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
23. Which of the following costs is relevant to a make-or-buy decision of a particular part of a product? a.The direct labor costs used to manufacture the part b.The depreciation on the plant used to manufacture the part c.The fixed annual rent paid for the office building d.The salary of the sales manager who sells the product
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.
Which can be considered a product cost in a manufacturing company? - corporate tax -sales commissions - property rate -equipment depreciation
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 at a manufacturing company would be treated as a product cost under variable costing? Multiple Choice direct material cost property taxes on the factory building sales manager's salary sales commissions
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
Classify the following manufacturing costs of Business Solutions as either (a) variable (V) or fixed (F)and (b) direct (D) or indirect (I). Electricity for workshop
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.
The basis used for allocating manufacturing overhead (such as machine hours or direct labor hours) should closely align with O a. estimation techniques used in other areas of financial reporting. O b. the GAAP rules for allocating overhead. O C. the incurrence of overhead costs. d. the way that competitors allocate overhead.
Which of the following correctly describes the term cost driver? a.The primary factor which is correlated with the amount of cost incurred to produce a product b.The total material, labor, and overhead cost of a completed job c.The inflation rate which causes costs to rise d.The initial purchase price of direct materials
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

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