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ctory rent mpany advertising ges paid to assembly workers preciation for salespersons' vehicles revs ilities for factory sembly supervisor's salary $ 3,110 1,140 30,700 2,130 500 805 3,560

ctory rent mpany advertising ges paid to assembly workers preciation for salespersons' vehicles revs ilities for factory sembly supervisor's salary $ 3,110 1,140 30,700 2,130 500 805 3,560

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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Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow. Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary. $ 3,110 1,140 30,700 2,130 500 805 3,560 130 5,110 4,090 200 Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters Assume that Suzie Chang has decided to begin production of her outdoor children's toy. 1,270 1,160 2,150 8,100 Required: 1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units. 3. Determine the total cost for each of the following: Complete this question by entering your answers in the tabs below.
Transcribed Image Text:Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow. Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary. $ 3,110 1,140 30,700 2,130 500 805 3,560 130 5,110 4,090 200 Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters Assume that Suzie Chang has decided to begin production of her outdoor children's toy. 1,270 1,160 2,150 8,100 Required: 1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units. 3. Determine the total cost for each of the following: Complete this question by entering your answers in the tabs below.
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