Select the category for each of the following accounts of a manufacturing company as either selling expenses or general and administrative expenses, or cost of goods manufactured. Account Raw materials inventory, ending Office building insurance used up Factory utilities Salesperson travel costs Office accounting Salesperson smartphone costs Advertising Work in process inventory, beginning Computer supplies used in office Depreciation expense-Factory Depreciation expense-Office Category

Select the category for each of the following accounts of a manufacturing company as either selling expenses or general and administrative expenses, or cost of goods manufactured. Account Raw materials inventory, ending Office building insurance used up Factory utilities Salesperson travel costs Office accounting Salesperson smartphone costs Advertising Work in process inventory, beginning Computer supplies used in office Depreciation expense-Factory Depreciation expense-Office Category

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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Similar questions

Provide answers to the following just-in-time costing questions. Just-in-Time Costing Question Just-in-Time Costing Answer When are the costs of products recorded? Which inventory accounts are used? Which accounts are used to record manufacturing costs?
Indicate whether each cost is: A. Fixed or Variable b. Selling, General/Administrative, or Manufacturing
Insurance expense incurred on a factory building would be treated as a Group of answer choices selling cost direct cost period cost product cost
Question Content Area Which of the following would be included in the cost of a product manufactured according to absorption costing? a. sales salaries b. advertising expense c. office supplies costs d. depreciation expense on factory building
Classifying Costs as Product or Period Costs For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: Item Classification a. Cost of information technology support for the corporate headquarters b. Depreciation on sewing machines c. Fabric used during production d. Depreciation on office equipment e. Advertising expenses f. Repairs and maintenance costs for seving machines g. Salary of production quality control supervisor h. Utility costs for office building i. Sales commissions j. Salaries of distribution center personnel k. Wages of sewing machine operators I. Factory janitorial supplies m. Chief financial officer's salary n. Travel costs of media relations employees o. Factory supervisors' salaries Oil used to lubricate sewing machines q. Property taxes on factory building and equipment
2. The entry to assign the costs of indirect labor for the janitor responsible for cleaning the factory where a manufacturer makes cars would include a debit to which account? O manufacturing overhead O work-in-process inventory O finished goods inventory Owages payable
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a Correct Materials Correct Accounts Payable b Correct Work in Process Correct Factory Overhead Correct Materials Correct Work in Process Correct Factory Overhead Correct Wages Payable d. Correct Factory Overhead Correct Selling Expenses Correct Administrative Expenses Correct Accounts Payable Correct Factory Overhead e Correct Selling Expenses Correct Administrative Expenses Correct Prepaid Expenses Depreciation Expense - Office Building Depreciation Expenses - Office Equipment f Correct Correct Correct Factory Overhead Correct Accumulated Depreciation - Building and Equipment Correct Work in Process Correct Factory Overhead h Correct Finished Goods Correct Work in Process i Correct Cost of Goods Sold Correct Finished Goods
When does the cost of purchasing raw materials become an expense? When the goods being produced with that inventory are finished. When the company pays for the raw materials purchased. When the goods are moved into the inventory production process. When the finished good produced with those materials is sold.
For apparel manufacturer Abercrobmie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost: Research and development costs Depreciation on sewing machines Fabric used during production Depreciation on office equipment Advertising expenses Repairs and maintenance costs for sewing machines Salary of production quality control supervisor Utility costs for office building Sales commissions Salaries of distribution center personnel Wages of sewing machine operators Factory janitorial supplies Chief financial officer’s salary Travel costs of media relations employees Factory supervisors’ salaries Oil used to lubricate sewing machines Property taxes on factory building and equipment
Concepts and terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Materials for use in production are called (supplies, materials inventory). An example of factory overhead is (electricity used to run assembly line, CEO salary).
What is journal entry once goods are completed and then sold? The subject is Managerial Accounting.