7. Salary of travelling agents who distribute the finished goods8. Varnish used for the finishing of wooden cabinets9. Flour purchased for processing in a bake shop10. Cotton thread purchased for use in a textile factory11. Water used by a soft drink bottling company12. Medical supplies purchased for use in the factorykuild: IIIClassify the following cost items into:A. Direct materialsB. Direct laborC. Manufacturing overhead1. Indirect materials3. Factory supplies2. Indirect labor4. OthersD. None of these (Explain in at least one(1) sentenceWrite the answers only using capital letters. Answer C cannot stand alone;include the related numbering. Erasures and alterations will not be honored.

Costs are the expenses which are incurred for the manufacturing of goods in a manufacturing unit.…

7. Salary of travelling agents who distribute the finished goods 8. Varnish used for the finishing of wooden cabinets 9. Flour purchased for processing in a bake shop 10. Cotton thread purchased for use in a textile factory 11. Water used by a soft drink bottling company 12. Medical supplies purchased for use in the factory

7. Salary of travelling agents who distribute the finished goods 8. Varnish used for the finishing of wooden cabinets 9. Flour purchased for processing in a bake shop 10. Cotton thread purchased for use in a textile factory 11. Water used by a soft drink bottling company 12. Medical supplies purchased for use in the factory

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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Instructions: (a) Prepare the cost of goods manufactured schedule. (b) Compute the cost of goods sold.