A review of the accounting records of Baird Manufacturing indicated that the company incurred the following payroll costs duringthe month of March. Assume the company's financial statements are prepared in accordance with GAAP.1. Salary of the company president-$75,000.2. Salary of the vice president of manufacturing-$50,000.3. Salary of the chief financial officer-$42,000.4. Salary of the vice president of marketing-$40,000.5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$147,000.6. Wages of production workers-$703,500.7. Salaries of administrative secretaries-$60,000.8. Salaries of engineers and other personnel responsible for maintaining production equipment-$133,500.9. Commissions paid to sales staff-$146,000.Requireda. What amount of payroll cost would be classified as SG&A expense?b. Assuming that Baird made 5,000 units of product and sold 4,000 of them during the month of March, determine the amount ofpayroll cost that would be included in cost of goods sold. (Do not round intermediate calculations.)a. Payroll cost to be included in SG&A costb. Payroll cost to be included in cost of goods sold

In this question, we have to find out the amount of payroll cost in SG&A , and cost of goods…

A review of the accounting records of Baird Manufacturing indicated that the compan the month of March. Assume the company's financial statements are prepared in acco 1 Salary of the company president-$75.000

A review of the accounting records of Baird Manufacturing indicated that the compan the month of March. Assume the company's financial statements are prepared in acco 1 Salary of the company president-$75.000

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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