Evilene makes flying brooms.She has characterized the company's costs below.Indicate in the shaded box whether she is correct, by using YES if you agree and NO if you disagree.YES / NONoYesBroom inspectors' salariesAssembly worker hourly wagesResearch and development for new motorsFactory manager's salaryDepreciation - broom assembly equipmentCEO administrative assistant salaryWood for handlesCustomer service agents' salariesSalespersons' commissionsCost ClassificationsFactory maintenance crew salaries.Raw materials receiving department salariesNewspaper advertisingDepreciation - CFO company carStraw for broomsSalespersons' salariesShipping costs to customersManufacturing Non-Manufacturing Product or PeriodXPRODUCTPRODUCTXPERIODPRODUCTPRODUCTPERIODPRODUCTPERIODPERIODPRODUCTPRODUCTPERIODPERIODPRODUCTPERIODPERIODXXXXXXXXXXXXXXXInventoryYESYESNOYESYESNOYESNONOYESYESNONOYESNONOVariable or Fixed▼V-F>>44""> "> " """>VVFFFFVFVFFFFVFV

Variable cost: Variable cost is the cost that changes with the level of production, every additional…

Evilene makes flying brooms. She has characterized the company's costs below. Indicate in the shaded box whether she is correct, by using YES if you agree and NO if you disagree. YES / NO No Yes Broom inspectors' salaries. Assembly worker hourly wages Research and development for new motors Factory manager's salary Depreciation - broom assembly equipment CEO administrative assistant salary Wood for handles Customer service agents' salaries Manufacturing Non-Manufacturing Product or Period X PRODUCT X PRODUCT PERIOD PRODUCT PRODUCT PERIOD PRODUCT PERIOD X X X X X X Inventory YES YES NO YES YES NO YES NO Variable or Fix V-F V V F F F F V F

Evilene makes flying brooms. She has characterized the company's costs below. Indicate in the shaded box whether she is correct, by using YES if you agree and NO if you disagree. YES / NO No Yes Broom inspectors' salaries. Assembly worker hourly wages Research and development for new motors Factory manager's salary Depreciation - broom assembly equipment CEO administrative assistant salary Wood for handles Customer service agents' salaries Manufacturing Non-Manufacturing Product or Period X PRODUCT X PRODUCT PERIOD PRODUCT PRODUCT PERIOD PRODUCT PERIOD X X X X X X Inventory YES YES NO YES YES NO YES NO Variable or Fix V-F V V F F F F V F

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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A car manufacturer incurs the following costs. Classify each cost as either a product or period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. Costs Rent on factory building Steering wheels used in cars Property taxes on office building Office building insurance used up Factory electricity Advertising Depreciation on factory machine Batteries for electric cars Steel for cars Leather for car seats Cost Classification.
s === Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost. Required: Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) Note: Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. Enter all amounts as positive values. Direct materials used Direct labor Manufacturing overhead applied Total current manufacturing costs Beginning work in process inventory Ending work in process inventory Cost of goods manufactured Beginning finished goods inventory Ending finished goods inventory Cost of goods sold 89 SEP 17 84 < Prev Case 1 16,000 12,000 8,100 5,900 3,800 7,900 6 of 8 tv Case 2 ‒‒‒ ‒‒‒ ▬▬▬…
Below is a list of costs. Please identify each cost as either a product or period cost. Dragged and dropped options on the right-hand side will be automatically saved. For keyboard navigation... SHOW MORE ✓ Depreciation on office copier Depreciation on office building Insurance on office building Metal used in building a car Salary of CEO Salary of production manager Salary of assembly line workers Utilities of office building = = Product Period = Period = Period = Product = Product = = Period Period
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The following is a list of costs for a car manufacturer. Classify each of the following costs as: a. Direct or indirect with respect to one unit (car) produced; b. Direct materials (DM), direct labor (DL), manufacturing overhead (MOH), selling (S), or administrative (A) Cost Steel used in cars CEO's salary Cost of shipping cars to customers Factory manager's salary Direct or Indirect DM, DL, MOH, S, or A
[The following information applies to the questions displayedbelow.]We discuss how to prepare the cost of goods manufactured reportand the income statement. The cost of goods manufactured reportshows the cost of goods manufactured, which is used in theincome statement to compute cost of goods sold, which is used tocalculate net operating income. Knowledge Check 02Venus International makes customized furniture and uses job order costing. Duringa period, its beginning raw materials inventory was $10,000. It purchased rawmaterials of $20,000 and ended the period with ending raw materials inventory of$3,000. What is the cost of raw materials transferred to Work in Process Inventory?$27,000$33,000$30,000$20,000Knowledge Check 03Smith and Stein Inc. is a jeweler specialized in making exclusive designs for itscustomers. Its unadjusted cost of goods sold in a period is $150,000 and theperiod's sales revenue is $225,000. If the underapplied manufacturing overhead is$5,000, calculate the gross…