S2-4 Classify costs as direct or indirect (Learning Objective 3)Classify each of the following costs as a direct cost or an indirect cost, assuming that thecost object is the Juniors Department (clothing and accessories for teenage and youngwomen) in the Stow Kohl's department store. (Kohl's is a chain of department stores andm has stores located across the United States.)a. Juniors Department sales clerksb. Cost of Juniors clothinggedeweuec. Cost of hangers used to display the clothing in the stored. Electricity for the buildinge. Cost of radio advertising for the storef. Juniors clothing buyers' salaries (these buyers buy for all the Juniors Departments ofKohl's stores)DESSUGAaitened aneg. Depreciation of the building rin the

The cost incurred on the production, manufacturing or selling the product can be classified as…

Answered: S2-4 Classify costs as direct or…

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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1. Jenny must have multiple skills to complete her job as a cashier at the grocery store. She must be able to operate the register, use excellent customer service skills, and bag groceries. Which core dimension does this describe for the multiple skills required for Jenny's job? skill variety O feedback O autonomy O task significance 6:07 PM (? O 55°F Mostly clear 3/5/2022 O Type here to search delete home end pg up prt scr insert 米 & backspace numlk $4 4 %3D %23 6 7. 8. 6. 3
oo lli bres bs bouno lo bin og awwiinieb won deo oM d tns linoul e ba ton n bued ni vlibeata saion sdr di ban vad gid ni W eeoni vlibasia A ot be ol noereado bod nogu al b nom o bd S6-6 Classify cost behavior (Learning Objectives 1 & 2) The ReCycle is a bicycle built largely from recycled materials. ldentify the following cots connected with the manufacture of the ReCycle bike as variable or fixed: a. Rubber used in bike tires b. Recycled aluminum used to make the bike frame c. Lubricant used on clipless pedal springs d. Quality inspector's salary e. Depreciation on equipment used to machine the aluminum in the bike frame f. Renewable cork used to make the saddle (the seat) g. Patent on belt drive (used instead of a chain)
Learning Objectives 2, 3, 4 1. Total EUP for CC 2,850 3. WIP Balance $1,145 P18-31A Preparing a production cost report, two materials added at different points, no beginning WIP or costs transferred in; journal entries Smith's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: UNITS Beginning Work-in-Process Inventory Started in production Completed and transferred out to Compression in January Ending Work-in-Process inventory (30% of the way through the preparation process) COSTS Beginning Work-in-Process Inventory Costs added during January Wood Adhesives Direct labor Manufacturing overhead allocated Total costs Requirements…
Learning Objectives 2, 3, 4 1. Total cost per EUP $2.26 3. WIP Balance $1,836 Open with P18-38B Preparing a production cost report, two materials added at different points, no beginning WIP or costs transferred in; journal entries Bryan's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: UNITS Beginning Work-in-Process Inventory Started in production Completed and transferred out to Compression in January Ending Work-in-Process inventory (35% of the way through the preparation process) COSTS Beginning Work-in-Process Inventory Costs added during January: Wood Adhesives Direct labor Manufacturing overhead allocated Total costs…
8:23 W WY □ s21-1 ⠀⠀⠀ S21-1 Classifying costs Classify each cost by placing an X in the appropriate columns. The first cost is completed as an example. Learning Objective 1 a. Direct materials b. Direct labor c. Variable manufacturing overhead d. Fixed manufacturing overhead C Absorption Costing X QAA 1167/1480 Product Period Product Period Cost Cost Cost Cost Word >> Bit French 49,34% Variable Costing X ||| 0 < : X
Beauty Beyond Words Salon uses an activity-based costing system to determine the cost of services. The salon has determined the costs of services by activity and activity usage as follows: Activity Activity Rate Hair washing Conditioning Chemical treatment Styling Haircut Complete style Perm $4.00 3.50 25.00 10.00 Hair Washing 1 1 2 Highlights The cost of services for a haircut is Oa. $3.50 Ob. $11.50 Oc. $4.00 Od. $7.50 3 Conditioning 1 1 3 4 Chemical Treatment 0 0 1 2 Styling 0 0 1 1
S17-1 Distinguishing between job order costing and process costing Learning Objective 1 Would the following companies most likely use job order costing or process costing? a. A manufacturer of refrigerators b. A manufacturer of specialty wakeboards c. A manufacturer of luxury yachts d. A professional services firm e. A landscape contractor f. A custom home builder g. A cell phone manufacturer h. A manufacturer of frozen pizzas i. A manufacturer of multivitamins j. A manufacturer of tennis shoes
Question 4.1 White Wizard Company makes golf equipment for retailers around the world. Below you will find a number of activities and cost at White Wizard Company. Required: Please list the activity as either, “Batch-level”, “Unit-level”, “Product-level”, “Customer-level” or “Organization-sustaining”. Activity Level 1) A sales representative visits an old customer to check on how the company’s golf carts are working out and to try and make a new sale. 2) A steering wheel is installed in a golf cart. 3) The marketing department has a catalogue printed and then mails them to golf course managers. 4) Completed golf carts are individually tested on the company’s test track. 5) Molding and sanding each unit of product 6) An outside lawyer draws up a new generic sales contract for the company, limiting Go Pro’s liability…
116 chapter 17 Learning Objectives 2, 3, 4, 5 4. COGM $46,750 5. NI $19,150 P17-38B Preparing comprehensive accounting for manufacturing transactions Teacher Stars produces stars for elementary teachers to reward their students. Teacher Stars' trial balance on June 1 follows: Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process Finished Goods Plant Assets TEACHER STARS Trial Balance June 1, 2016 Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Balance June transactions are summarized as follows: a. Collections on account, $153,000. Debit $ 14,000 150,000 5,600 42.500 20,700 240,000 Job 120: Paper, $ 800 Job 121: Paper, $7,900 Indirect materials, $1,600 June 1 balances in the subsidiary ledgers were as follows: • Raw Materials Inventory subsidiary ledger: Paper, $4,300; indirect materials, $1,300 • Work-in-Process Inventory…
S3-4. (Learning Objective 2: Apply the revenue and expense recognition principles) A largeauto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget andHertz. Suppose Budget is negotiating with the auto manufacturer to purchase 1,000 vehicles.Write a short paragraph to explain to the auto manufacturer when the company should, andshould not, record this sales revenue and the related expense for cost of goods sold. Mention theaccounting principles that provide the basis for your explanation.

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