Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect. To identify: The impact on financial statement if period cost assigned as product cost.

Question

Want to see the full answer?

Answer 1

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

what is the predetermined overheadrate ?

Which account is not closed at the end of an accounting period? Consider typical accounts maintained in the general ledger. (A) Sales (B) Wages Expense (C) Capital (D) Rent Revenue

Please provide the correct answer to this general accounting problem using valid calculations.

Answer 2

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Answer 6

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Answer 7

Chapter 1, Problem 4.3GAP

To determine

Concept introduction:

Period Cost cannot be assigned to the products or to the cost of inventory. The period cost is just related to the selling of product or it’s related to general administration. So the assignment of period cost as product cost is totally incorrect.

To identify:

The impact on financial statement if period cost assigned as product cost.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 1 - What is the primary difference between financial...Ch. 1 - Prob. 2Q Ch. 1 - Why are traditional, GAAP-based financial...Ch. 1 - Prob. 4Q Ch. 1 - consider the area within a 3-mile radius of your...Ch. 1 - What are the three basic functions of management?Ch. 1 - How are the three basic management functions...Ch. 1 - What are ethics and why is ethical behavior...Ch. 1 - Prob. 9Q Ch. 1 - Prob. 10Q

Solution Summary: The author explains that period cost cannot be assigned to the products or the cost of inventory, so the assignment as product cost is totally incorrect.

Concept explainers

Videos

Want to see the full answer?

Chapter 1 Solutions