Within the costing system of a manufacturing company the following types of expenses were incurred: Cost of oils used to lubricate production machinery Motor vehicle licenses for lorries Depreciation of factory plant and equipment Cost of chemicals used in the laboratory Commission paid to sales representatives Salary of the secretary to the finance director Trade discount given to customers Holiday pay of machine operatives Fees to advertising agency Rent of finished goods warehouse Salary of scientist in laboratory Insurance of the company’s premises Salary of supervisor working in the factory Protective clothing for machine operatives Required: As the Cost Accountant, you have been asked to classify the items into the following categories: Production Costs Selling Costs Distribution Costs Administrative Costs Research and Development Costs
Within the costing system of a manufacturing company the following types of expenses were incurred: Cost of oils used to lubricate production machinery Motor vehicle licenses for lorries Depreciation of factory plant and equipment Cost of chemicals used in the laboratory Commission paid to sales representatives Salary of the secretary to the finance director Trade discount given to customers Holiday pay of machine operatives Fees to advertising agency Rent of finished goods warehouse Salary of scientist in laboratory Insurance of the company’s premises Salary of supervisor working in the factory Protective clothing for machine operatives Required: As the Cost Accountant, you have been asked to classify the items into the following categories: Production Costs Selling Costs Distribution Costs Administrative Costs Research and Development Costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Spring 2021 : Cost Accounting - ACT208
- Dashboard
- My courses
- ACT208 (S21)
- Najay Murray - Notes
- Discussion Question 1
- Discussion Question 1
Search forums
Discussion Question 1
Discussion Question 1
Settings
Display mode Display replies flat, with oldest first Display replies flat, with newest first Display replies in threaded form Display replies in nested form
Discussion Question 1
by Najay Murray - Thursday, 21 January 2021, 12:12 AM
Number of replies: 9
Within the costing system of a manufacturing company the following types of expenses were incurred:
- Cost of oils used to lubricate production machinery
- Motor vehicle licenses for lorries
Depreciation of factory plant and equipment- Cost of chemicals used in the laboratory
- Commission paid to sales representatives
- Salary of the secretary to the finance director
- Trade discount given to customers
- Holiday pay of machine operatives
- Fees to advertising agency
- Rent of finished goods warehouse
- Salary of scientist in laboratory
- Insurance of the company’s premises
- Salary of supervisor working in the factory
- Protective clothing for machine operatives
Required:
As the Cost Accountant, you have been asked to classify the items into the following categories:
- Production Costs
- Selling Costs
- Distribution Costs
- Administrative Costs
- Research and Development Costs
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education