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Chapter 18 Homework PR 18-1A The following is a list of costs that were incurred in the production and sale of large commercial airplanes: a. Cost of electronic guidance system installed in the airplane cockpit. b. Special advertising campaign in Aviation World magazine. c. Salary of the chief compliance officer of the company. d. Salary of the chief financial officer. e. Decals for the cockpit door, the cost of which is immaterial to the cost of the final product. f. Cost of electrical wiring throughout the airplane. g. Cost of normal scrap from the production of the airplane body. h. Instrument panel installed in the airplane cockpit. i. Depreciation on the factory equipment. j. Masks for use by painters in painting the airplane body. k. Cost of paving the headquarters employee parking lot. 1. Turbo-charged airplane engine. m. Prebuilt leather seats installed in the first-class cabin. n. Human resources department costs for the year. o. Hourly wages of employees that assemble the airplane. p. Salary of the marketing department personnel. q. Oil used to lubricate the factory equipment. r. Yearly cost of the maintenance contract for robotic equipment. s. Hydraulic pumps used in the airplane's flight control system. t. Cost of miniature replicas of the airplane used to promote and market the airplane.

Chapter 18 Homework PR 18-1A The following is a list of costs that were incurred in the production and sale of large commercial airplanes: a. Cost of electronic guidance system installed in the airplane cockpit. b. Special advertising campaign in Aviation World magazine. c. Salary of the chief compliance officer of the company. d. Salary of the chief financial officer. e. Decals for the cockpit door, the cost of which is immaterial to the cost of the final product. f. Cost of electrical wiring throughout the airplane. g. Cost of normal scrap from the production of the airplane body. h. Instrument panel installed in the airplane cockpit. i. Depreciation on the factory equipment. j. Masks for use by painters in painting the airplane body. k. Cost of paving the headquarters employee parking lot. 1. Turbo-charged airplane engine. m. Prebuilt leather seats installed in the first-class cabin. n. Human resources department costs for the year. o. Hourly wages of employees that assemble the airplane. p. Salary of the marketing department personnel. q. Oil used to lubricate the factory equipment. r. Yearly cost of the maintenance contract for robotic equipment. s. Hydraulic pumps used in the airplane's flight control system. t. Cost of miniature replicas of the airplane used to promote and market the airplane.

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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Please read image 1, and answer on the second picture. thanks for your time!

