTrack Bikes is a product cost. The above statement is true . For, a product cost includes all costs that incur in the goods production process: direct labor, direct materials, consumable production supplies, and factory or manufacturing overhead  Prime costs include direct labor and manufacturing overhead. This statement is false . Rather, Prime costs include direct labor and direct materials 3

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