SM, Inc. makes ski-boards in Davao. Identify the correct matching of terms. * A. Fiberglass is factory overhead B. Plant real estate taxes are a period cost C. Depreciation on delivery trucks is a product cost D. Payroll taxes for workers in the Packaging Dept. are direct labor
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- Masay Company provided the following information for the b. Income statement using the "cost of goods sold" method a: Statement of cost of goods manufactured Problem 9-2 (LAA) current year: Sales Inventories - January 1: Raw materials Goods in process Finished goods Inventories - December 31: Raw materials Goods in process Finishéd goods Purchases Direct labor Indirect labor Superintendence Light, heat and power Rent - factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation - store equipment Office salaries Depreciation - office equipment Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expense8 Earthquake loss Gain from Income tax expense 7,500,000 200,000 240,000 360,000 280,000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 10,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000- 10,000 100,000…Gala Company is a manufacturer of laptop computers. Various costs and expenses associated with its operations are as follows. The company intends to classify these costs and expenses into the following categories: direct materials, direct labor, manufacturing overhead, and period costs. For each item, indicate the cost category to which it belongs. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Property taxes on the factory building. Production superintendents' salaries. Memory boards and chips used in assembling computers. Depreciation on the factory equipment. Salaries for quality control inspectors. Sales commissions paid to sell laptop computers. Electrical components used in assembling computers. Wages of workers assembling laptop computers. Soldering materials used on factory assembly lines. Salaries for the night security guards for the factory building. CategoryCotton White, Incorporated, makes specialty clothing for chefs. The company reported the following costs for the current year. Factory rent Company advertising Wages paid to sewing personnel Depreciation on salespersons' vehicles. Thread Utilities for factory Cutting room supervisor's salary President's salary Premium quality cotton material Buttons Factory insurance Depreciation on sewing machines Wages paid to cutters Required: 1. Compute the cost of direct materials for Cotton White. 2. Compute the cost of direct labor for Cotton White. $ 42,000 18,000 75,000 25,000 1,000 22,000 30,000 75,000 42,000 750 15,000 6,000 50,000 3. Compute the cost of manufacturing overhead for Cotton White. 4. Compute the total manufacturing cost for Cotton White. 5. Compute the prime cost for Cotton White. 6. Compute the conversion cost for Cotton White. 7. Compute the total period cost for Cotton White.
- 1. Property taxes on a manufacturing plant is an element of: a. Conversion cost b. Prime cost c. Period cost d. Fixed cost 2. Factory supplies for manufacturing plant are generally a. Prime cost b. Fixed cost c. Period cost d. Variable cost 3. Wages paid to timekeeper in a factory is a a. Prime cost b. Direct Material c. Conversion cost d. Direct labor(me following monation applies to the questions displayed below.j The following cost data for the year just ended pertain to Sentiments, Incorporated, a greeting card manufacturer: Direct material Advertising expense Depreciation on factory building Direct labor: wages Cost of finished goods inventory at year-end Indirect labor: wages Production supervisor's salary Service department costs* Direct labor: fringe benefits Indirect labor: fringe benefits Fringe benefits for production supervisor Total overtime premiums paid Cost of idle time: production employees Administrative costs Rental of office space for sales personnelt Sales commissions Product promotion costs Required: 1. Compute each of the following costs for the year just ended: All services are provided to manufacturing departments. $Cost of idle time is an overhead item; it is not included in the direct-labor wages given above. *The rental of sales space was made necessary when the sales offices were converted to storage…I. Classify the ff. ais to: Direct Material (DM), Direct Labor (DL), Manufacturing Overhead (MOH), (AD) and Selling (SE) Expense. Pick your answer in the drop down list Description 1 2 3 4 5 LO 6 7 8 9 10 Administrative Classification Wages of Company Officials other than plant supervisors Sales Personnel Salaries Electricity used by a manufacturing company's administrative office Paper used by Printing Company Depreciation of plant and machineries Factory Supplies Lumber used by a furniture manufacturing company Inventory control clerks salaries Wage of a baker in a bakeshop Factory maintenance personnel
- Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory Indicate whether each period cost is a selling expense or an administrative expense. Costs a. Annual bonus paid to the chief financial officer of the company b. Annual fee to a celebrity to promote the aircraft c. Cost of electronic guidance system installed in the airplane cockpit d. Cost of the flight data recorder (the black box) for the airplane e. Cost of normal scrap from production of the airplane body f. Cost of small replicas of the airplane used to promote and market the airplane g. Cost of paving the headquarters employee parking lot h. Decals for cockpit door, the cost of which is immaterial to the cost of the final product 1. Depreciation on factory equipment j. Hourly wages for janitorial staff for the factory k. Hydraulic pumps used in the airplane's flight control system 1. Instrument panel installed in the…A car manufacturer incurs the following costs. Classify each cost as either a product or period cost. If a product cost, classify it as direct materials, direct labor, or factory overhead. If a period cost, classify it as a selling expense or a general and administrative expense. Costs Rent on factory building Steering wheels used in cars Property taxes on office building Office building insurance used up Factory electricity Advertising Depreciation on factory machine Batteries for electric cars Steel for cars Leather for car seats Cost Classification.Below is a list of costs. Please identify each cost as either a product or period cost. Dragged and dropped options on the right-hand side will be automatically saved. For keyboard navigation... SHOW MORE ✓ Depreciation on office copier Depreciation on office building Insurance on office building Metal used in building a car Salary of CEO Salary of production manager Salary of assembly line workers Utilities of office building = = Product Period = Period = Period = Product = Product = = Period Period
- A typical indirect labor cost for a manufacturer is: a. factory insurance b. sales office salaries c. sales commissions d. materials handlingBastille Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.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
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