3-32 Classification of Costs Following is a list of costs from Oakland Company, a furniture manufacturer:1. Wood used in chairs2. Salaries of inspectors3. Lubricant used in machinery4. Factory rent5. Wages of assembly workers6. Factory workers' compensation insurance7. SandpaperChapter 3 Basic Cost Management Concepts 818. Fabric used for upholstery9. Property taxes on manufacturing plant10. Depreciation on machineryRequired Classify each cost as direct or indirect assuming that the cost object is each item manufactured.Also indicate whether each cost is a variable or fixed cost.

The direct costs are the costs that are directly related to production of the final products and…

Answered: 3-32 Classification of Costs Following…

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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Make a schedule of cost of goods manufactured.
Indicate whether each cost is: A. Fixed or Variable b. Selling, General/Administrative, or Manufacturing
2. The entry to assign the costs of indirect labor for the janitor responsible for cleaning the factory where a manufacturer makes cars would include a debit to which account? O manufacturing overhead O work-in-process inventory O finished goods inventory Owages payable
Multiple choice
Bastille Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.
Plz explain it to in detail
Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied $ 28,000 21,000 10,500 $ 40,000 14,000 7,000 137,000 101,000 220,000 151,000 $ 110,000 100,000 Finished Finished Status on April 30 In procesS (sold) (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $80000. b. Raw materials purchases in April are $520,000 and total factory payroll cost in April is $372.000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $20,000; factory rent, $34,0003; factory utilities, $22,000; and factory equipment depreciation, $56.000, d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…

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3-32 Classification of Costs Following is a list of costs from Oakland Company, a furniture manufacturer: 1. Wood used in chairs 2. Salaries of inspectors 3. Lubricant used in machinery 4. Factory rent 5. Wages of assembly workers 6. Factory workers' compensation insurance 7. Sandpaper