Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her com Jiffy Jet and costs for last month follow. Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions $ 3,200 1,000 30,000 2,000 500 900 Req 1 and 2 3,500 150 Factory insurance i Depreciation on cutting machines. Wages paid to painters Assume that Suzie Chang has decided to begin production of her outdoor children's toy. Req 3 6,000 4,200 250 1,200 1,000 2,000 7,500 Required: 1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whethe direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units. 3. Determine the total cost for each of the following: Complete this question by entering your answers in the tabs below. of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her com Jiffy Jet and costs for last month follow. Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions $ 3,200 1,000 30,000 2,000 500 900 Req 1 and 2 3,500 150 Factory insurance i Depreciation on cutting machines. Wages paid to painters Assume that Suzie Chang has decided to begin production of her outdoor children's toy. Req 3 6,000 4,200 250 1,200 1,000 2,000 7,500 Required: 1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whethe direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units. 3. Determine the total cost for each of the following: Complete this question by entering your answers in the tabs below. of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers,
and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is
Jiffy Jet and costs for last month follow.
Factory rent
Company advertising
Wages paid to assembly workers
Depreciation for salespersons' vehicles
Screws
Utilities for factory
Assembly supervisor's salary
Sandpaper
President's salary
Plastic tubing
Paint
Sales commissions
$ 3,200
1,000
30,000
2,000
500
900
Req 1 and 2
3,500
150
Req 3
6,000
4,200
250
Factory insurance i
Depreciation on cutting machines.
Wages paid to painters
Assume that Suzie Chang has decided to begin production of her outdoor children's toy.
1,200
1,000
2,000
7,500
Required:
1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or
fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units.
3. Determine the total cost for each of the following:
Complete this question by entering your answers in the tabs below.
Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as
variable or fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units.
Maker
CHALAR
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Req 1 and 2
Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as
variable or fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units.
Note: Select "NA" wherever necessary.
Reg 3
Costs
Factory rent
Company advertising
Wages paid to assembly workers
Depreciation for salespersons' vehicles
Screws
Utilities for factory
Assembly supervisor's salary
Sandpaper
President's salary
Plastic tubing
Paint
Sales commissions
Factory insurance
Depreciation on cutting machines
Wages paid to painters
Show Transcribed Text
Req 1 and 2
Type of Cost Cost Head
Req 3
T
a. Direct materials
b. Direct labor
c. Manufacturing overhead
d. Prime cost
e. Conversion cost
f. Total product cost
g. Total period cost
h. Total variable cost
i. Total fixed cost
Required:
1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, de
direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preced
fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units.
3. Determine the total cost for each of the following:
Complete this question by entering your answers in the tabs below.
Determine the total cost for each of the following:
S
Cost
Classification
Req 3 >
< Req 1 and 2
Show less A
Raq 3 >
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