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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

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

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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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 Chapter 3 Basic Cost Management Concepts 81 8. Fabric used for upholstery 9. Property taxes on manufacturing plant 10. Depreciation on machinery Required 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.
Transcribed Image Text: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 Chapter 3 Basic Cost Management Concepts 81 8. Fabric used for upholstery 9. Property taxes on manufacturing plant 10. Depreciation on machinery Required 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.
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