- 110 1A126147810000 140005.) Cost Classification -we have learned many different ways to classify costs so far. Let's helpBeatriz Company categorize their costs by marking the appropriate boxes below for each one. Note -acost may belong in multiple categories.holvsrist 1203 gnlyfitnebl :$ 1914sigeroCostWages to assembly workersDirect materials used3 Advertising costs4 Property taxes on factory5 Office supplies used6 Utilities for factory7 Sales commission89Depreciation on office equip.Utilities for office10 Salary of production supervisor11 Delivery cost to customer12 Quality inspectors13Depreciation on factory equip.14 Salary of office manager15 Wages to factory janitorCost BehaviorVariable Fixed MixedbaxiProduct CostDM DL MOHx✓xXxXxIPeriod Cost AdditionalSelling Admin. Prime ConversioneX6FFF.✓6.) Hickory Dickory Dock, a clock manufacturer has the following cost data for 2020.Number ofFactoryOH ISChe$64evelop CoTYITC

Cost Classification: The company incurs many different types of costs in the production process,…

5.) Cost Classification -we have learned many different ways to classify costs so far. Let's help Beatriz Company categorize their costs by marking the appropriate boxes below for each one. Note -a cost may belong in multiple categories. Cost 1 Wages to assembly workers Direct materials used 2 3 Advertising costs 4 Property taxes on factory 5 Office supplies used 6 Utilities for factory 7 Sales commission 8 Depreciation on office equip. 9 Utilities for office 10 Salary of production supervisor 11 Delivery cost to customer 12 Quality inspectors 13 Depreciation on factory equip. 14 Salary of office manager 15 Wages to factory janitor Cost Behavior Variable Fixed Mixed Product Cost DM DL MOH x x X x X x I Period Cost Selling Admin. V X x X X Additional Prime Conversior

5.) Cost Classification -we have learned many different ways to classify costs so far. Let's help Beatriz Company categorize their costs by marking the appropriate boxes below for each one. Note -a cost may belong in multiple categories. Cost 1 Wages to assembly workers Direct materials used 2 3 Advertising costs 4 Property taxes on factory 5 Office supplies used 6 Utilities for factory 7 Sales commission 8 Depreciation on office equip. 9 Utilities for office 10 Salary of production supervisor 11 Delivery cost to customer 12 Quality inspectors 13 Depreciation on factory equip. 14 Salary of office manager 15 Wages to factory janitor Cost Behavior Variable Fixed Mixed Product Cost DM DL MOH x x X x X x I Period Cost Selling Admin. V X x X X Additional Prime Conversior

