Classify the above costs of Santana Corporation into activity cost pools using the following: engineering, machinery, machine setup, quality control, factory utilities, maintenance.Budgeted CostsActivity Cost PoolMachine setup, indirect materialsInspectionsTestsInsurance, plantEngineering designDepreciation, machineryMachine setup, indirect laborProperty taxesOil, heatingElectricity, plant lightingEngineering prototypesDepreciation, plantElectricity, machineryMachine maintenance wages

1). Machine setup, indirect materials - Machine setup.2). Inspections - Quality control3). Tests…

Answered: Classify the above costs of Santana…

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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How would sales salaries be classified for a manufacturing company? Group of answer choices product cost - administrative overhead product cost - factory overhead period cost - administrative expense period cost - selling expense
Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Sentence a. An example of factory overhead is b. Direct materials costs combined with direct labor costs are called c. Long-term plans are called d. Advertising costs are usually viewed as plans. costs. costs. e. The management process by which management monitors operations by comparing actual and expected results is f. The plant manager's salary would be considered to the product. g. The salaries of factory supervisors are normally considered a cost.
Classic manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain to Classic Corporation. Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. For Specific Date Work-in-process inventory, January 1, 2020 $12 Direct materials inventory, December 31, 2020 8 Finished-goods inventory, December 31, 2020 11 Accounts payable, December 31, 2020 20 Accounts receivable, January 1, 2020 59 Work-in-process inventory, December 31, 2020 1 Finished-goods inventory, January 1, 2020 46 Accounts receivable, December 31,…
Which of the following costs is best classified as a fixed cost with respect to volume of activity? (See your Chapter 20 notes, page 5) Direct labor Electricity used to heat, light, and cool a factory Cleaning supplies used in an automobile assembly plant Straight-line depreciation expense of a machine used in a factory Total cost of salaries paid to quality inspectors in a manufacturing plant Tires used in an automobile manufacturing plant
Standard cost are used primarily for: Estimating future costs. To produce financial statements for external users. To judge the performance of accounting managers. To judge the performance of managers involved in the manufacturing process.
what is the labor-related activity cost pool per DLH what is the machine-related activity cost pool per MH what is the machine setups activity cost pool per seteup what is the production orders activity cost per order what is the product testing activity cost per test what is the packaging activity cost per package what is the general factory activity cost per DLH
Classify the following costs as typically direct (D) or indirect (I): Project staff Audit and legal Utilities Rent Raw materials Training on equipment Project supplies Labor Administrative staff Miscellaneous office supplies Quality assurance IT department Scheduled maintenance Shared software packages
Factory or Manufacturing Overhead costs would include all of the following except: A) Indirect materials B) Direct materials C) Depreciation expense D) Insurance expense
Question 1 The term "cost" means: all of these. the price paid for a raw material. the wage paid to a worker. the price charged by an entity for its services. Question 2 The sequence of activities that add value to the organization are: the value chain. the value processes. the chain of production events. the strategic cost initiatives.
Which method of determining operating income is used internally for decision making and considers fixed factory overhead a period expense?
Which of the following is a period cost? a. Property taxes on the production facilities. b. The production supervisor's salary. c. Costs to ship the product to the customer. d. Depreciation of the factory equipment.

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