Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 16, Problem 9TI
Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing
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Classifying costs
Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period cost. If the cost is a product cost, further determine if the cost is direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and then determine if the product cost is a prime cost, conversion cost, or both. If the cost is a period cost, further determine if the cost is a selling expense or administrative expense (Admin). Cost (a) is answered as a guide
Identify each of the following costs as either a product cost (PROD) or a period cost (PER). Indirect materials used in making goods.
Identify whether each of the following costs should be classified as product costs or period costs.
(a)
Period CostsProduct Costs
Manufacturing overhead.
(b)
Period CostsProduct Costs
Selling expenses.
(c)
Period CostsProduct Costs
Administrative expenses.
(d)
Period CostsProduct Costs
Advertising expenses.
(e)
Period CostsProduct Costs
Direct labor.
(f)
Period CostsProduct Costs
Direct materials.
Chapter 16 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Identify the following characteristics as...Ch. 16 - Prob. 6TICh. 16 - Prob. 7TICh. 16 - Prob. 8TICh. 16 - Identify each cost as a period cost or a product...Ch. 16 - Identify each cost as a period cost or a product...
Ch. 16 - Prob. 11TICh. 16 - ABC Manufacturing Company has the following data...Ch. 16 - Prob. 13TICh. 16 - Match the definition to the key term. Value chain...Ch. 16 - Match the definition to the key term. 13. Triple...Ch. 16 - Prob. 16TICh. 16 - Prob. 17TICh. 16 - Prob. 18TICh. 16 - Prob. 1QCCh. 16 - Prob. 2QCCh. 16 - Dunaway Company reports the following costs for...Ch. 16 - Which of the following is a direct cost of...Ch. 16 - Which of the following is not part of...Ch. 16 - Prob. 6QCCh. 16 - Suppose a bakery reports the following...Ch. 16 - What is the cost of goods manufactured? a. 151,000...Ch. 16 - World-class businesses use which of these systems...Ch. 16 - Todays business environment is characterized by a....Ch. 16 - Prob. 1RQCh. 16 - List six differences between financial accounting...Ch. 16 - Explain the difference between line positions and...Ch. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Describe a service company, and give an example.Ch. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - Explain the difference between a direct cost and...Ch. 16 - What are the three manufacturing costs for a...Ch. 16 - Give five examples of manufacturing overhead.Ch. 16 - What are prime costs? Conversion costs?Ch. 16 - What are product costs?Ch. 16 - How do period costs differ from product costs?Ch. 16 - How is cost of goods manufactured calculated?Ch. 16 - Prob. 17RQCh. 16 - Prob. 18RQCh. 16 - How does a service company calculate unit cost per...Ch. 16 - Prob. 20RQCh. 16 - Prob. 1SECh. 16 - Prob. 2SECh. 16 - Granger Cards is a manufacturer of greeting cards....Ch. 16 - Computing manufacturing overhead Sunglasses...Ch. 16 - Identifying product costs and period costs...Ch. 16 - Use the following information for The Windshield...Ch. 16 - Prob. 7SECh. 16 - Computing direct materials used Tuscany, Inc. has...Ch. 16 - Computing cost of goods manufactured Use the...Ch. 16 - Use the following information to calculate the...Ch. 16 - Match the term with the correct definition. 1. A...Ch. 16 - Marx and Tyler provides hair-cutting services in...Ch. 16 - Comparing managerial accounting and financial...Ch. 16 - Prob. 14ECh. 16 - Wheels, Inc. manufactures wheels for bicycles,...Ch. 16 - Identifying differences between service,...Ch. 16 - Prob. 17ECh. 16 - Selected data for three companies are given below....Ch. 16 - Computing cost of goods manufactured Consider the...Ch. 16 - Wilson Corp., a lamp manufacturer, provided the...Ch. 16 - Computing cost of goods manufactured and cost of...Ch. 16 - Match the following terms to the appropriate...Ch. 16 - Buddy Grooming provides grooming services for...Ch. 16 - Conway Brush Company sells standard hair brushes....Ch. 16 - Natalia Wallace is the new controller for Smart...Ch. 16 - Lawlor, Inc. is the manufacturer of lawn care...Ch. 16 - Prob. 27APCh. 16 - Gourmet Bones manufactures its own brand of pet...Ch. 16 - Preparing a schedule of cost of goods manufactured...Ch. 16 - Root Shoe Company makes loafers. During the most...Ch. 16 - The Windshield Doctors repair chips in car...Ch. 16 - Prob. 32APCh. 16 - Ava Borzi is the new controller for Halo Software,...Ch. 16 - Langley, Inc. is the manufacturer of lawn care...Ch. 16 - Below are data for two companies: Requirements 1....Ch. 16 - Chewy Bones manufactures its own brand of pet chew...Ch. 16 - Prob. 37BPCh. 16 - True Fit Shoe Company makes loafers. During the...Ch. 16 - The Glass Doctors repair chips in car windshields....Ch. 16 - Prob. 40BPCh. 16 - This is the first problem in a sequence of...Ch. 16 - Winnebago Industries, Inc. is a leading...Ch. 16 - Prob. 1DCCh. 16 - Prob. 1EICh. 16 - In 100 words or fewer, explain the difference...
