Question 1.3 Identify if the following costs are "product" or "period" costs: COST Period Cost or Product Cost? 1. Television advertisements for Bailey's products 2. Lubricants used in running bottling machines 3. Research and Development related to the elimination of antibiotic residues in milk 4. Gasoline used to operate refrigerated trucks delivering finished dairy products to grocery stores 5. Company president's annual bonus 6. Depreciation on refrigerated trucks used to collect raw milk 7. Plastic gallon containers in which milk is packaged 8. Property insurance on dairy processing plant 9. Cost of milk purchased from local dairy farmers 10. Depreciation on tablets used by sales staff

Question 1.3 Identify if the following costs are "product" or "period" costs: COST Period Cost or Product Cost? 1. Television advertisements for Bailey's products 2. Lubricants used in running bottling machines 3. Research and Development related to the elimination of antibiotic residues in milk 4. Gasoline used to operate refrigerated trucks delivering finished dairy products to grocery stores 5. Company president's annual bonus 6. Depreciation on refrigerated trucks used to collect raw milk 7. Plastic gallon containers in which milk is packaged 8. Property insurance on dairy processing plant 9. Cost of milk purchased from local dairy farmers 10. Depreciation on tablets used by sales staff

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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