Hello, I have categorized each item on this list as variable and fixed already. I have also did the journal entries. I need some assistance with the t-accounts and the balance sheet for this problem. **Problem 11: Introduction Managerial - Cost Classification and Cost Behavior**Heritage Company manufactures and sells desk sets with a wholesale price of $275. The company has sold approximately 4,000 desk sets in the previous and current year but has the capacity to make more without adding another shift. **Annual Costs Associated with Making 4,000 Desks:**- Wood, glass, brass, other materials: $430,000- General office salaries: $110,000- Factory supervision: $70,000- Sales commissions: $60,000- Depreciation, factory building: $105,000- Depreciation, office equipment: $2,000- Indirect materials, factory: $18,000- Factory cutting and assembly labor: $90,000- Advertising: $100,000- Insurance, factory: $6,000- General office billing supplies: $4,000- Property taxes, factory: $20,000- Utilities, factory: $45,000**Required:**Classify costs based on:1. **GAAP Scheme: Costs Are:** a. **Inventory/CGS Related:** - Direct Material - Direct Labor - Manufacturing Overhead b. **Operating Expenses:** - Selling - General & Administrative2. **Managerial Scheme: Costs Are Either Variable or Fixed**

The selling Price is $275. Sale Unit = 4,000 Desks Revenue = 4000 * 275 = $1,100,000 As we have…

Heritage Company manufactures and sells desk sets with a wholesale price of $275. The company has sold approximately 4,000 desk sets in the previous and current year, but has the capacity to make more without adding another shift. Annual costs associated with making 4,000 desks: Wood, glass, brass, other materials 430,000 General office salaries 110,000 70,000 60,000 105,000 2,000 18,000 90,000 100,000 6,000 Factory supervision Sales commissions Depreciation, factory building Depreciation, office equipment Indirect materials, factory Factory cutting and assembly labor Advertising Insurance, factory General office billing supplies Property taxes, factory Utilities, factory 4,000 $ 20,000 45,000

Heritage Company manufactures and sells desk sets with a wholesale price of $275. The company has sold approximately 4,000 desk sets in the previous and current year, but has the capacity to make more without adding another shift. Annual costs associated with making 4,000 desks: Wood, glass, brass, other materials 430,000 General office salaries 110,000 70,000 60,000 105,000 2,000 18,000 90,000 100,000 6,000 Factory supervision Sales commissions Depreciation, factory building Depreciation, office equipment Indirect materials, factory Factory cutting and assembly labor Advertising Insurance, factory General office billing supplies Property taxes, factory Utilities, factory 4,000 $ 20,000 45,000

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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