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- Bledsoe Corporation has provided the following data for the month of November: Ending Beginning $ 25,200 $ 17,200 $ 48,200 Inventories: Raw materials Work in process Finished Goods Additional information: Raw materials purchases Direct labor cost $ 72,200 $ 92,200 Manufacturing overhead cost incurred $ 42,220 Indirect materials included in manufacturing overhead cost incurred $ 4,020 Manufacturing overhead cost applied to Work in Process $ 41,200 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Complete this question by entering your answers in the table below. Schedule of Schedule of COGM COGS $ 21,200 $ 10,200 $ 56,200 Prepare a Schedule of Cost of Goods Manufactured. Direct materials BLEDSOE CORPORATION Schedule of Cost of Goods Manufacturedarrow_forwardWheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period cost. If the cost is a product cost, further determine if the cost is direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and then determine if the product cost is a prime cost, conversion cost, or both. If the cost is a period cost, further determine if the cost is a selling expense or administrative expense (Admin). Cost (a) is answered as a guide. (If an answer does not apply, leave the box blank.) Product Product Period Cost DM DL MOH Prime Conversion Selling Admin. a. Metal used for rims X X b. Sales salaries c. Rent on factory d. Wages of assembly workers e. Salary…arrow_forwardWhen will cost of goods sold will equal the cost of goods manufactured? when work-in-process inventories in the beginning and ending remains the same. when materials inventories in the beginning and ending remains the same. when work-in-process beginning is higher than the work-in-process ending when finished goods inventories in the beginning and ending remains the same. Group of answer choices 1 2 3 4arrow_forward
- Product costs are expensed Group of answer choices When the product unit cost is calculated. When the product is finished. When the product is sold. All of these.arrow_forwardWhen materials and supplies are used in a product that will be sold to customers, the usage of the materials and supplies is described as: a. Opportunity cost. b. Cost incurrence. c. Locked-in cost. d. Designed-in cost.arrow_forwardWhich one is a product cost Select one: a. Travel Expenses b. Power c. Rent Factory Building d. Salesmen Salariesarrow_forward
- Direct material cost refer to: cost of the raw materials used to produce goods and directly become part of the goods manufactured O cost of material and labour involved in the manufacture of products O indirect costs needed in the production of goods cost of converting raw materials into finished goodsarrow_forwardWhich of the following statements is true? (You may select more than one answer.)a. Conversion costs include direct materials and direct labor.b. Indirect materials are included in manufacturing overhead.c. Prime costs are included in manufacturing overhead.d. Selling costs are considered period costsarrow_forwardfor lamp manufacturing company the cost lamp stack describe ? a)conversion cost b)manufacturing overhead cost c)period cost d)product costarrow_forward
- If selling and administrative expenses are allocated to different products, they should be reported as a a.period cost b.factory overhead cost c.cost of goods sold d.cost of goods manufacturedarrow_forwardWhich of the following is the correct flow of manufacturing costs? * Raw materials, work in process, finished goods, cost of goods sold Raw materials, finished goods, cost of goods sold, work in process Work in process, finished goods, raw materials, cost of goods sold Cost of goods sold, raw materials, work in process, finished goodsarrow_forwardA costing approach in which all manufacturing costs are product costs." This statement best describe. a. Normal Costing O b. Variable Costing C. Absorption Costing d. Actual Costingarrow_forward
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