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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 Factory insurance 1,210 1,060 Depreciation on cutting machines 2,090 Wages paid to painters 8,150 Assume that Suzie Chang has decided to begin production of her outdoor children's toy. 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: Req 1 and 2 $ 3,050 1,050 30,600 2,200 580 880 3,580 165 Complete this question by entering your answers in the tabs below. Req 3 5,120 4,100 255 Determine the total cost for each of the following: a. Direct materials $ 4,110 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

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 Factory insurance 1,210 1,060 Depreciation on cutting machines 2,090 Wages paid to painters 8,150 Assume that Suzie Chang has decided to begin production of her outdoor children's toy. 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: Req 1 and 2 $ 3,050 1,050 30,600 2,200 580 880 3,580 165 Complete this question by entering your answers in the tabs below. Req 3 5,120 4,100 255 Determine the total cost for each of the following: a. Direct materials $ 4,110 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

FINANCIAL ACCOUNTING
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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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 Factory insurance Req 1 and 2 $ 3,050 1,050 30,600 2,200 580 880 1,210 1,060 Depreciation on cutting machines 2,090 Wages paid to painters 8,150 Assume that Suzie Chang has decided to begin production of her outdoor children's toy. 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: Req 3 3,580 165 Complete this question by entering your answers in the tabs below. Determine the total cost for each of the following: a. Direct materials $ 4,110 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 5,120 4,100 255
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 Factory insurance Req 1 and 2 $ 3,050 1,050 30,600 2,200 580 880 1,210 1,060 Depreciation on cutting machines 2,090 Wages paid to painters 8,150 Assume that Suzie Chang has decided to begin production of her outdoor children's toy. 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: Req 3 3,580 165 Complete this question by entering your answers in the tabs below. Determine the total cost for each of the following: a. Direct materials $ 4,110 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 5,120 4,100 255
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