Furniture is made of wood costing $120 per table, please indicate which of the following cost group it will be listed under A. Variable Cost, Direct Cost, Direct Materials B. Indirect Cost, Indirect Materials, Period Cost C. Variable Cost, Indirect Cost, Manufacturing Overhead D. Variable Cost, Direct Cost, Indirect Materials

Furniture is made of wood costing $120 per table, please indicate which of the following cost group it will be listed under A. Variable Cost, Direct Cost, Direct Materials B. Indirect Cost, Indirect Materials, Period Cost C. Variable Cost, Indirect Cost, Manufacturing Overhead D. Variable Cost, Direct Cost, Indirect Materials

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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Question Content Area Which of the following would be included in the cost of a product manufactured according to absorption costing? a. sales salaries b. advertising expense c. office supplies costs d. depreciation expense on factory building
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,…
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Ises A Cost Syste X C Acme Inc. Has The Following Info x C Dog Bone Bakery, Which Bakes D x ment/takeAssignmentMain.do?invoker &takeAssignmentSessionLocator=&inprogress=false еВook Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,000 ladders in July and used 8,800 pounds of material to make these units. Sitka Industries bought 15,400 pounds of material in the current period. There was a $250 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,400 pounds? Amount paid $ 69,550 V B. What is the direct materials quantity variance? Direct materials quantity variance $ 900 V Favorable v C. What is the total direct…
A direct material standard cost is: Group of answer choices The cost of direct materials that should be incurred to produce one unit of output or product. The amount of direct materials that should be used to produce one unit of output or product. The cost of all materials and supplies used to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production.
Study the information provided below and calculate the following:3.1 Manufacturing costs per unit for each product using the traditional absorption costing system 3.2 Manufacturing overheads cost per unit for each product using the ABC system