8:23 W W<2/3>□s21-1:::e. Variable selling andadministrative costsf. Fixed selling andadministrative costsUse the following information for Short Exercises S21-2 and S21-3L.Martin Company had the following costs:Units producedDirect materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadVariable selling and administrative costsFixed selling and administrative costsC1167/1480QAAWord>> BitFrench320 units$ 71per unit40 per unit13 per unit4934%Ę7,360 per year22 per unit1,920 per year||| 0 <:X 8:23 W WY<2/3>□s21-1⠀⠀⠀S21-1 Classifying costsClassify each cost by placing an X in the appropriate columns. The first cost iscompleted as an example.Learning Objective 1a. Direct materialsb. Direct laborc. Variable manufacturingoverheadd. Fixed manufacturingoverheadCAbsorption CostingXQAA1167/1480Product Period Product PeriodCostCostCostCostWord>> BitFrench49,34%Variable CostingX||| 0 <:X

The product cost is the cost which expensed when the product is sold. The period costs are expensed…

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 Absorption Costing Product Period Cost Cost X Variable Costing Product Period Cost Cost X

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 Absorption Costing Product Period Cost Cost X Variable Costing Product Period Cost Cost X

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

8:23 W W
<2/3>
□
s21-1
:::
e. Variable selling and
administrative costs
f. Fixed selling and
administrative costs
Use the following information for Short Exercises S21-2 and S21-3L.
Martin Company had the following costs:
Units produced
Direct materials
Direct labor
Variable manufacturing overhead
Fixed manufacturing overhead
Variable selling and administrative costs
Fixed selling and administrative costs
C
1167/1480
QAA
Word
>> Bit
French
320 units
$ 71
per unit
40 per unit
13 per unit
4934%
Ę
7,360 per year
22 per unit
1,920 per year
||| 0 <
:
X

8:23 W WY
<2/3>
□
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

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Primare Corporation provided the following data for last month's manufacturing operations. Purchases of raw materials Indirect materials used in production Direct labor $ 30,000 $4,930 $ 60,000 $7,500 $ 4,130 Manufacturing overhead applied to work in process Underapplied overhead Rav materials Work in process Finished goods Beginning $ 11,900 $ 54,100 $34,900 Required: 1 Prepare a schedule of cost of goods manufactured. 2. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Direct materials Required 1 Required 2 Prepare a schedule of cost of goods manufactured. Inding $19,500 $ 67,000 $ 43,200 Total raw materials available Pamare Corporation Schedule of Cost of Goods Manufactured Raw materials used in production Direct materials used in production
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Sh11
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Checklist of evidence required Finally, you should reflect on the results of your activity-based costing exercise, by: a) explaining how costs are categorised. b) identifying those cost areas that have the greatest impact on the profitability of the product that you have investigated. c) evaluating the reasons for producing an activity-based cost model. d) explain how ABC model used to improve profitability. A research and problem solving project to explore the costs associated with engineering activities and to complete an activity-based cost model for a product.
View Policies Current Attempt in Progress In which of the following categories do indirect materials belong? Product Cost Manufacturing Overhead Period Cost No No Yes Yes No No Yes Yes No Yes Yes Yes eTextbook and Media Save for Later O Attempts: 0 of 3 used Submit Answer
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