Problem 18-1A (Do not forget about the other worksheets in the bottom left corner) Cost Wrong a Wrong b Wrong с Wrong d Wrong e Wrong f Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong S Wrong t Wrong u Wrong V Wrong W Wrong X Wrong y Wrong Z bo g h i j k 033- m р q r Product Costs Direct Materials Cost Direct Factory Labor Overhead Cost Cost Period Costs Selling Expense Administrative Expense
Transcribed Image Text:Problem 18-1A (Do not forget about the other worksheets in the bottom left corner) Cost Wrong a Wrong b Wrong с Wrong d Wrong e Wrong f Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong Wrong S Wrong t Wrong u Wrong V Wrong W Wrong X Wrong y Wrong Z bo g h i j k 033- m р q r Product Costs Direct Materials Cost Direct Factory Labor Overhead Cost Cost Period Costs Selling Expense Administrative Expense
Chapter 18 Homework PR 18-1A The following is a list of costs that were incurred in the production and sale of large commercial airplanes: a. Cost of electronic guidance system installed in the airplane cockpit. b. Special advertising campaign in Aviation World magazine. c. Salary of the chief compliance officer of the company. d. Salary of the chief financial officer. e. Decals for the cockpit door, the cost of which is immaterial to the cost of the final product. f. Cost of electrical wiring throughout the airplane. g. Cost of normal scrap from the production of the airplane body. h. Instrument panel installed in the airplane cockpit. i. Depreciation on the factory equipment. j. Masks for use by painters in painting the airplane body. k. Cost of paving the headquarters employee parking lot. I. Turbo-charged airplane engine. m. Prebuilt leather seats installed in the first-class cabin. n. Human resources department costs for the year. o. Hourly wages of employees that assemble the airplane. p. Salary of the marketing department personnel. q. Oil used to lubricate the factory equipment. r. Yearly cost of the maintenance contract for robotic equipment. s. Hydraulic pumps used in the airplane's flight control system. t. Cost of miniature replicas of the airplane used to promote and market the airplane. u. Metal used for producing the airplane body. v. Power used by the painting equipment. w. Annual bonus paid to the chief operating officer of the company. x. Interior trim material used throughout the airplane cabin. y. Salary of the plant manager. z. Annual fee paid to a celebrity to promote the aircraft. Instructions Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the tabular headings in the template for your answer, placing an "X" in the appropriate column. PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: Inventories Materials Work in Process Finished Goods January 1 $50,100 72,400 114,600 Rent Expense-Factory Sales Sales Salaries Expense Advertising Expense Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 90,500 Direct Labor 1,245,700 Heat, Light, and Power-Factory Indirect Labor Materials Purchased Office Salaries Expense Property Taxes-Factory Property Taxes-Office Building Supplies-Factory Miscellaneous Costs-Factory December 31 $35,900 90,600 113,000 $453,000 60,400 130,200 630,300 360,100 45,300 28,300 30,600 4,360,000 226,500 10,800 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured. Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.) Boston, MA: Cengage Learning.
Transcribed Image Text:Chapter 18 Homework PR 18-1A The following is a list of costs that were incurred in the production and sale of large commercial airplanes: a. Cost of electronic guidance system installed in the airplane cockpit. b. Special advertising campaign in Aviation World magazine. c. Salary of the chief compliance officer of the company. d. Salary of the chief financial officer. e. Decals for the cockpit door, the cost of which is immaterial to the cost of the final product. f. Cost of electrical wiring throughout the airplane. g. Cost of normal scrap from the production of the airplane body. h. Instrument panel installed in the airplane cockpit. i. Depreciation on the factory equipment. j. Masks for use by painters in painting the airplane body. k. Cost of paving the headquarters employee parking lot. I. Turbo-charged airplane engine. m. Prebuilt leather seats installed in the first-class cabin. n. Human resources department costs for the year. o. Hourly wages of employees that assemble the airplane. p. Salary of the marketing department personnel. q. Oil used to lubricate the factory equipment. r. Yearly cost of the maintenance contract for robotic equipment. s. Hydraulic pumps used in the airplane's flight control system. t. Cost of miniature replicas of the airplane used to promote and market the airplane. u. Metal used for producing the airplane body. v. Power used by the painting equipment. w. Annual bonus paid to the chief operating officer of the company. x. Interior trim material used throughout the airplane cabin. y. Salary of the plant manager. z. Annual fee paid to a celebrity to promote the aircraft. Instructions Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the tabular headings in the template for your answer, placing an "X" in the appropriate column. PR 18-5A Statement of cost of goods manufactured for a manufacturing company. The following information is available for Lagakos Corporation for 2018: Inventories Materials Work in Process Finished Goods January 1 $50,100 72,400 114,600 Rent Expense-Factory Sales Sales Salaries Expense Advertising Expense Depreciation Expense-Office Equip. 34,000 Depreciation Expense-Factory Equip. 90,500 Direct Labor 1,245,700 Heat, Light, and Power-Factory Indirect Labor Materials Purchased Office Salaries Expense Property Taxes-Factory Property Taxes-Office Building Supplies-Factory Miscellaneous Costs-Factory December 31 $35,900 90,600 113,000 $453,000 60,400 130,200 630,300 360,100 45,300 28,300 30,600 4,360,000 226,500 10,800 12,900 Instructions 1. Prepare a Statement of the Cost of Goods Manufactured. Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.) Boston, MA: Cengage Learning.
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