13.14.Classify each of the following costs as either Product or Period by placing an "X" in thecorresponding column (choose one per cost item).CostsElectricity cost for themanufacturing plant.Sales employees' salariesDelivery costsDirect materialsProductPeriodManagement Accountants use their knowledge and expertise to develop costmanagement information in support of organizational decision making to achieve company goalsand objectives.a. List the four functions of management:

Name: 13.14.Classify each of the following costs as either Product or Perio
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Description: 13.14.Classify each of the following costs as either Product or Period by placing an "X" in thecorresponding column (choose one per cost item).CostsElectricity cost for themanufacturing plant.Sales employees' salariesDelivery costsDirect materialsPr

Lets understand the basics.Costs are divided into two types which are,(1) Product cost(2) Period…

Business

Accounting

13. Classify each of the following costs as either Product or Period by placing an "X" in the corresponding column (choose one per cost item). Costs Electricity cost for the manufacturing plant. Sales employees' salaries Delivery costs Direct materials Product Period

13. Classify each of the following costs as either Product or Period by placing an "X" in the corresponding column (choose one per cost item). Costs Electricity cost for the manufacturing plant. Sales employees' salaries Delivery costs Direct materials Product Period

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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8. I Process Costing is used to calculate a products manufacturing cost in: B. product. DA most industries. industries that have a continuous production process of the same the construction industry. a industry that can uniquely identify the product. I □
2
Prime cost is the (Total )summation of Select one: a. Direct material +Direct Labour +Direct Expenses b. Direct material +Direct Labour + Selling Overheads c. Direct material +Direct Labour +Factory overheads d. Direct material +Direct Labour +Office Overheads
Assign indirect labor cost is recorded with a Select one: O a. debit to Labor Cost. O b. debit to Work in Process Inventory. O C. debit to job cost sheets. d. debit to Manufacturing Overhead.
Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions.
10. Determine difference between the three methods used for allocating factory overhead cost to products.
2. Which of the following is a possible cost driver that may be used in calculating a company's predetermined overhead rate? A) Direct labour hours B) Direct labour dollars C) Machine hours D) All of the above
24: Seat Belt Inc., produces three sizes of seat belts: small, medium, and large. A seat belt pattern is first stenciled onto fabric in the Pattern Department. The stenciled patterns are then sent to the Cut and Sew Department, where the seat belt is cut and sewed together. Seat Belt Inc. uses the multiple production department factory overhead rate method of allocating factory overhead costs. Its factory overhead costs were budgeted as follows: Overhead Dollars Direct Labor Hours Pattern Department: Cut and Sew Department Overhead: 40,000 dh 60,000 dlb $300,000 $600,000 $900,000 Totals: 100,000 The Company decides to use the Multiple Department Overhead method, and Direct Labor Hours are used to allocate the overhead. We know the following for each type of seatbelt: Small Medium 1.0 dlh 1.5 dlb 2.5 dlh Large 2.0 dlh 3.0 dlb 5.0 dla Pattern Department: Cut and Sew Department: 1.5 dla 2.5 dlh 4.0 dlk Total Per Unit Part I: Calculate the Departmental Factory Overhead Rate for each…
Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Rent on factory building.
Determine the following is best described as a fixed, variable, or mixed cost with respectto product units. Factory supervisor’s salary.
The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 3,800 sets per year. Annual cost data at full capacity follow: Direct labor Advertising Factory supervision Property taxes, factory building Sales commissions Insurance, factory Depreciation, administrative office equipment Lease cost, factory equipment Indirect materials, factory Depreciation, factory building Administrative office supplies (billing) Administrative office salaries Direct materials used (wood, bolts, etc.) Utilities, factory $ 89,000 $ 103,000 $70,000 $ 23,000 $ 65,000 $ 6,000 $ 2,000 $ 17,000 $ 18,000 $ 106,000 $ 5,000 $ 111,000 $ 426,000 $ 46,000 Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling…
An allocation base: a. can be units of output if the company has a single product O b. is determined before the period begins. O c. All the given answers are correct. O d. can be direct labor cost e. is a measure used to assign manufacturing overhead costs to products and services PAGE NEXT PAGE IZ TWO Jump CQURSE OUTLINE_SPRING2021 ► tv MacBook Air