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Business
Accounting
1.26 The Company bears the following costs for the manufacture of weed cutting tools: Weed cutting shaft and scissor blade Weed cutting motor Factory work for workers assembling weed cutting shears Nylon yarn used in weed cutting machine(not detected on product) Glue to hold the housing Salaries of factory foremen Factory rent Sales commissions Salaries of administrators Factory utilities Shipping costs of finished weed cutting products to customers Requested: Describe the difference between period cost and product cost Classify Lawlor costs as period costs or product costs. One costs are product costs, then classify these as direct materials, direct labor or general industrial expenses.

1.26 The Company bears the following costs for the manufacture of weed cutting tools: Weed cutting shaft and scissor blade Weed cutting motor Factory work for workers assembling weed cutting shears Nylon yarn used in weed cutting machine(not detected on product) Glue to hold the housing Salaries of factory foremen Factory rent Sales commissions Salaries of administrators Factory utilities Shipping costs of finished weed cutting products to customers Requested: Describe the difference between period cost and product cost Classify Lawlor costs as period costs or product costs. One costs are product costs, then classify these as direct materials, direct labor or general industrial expenses.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1.26 The Company bears the following costs for the manufacture of weed cutting tools:

  • Weed cutting shaft and scissor blade
  • Weed cutting motor
  • Factory work for workers assembling weed cutting shears
  • Nylon yarn used in weed cutting machine(not detected on product)
  • Glue to hold the housing
  • Salaries of factory foremen
  • Factory rent
  • Sales commissions
  • Salaries of administrators
  • Factory utilities
  • Shipping costs of finished weed cutting products to customers

Requested:

  1. Describe the difference between period cost and product cost
  2. Classify Lawlor costs as period costs or product costs. One costs are product costs, then classify these as direct materials, direct labor or general industrial expenses.
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