Classify each of the following costs as Product (direct/indirect) or Period and Variable, Fixed or Mixed. Costs Raw materials Staples used to secure packed boxes of product Plant janitors' wages Order processing clerks' wages Advertising expenses Production workers' wages Production supervisors' salaries Sales force commissions Maintenance supplies used President's salary Electricity cost for office building Real estate taxes for Factory Real estate taxes for Office building Product-direct Product-indirect Period Period Variable Fixed Variable Fixed

Classify each of the following costs as Product (direct/indirect) or Period and Variable, Fixed or Mixed. Costs Raw materials Staples used to secure packed boxes of product Plant janitors' wages Order processing clerks' wages Advertising expenses Production workers' wages Production supervisors' salaries Sales force commissions Maintenance supplies used President's salary Electricity cost for office building Real estate taxes for Factory Real estate taxes for Office building Product-direct Product-indirect Period Period Variable Fixed Variable Fixed

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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1. Costs that do not change with the change in the level of production for some time is classified as ________. variable costs fixed costs mixed costs None of these choices are correct. 2. Under variable costing, the cost of goods manufactured consists of all except direct materials. direct labor. variable factory overhead. fixed factory overhead. 3. Costs that have characteristics of both a variable cost and a fixed cost are classified as ________. variable costs fixed costs mixed costs None of these choices are correct.
The direct costs of materials that change with the number of units produced is an example of a fixed production cost. True or false
Which one of the following is an example of a committed cost? O a. The salary of the marketing manager O b. None of the given answers С. The cost of employee training program O d. The salary of the chief operating officer e. The cost of annual end of year celebration
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Companion Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $57 per unit. The company, which is currently operating below full capacity, charges factory overhead to production at the rate of 46% of direct labor cost. The fully absorbed unit costs to produce comparable carrying cases are expected to be as follows: Direct materials $28 Direct labor 16 Factory overhead (46% of direct labor) 7.36 Total cost per unit $51.36 If Companion Computer Company manufactures the carrying cases, fixed factory overhead costs will not increase and variable factory overhead costs associated with the cases are expected to be 14% of the direct labor costs.
The cost of electric power in a factory is classified as: O Variable cost Fixed cost Mixed cost Step cost
Cost Accounting 1. Instruction: Indicate whether the cost is variable or fixed based on behavior; period cost: selling and administrative cost or product cost: direct or indirect. Use the table provided for your answer. Behavior Period Cost Product Cost Variable Fixed Selling Admin Direct Indirect Cost Boxes used for packaging finished costs Cloth used in T-shirt Depreciation of delivery equipment Depreciation of executive cars Factory Supplies Fringe Benefits of assembly line workers Fringe benefits of office employees Ink used in textbooks Insurance of finished goods warehouses Lubricants used for machines Microchips used in producing cellphones Office Supplies President's life insurance Property taxes of factory building Salesman commissions Shipping costs on merchandise sold Supervisors' salaries, factory Wages of frontdesk officers Wages of laborers Wages of workers in the assembly line Wood used in the production cabinets Glue in the production tables Lease of office building…
K The fixed costs from adding a second shift to a factory can best be described as a O A. curvi - linear cost function B. step variable-cost function OC. linear cost function OD. step fixed-cost function OE. fixed-step curve
Under variable costing, which of the following costs would not be included in finished goods inventory? a. electricity used by factory machinery b. steel costs for a machine tool manufacturer c. salary of factory supervisor d. wages of machine operator
Determine the following is best described as a fixed, variable, or mixed cost with respectto product units. Factory supervisor’s salary.
1 For each of the following costs, identify the cost behavior as variable, mixed, or fixed: 1. Wages of assembly line workers 2. President's salary. 3. Plant utilities, 4. Sales force commissions 5. Shipping costs 6. Factory rent. 7. Research and development expenses 8. Property taxes 9. Advertising. 10. Supplies used in production