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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Cost Classification Match each cost to the appropriate cost behavior pattern shown in graphs (a) through (l). Any graph can fit two or more patterns. The cost of lumber used to manufacture wooden kitchen tables. The cost of order fillers in a warehouse. When demand increases significantly, the number of order fillers is increased, and when demand falls off significantly, the number is decreased. The salary of the plant’s quality control inspector, who inspects each batch of products. The cost of water and sewer service to the manufacturing plant. The local municipality charges a fixed rate per gallon for usage up to 10,000 gallons and a higher charge per gallon for usage above that point. The cost of an internet connection of $23 per month. The cost of an internet connection of $10 per month plus $2 per hour of usage above 10 hours. The cost to make copies of a given document at a printing shop, where the per-copy charge is reduced for customers who make more than…
i). How cost accounting is useful where financial accounting could not be answered. Give any example to support your answer. ii) A furniture manufacturing firm with the designing beds and related item. Books of accounts show different amounts of Material „FOH ,Work in process at different dates of time. Once the material with amount 34,000 dollar is credit. How you interpret this with other accounts. What is the stage of company in job order costing. Give some examples of job order costing. iii) How cost accounting is useful for external user as Government ,and customer etc, Support your answer by an example. iv) The optimal quantity order to reduce the overall cost is usually stated as EOQ. why it is related to one time order? How carrying and ordering cost is related to each other? v) Identify the flow of cost in manufacturing firm step by step and how it is related to prime cost and conversion cost?
Each of the following cost items pertains to one of these companies: Home Depot (a merchandising-sector company), Apple (a manufacturing-sector company), and Rent a Nanny (a service-sector company): LOADING... (Click the icon to view the cost items.) Read the requirements LOADING... . Requirement 1. Distinguish between manufacturing-, merchandising-, and service- companies. ▼ Manufacturing-sector Merchandising-sector Service-sector companies provide services or intangible products to their customers—for example, legal advice or audits. ▼ Manufacturing-sector Merchandising-sector Service-sector companies purchase materials and components and convert them into different finished goods. ▼ Manufacturing-sector Merchandising-sector Service-sector companies purchase and then sell tangible products without changing their basic form. Requirement 2. Distinguish between inventoriable costs and period costs. Select whether each…
Milligan Freelancing provides different services to its clients. The company uses an activity-based costing system for its overhead costs. The company has provided the following data from its activity-based costing system. Activity Cost Pool Total Cost Total Activity Consulting 368,364 36,250 hours Bookkeeping 142,500 8,100 jobs Client support 37,620 680 clients Other 220,000 Not Applicable The “Other” activity cost pool consists of the costs of idle capacity and organization-sustaining costs. One particular client, Adams Corporation requested 24 jobs during the year that required a total of 31 hours of service. For this service, the client was charged P1,750. Compute the increase/(decrease) in margin assuming Milligan Freelancing decides to use traditional costing system in which all costs are allocated…
Classify each cost as being either variable or fixed with respect to the number of units produced and sold. Also classify each cost as either a period or a product cost. Predicting Cost Preparing Behavior Statements Cost Item 1. Hamburger buns in a Wendy's restaurant. 2. Advertising by a dental office. 3. Apples processed and canned by 4. Shipping canned apples from a Del Monte plant to customers. 5. Insurance on a Bausch & Lomb factory producing contact lenses
Classifying Costs as Product or Period Costs For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: Item Classification a. Cost of information technology support for the corporate headquarters b. Depreciation on sewing machines c. Fabric used during production d. Depreciation on office equipment e. Advertising expenses f. Repairs and maintenance costs for seving machines g. Salary of production quality control supervisor h. Utility costs for office building i. Sales commissions j. Salaries of distribution center personnel k. Wages of sewing machine operators I. Factory janitorial supplies m. Chief financial officer's salary n. Travel costs of media relations employees o. Factory supervisors' salaries Oil used to lubricate sewing machines q. Property taxes on factory building and equipment
Below is a list of costs. Please identify each cost as either a product or period cost. Dragged and dropped options on the right-hand side will be automatically saved. For keyboard navigation... SHOW MORE ✓ Depreciation on office copier Depreciation on office building Insurance on office building Metal used in building a car Salary of CEO Salary of production manager Salary of assembly line workers Utilities of office building = = Product Period = Period = Period = Product = Product = = Period Period
Poleskiʼs controller would like to have the worksheet display an income statement in a contribution margin format (Sales – variable costs = contribution margin – fixed costs = net income). CVP Cost-Volume-Profit Analysis Data Section Fixed Variable Production costs Direct materials $2.30 Direct labor 4.70 Factory overhead $225,000 3.00 Selling expenses Sales salaries & commissions 97,000 0.75 Advertising 47,500 Miscellaneous selling expense 16,200 General expenses Office salaries 92,000 Supplies 12,300 0.25 Miscellaneous general expense 15,000 $505,000 $11.00 Projected unit sales 120,000 Selling price per unit $16.00 Target net income $250,000 Answer Section Contribution margin per unit $5.00 Contribution margin ratio 31.25% Break-even point in units 101,000 Units needed to…
Part 2: Based on the data presented in the Unit VII Spreadsheet Template in Excel (Full Variable tab), complete thecalculations listed below.• Calculate the value of ending inventory under full or absorption costing.• Calculate the value of ending inventory under variable costing.Which method you think is more helpful to managers and why. Cookie Business Productions Costs: Direct material $ 0.60 Direct labor $ 1.00 Variable manufacturing overhead $ 0.40 Total variable manufacturing costs per unit $ 2.00 Fixed manufacturing overhead per year $ 139,000.00 In addition, the company has fixed selling and administrative costs: Fixed selling costs per year $ 50,000.00 Fixed administrative costs per year $ 65,000.00 Selling price per cookie $ 3.75 Number of cookies produced 2,780,000 Number of cookies sold 2,600,000 Full (absorption) costing : Full…
The information and data in Tables 1, 2, and 3 will be used to determine cost drivers and calculate overheads. Table 1 (Product information) X Y Z High volume Medium volume Low volume Large batches Medium batches Low batches Few purchaseOrders placed Medium purchaseOrders placed Many purchaseOrders placed Few customerOrders placed Medium customerOrders placed Many customerOrders placed Table 2 (Product Information) X Y Z Total Typical batch size 2000 600 325 No. of production runs 25 50 50 125 No. of inspections 25 50 50 125 Purchase orders placed 25 100 200 325 Customer orders received 10 100 200 310 Table 3 Analysis of indirect labour K'000 K'000 Machining:…
Oriole Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths. All are of white oak wood. Budgeted manufacturing overhead costs for the year 2025 are as follows. Overhead Cost Pools Purchasing Handling materials Production (cutting, milling, finishing) Setting up machines Inspecting Inventory control (raw materials and finished goods) Utilities Total budgeted overhead costs Purchasing Handling materials Production (cutting, milling, finishing) Setting up machines For the last 4 years, Oriole Stairs Co. has been charging overhead to products on the basis of machine hours. For the year 2025, 100,000 machine hours are budgeted. Activity Cost Pools Inspecting Inventory control (raw materials and finished goods) Utilities Jeremy Nolan, owner-manager of Oriole Stairs Co., recently directed his accountant, Bill Seagren, to…
For apparel manufacturer Abercrobmie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: Research and development costs Depreciation on sewing machines Fabric used during production Depreciation on office equipment Advertising expenses Repairs and maintenance costs for sewing machines Salary of production quality control supervisor Utility costs for office building Sales commissions Salaries of distribution center personnel Wages of sewing machine operators Factory janitorial supplies Chief financial officer’s salary Travel costs of media relations employees Factory supervisors’ salaries Oil used to lubricate sewing machines Property taxes on factory building and equipment