EX 18-1 Classifying costs as materials, labor, or factory overheadIndicate whether each of the following costs of an automobile manufacturer woulclassified as direct materials cost, direct labor cost, or factory overhead cost:a. Wheelsb. Glass used in the vehicle's windshieldC. Wages of assembly line workerd. V8 automobile enginee. Depreciation of robotic assembly line equipmentf. Steering wheelg. Painting safety masks for employees working in the paint roomh. Salary of test driveraniblipd

Direct Material cost Direct material cost is the cost of the material which is directly involved in…

Answered: EX 18-1 Classifying costs as materials,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Labor Direct-labor hours: Job 57 Job 58 Job 59 Labor costs: Direct-labor wages Indrect-labor wages Supervisory salaries Material Inventories, November 1. Raw material and supplies Work in process (Job 57) Finished goods Purchases of raw material and supplies Raw material Chapter 3 Product Costing and Cost Accumulation in a batoh Produc... Supplies (Indirect material) Direct material and supplies requisitioned for production Job 57 Job 58 Job 59 Supplies (indirect material) Total Other Building occupancy costs (heat, light, depreciation, etc.) Factory facilities Sales offices. Administrative offices Total Production equipment costs: Power Com Repairs and maintenance Depreciation Other Total Direct-Labor Hours 100.000 115.000 130,000 111 During November the following jobs were completed: Job 57 Job 58 Variable $300,000 345,000 390,000 7,000 6,000 4,000 $408.000 30,000 12.000 $ 21,000 108,000 125,000 Required Assist Shar by making the following calculations. 1. Calculate the predetermined…
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Unit V question 6 a1
15. A credit to the manufacturing overhead control account represent the a• Actual cost of overhead paid this period b• Actual cost of overhead incurred. c• Amount of overhead applied to production d• Amount of direct material and labor used during the period e• None of the above
Warrick Boards calculated pension expense for its underfunded pension plan as follows: ($ in millions) Service cost $ 224 Interest cost 150 Expected return on the plan assets ($100 actual, less $10 gain) (90 ) Amortization of prior service cost 8 Amortization of net loss 2 Pension expense $ 294 Required: Which elements of Warrick’s balance sheet are affected by the components of pension expense? What are the specific changes in these accounts?

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