Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match the items below to the appropriate term. Clear All Insurance expired on factory equipment Utilities incurred in the office Advertising expense Selling and administrative expense Factory overhead Direct labor Direct materials

Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match the items below to the appropriate term. Clear All Insurance expired on factory equipment Utilities incurred in the office Advertising expense Selling and administrative expense Factory overhead Direct labor Direct materials

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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Little Things manufactures toys. For each item listed, identify whether it is a product cost, a period cost, or not an expense. A. internet provider services B. material expense C. raw materials inventory D. production equipment rental E. showroom rental F. factory employee salary G. Human Resource Director salary
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
Which of the following is NOT a period cost? Multiple Choice O Depreciation of photocopiers in the office. Salary of the accounts payable clerk Insurance on a company showroom where customers can view new products. Salary of the plant supervisor.
Select and “X” in the column that corresponds to the cost classification for each of the following scenarios. Some items may fit in more than one column.
Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each of the following phrases with the term that it most closely describes. Clear All A system that uses a different overhead rate for each activity A subsidiary ledger that maintains a separate account for each type of material Applied overhead is more than actual overhead incurred Typically used by companies that make custom products Overapplied overhead Materials ledger Underapplied overhead Job order cost system Finished goods ledger Process cost system Activity-based costing
Please answer D
3. Prepare journal entries for the month of April to record the above transactions. View transaction list View journal entry worksheet No 2 3 4 5 6 7 Transaction b. C. d. e. 1. 9. Direct materials used Direct labor used Cash Indirect labor Indirect labor Cash Factory overhead Overapplied overhead Underapplied overhead Factory building Cash Utilities expense Utilities payable General Journal Debit Credit
Periodically reviewing all jobs is a subtask of O a. developing job descriptions and job specifications Ob. conducting the job analysis O c. preparing for and introducing the job analysis O d. maintaining and updating job descriptions and job specifications
View Policies Current Attempt in Progress Which one of the following is an example of a period cost? O A change in benefits for the union workers who work in the Toronto plant of a Fortune 1000 manufacturer. O Workers' compensation insurance on factory workers wages allocated to the factory. O A processor used to produce computers. O A manager's salary for work performed in the corporate head office. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
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