Tutorial 8 - Managerial Accounting - Wordzatimxiz@gmail.comFileMailingsViewHelpO Tell me what you want to do& ShareHomeInsertDesignLayoutReferencesReviewX CutP Find -Tahoma11-A A Aa -AaBbCcDc AaBbCcDc AaBbC AaBbCcC AaB AaBbccC AqBbCcDE Copyabe ReplacePasteв IU -abe X, X*A - aly ,I NormalI No Spac. Heading 1 Heading 2TitleSubtitleSubtle Em..Format PainterA Select -ClipboardFontParagraphStylesEditingQUESTION 1E19.5 (Рg. 19-31)E19.5 (LO 2) Gala Company is a manufacturer of laptop computers. Various costsand expenses associated with its operations are as follows.Classify various costs into different cost categories.1. Property taxes on the factory building.2. Production superintendents' salaries.3. Memory boards and chips used in assembling computers.4. Depreciation on the factory equipment.5. Salaries for assembly-line quality control inspectors.6. Sales commissions paid to sell laptop computers.7. Electrical components used in assembling computers.8. Wages of workers assembling laptop computers.9. Soldering materials used on factory assembly lines.10. Salaries for the night security guards for the factory building.The company intends to classify these costs and expenses into the followingcategories: (a) direct materials, (b) direct labor. (c) manufacturing overhead, and (d)period costs.InstructionsList the items (1) through (10). For each item, indicate the cost category to which itbelongs.Page 1 of 4940 wordsEnglish (Malaysia)100%12:19 PMO Type here to search) ENG3/1/2021

Period cost is the cost which is not directly related to the process of production. Its example are…

) Gala Company is a manufacturer of laptop computers. Various co es associated with its operations are as follows. ous costs into different cost categories. perty taxes on the factory building. duction superintendents' salaries. mory boards and chips used in assembling computers. preciation on the factory equipment. aries for assembly-line quality control inspectors. es commissions paid to sell laptop computers. ctrical components used in assembling computers. ges of workers assembling laptop computers. dering materials used on factory assembly lines. alaries for the night security guards for the factory building. y intends to classify these costs and expenses into the following

) Gala Company is a manufacturer of laptop computers. Various co es associated with its operations are as follows. ous costs into different cost categories. perty taxes on the factory building. duction superintendents' salaries. mory boards and chips used in assembling computers. preciation on the factory equipment. aries for assembly-line quality control inspectors. es commissions paid to sell laptop computers. ctrical components used in assembling computers. ges of workers assembling laptop computers. dering materials used on factory assembly lines. alaries for the night security guards for the factory building. y intends to classify these costs and expenses into the following

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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Gala Company is a manufacturer of laptop computers. Various costs and expenses associated with its operations are as follows. The company intends to classify these costs and expenses into the following categories: direct materials, direct labor, manufacturing overhead, and period costs. For each item, indicate the cost category to which it belongs. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Property taxes on the factory building. Production superintendents' salaries. Memory boards and chips used in assembling computers. Depreciation on the factory equipment. Salaries for quality control inspectors. Sales commissions paid to sell laptop computers. Electrical components used in assembling computers. Wages of workers assembling laptop computers. Soldering materials used on factory assembly lines. Salaries for the night security guards for the factory building. Category
Buzz Ltd is a toy manufacturer. For many years Buzz Ltd produced and sold just one toy, a plastic car, but it has recently started to produce and sell a range of different toys including trains, buses, trucks and caravans. Buzz Ltd is concerned that its current traditional system of allocating overheads is leading to inaccurate product costs. Describe Activity Based Costing and explain why it may be useful for a company such as Buzz Ltd.
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Utica Manufacturing (UM) was recently acquired by MegaMachines, Inc. (MM). and organized as a separate division within the company. Most manufacturing plants at MM use an ABC system, but UM has always used a traditional product costing system. Bob Miller, the plant controller at UM, has decided to experiment with ABC and has asked you to help develop a simple ABC system that would help him decide if it was useful. The controller's staff has identified costs for the first month in the four overhead cost pools along with appropriate cost drivers for each pool. Activity Drivers Direct material cost Costs 154, 000 1,600, 900 900, 000 450, 000 Cost Pools Incoming inspection Production Machine-hours Machine setup Shipping Setups Units shipped The company manufactures two basic products with model numbers 308 and 510. The following are data for production for the first month as part of MM. Products 308 510 $ 45,000 $173,800 50,000 $ 32,000 $283,809 118,800 Total direct material costs Total…
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1.26 The Company bears the following costs for the manufacture of weed cutting tools: Weed cutting shaft and scissor blade Weed cutting motor Factory work for workers assembling weed cutting shears Nylon yarn used in weed cutting machine(not detected on product) Glue to hold the housing Salaries of factory foremen Factory rent Sales commissions Salaries of administrators Factory utilities Shipping costs of finished weed cutting products to customers Requested: Describe the difference between period cost and product cost Classify Lawlor costs as period costs or product costs. One costs are product costs, then classify these as direct materials, direct labor or general industrial expenses.
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