Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 2, Problem 12MC
Which of the following would not be classified as manufacturing
A. indirect materials
B. indirect labor
C. direct labor
D. property taxes on factory
Expert Solution & Answer
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In what way does the accounting treatment of direct materials and direct labor costs differ from that of factory overhead?
The following would be classified as product costs except:a. property taxes on production equipmentb. insurance on factory machineryc. wages of machine operatorsd. delivery expensee. answer not given
Manufacturing costs would not include
a. Sales salaries expense
b. Indirect materials used
c. Indirect labor costs
d. Depreciation n factory equipment
Chapter 2 Solutions
Principles of Accounting Volume 2
Ch. 2 - Which of the following is the primary source of...Ch. 2 - Which of the following is the primary source of...Ch. 2 - Which of the following is the primary source of...Ch. 2 - Which of the following represents the components...Ch. 2 - Which of the following represents the components...Ch. 2 - Which of the following represents the components...Ch. 2 - Conversion costs include all of the following...Ch. 2 - Which of the following is not considered a product...Ch. 2 - Fixed costs are expenses that...Ch. 2 - Variable costs are expenses that...
Ch. 2 - Total costs for ABC Distributing are $250,000 when...Ch. 2 - Which of the following would not be classified as...Ch. 2 - Which of the following are prime costs? A....Ch. 2 - Which of the following statements is true...Ch. 2 - The high-low method and least-squares regression...Ch. 2 - Which of the following methods of cost estimation...Ch. 2 - In the cost equation Y=a+bx, Y represents which of...Ch. 2 - A scatter graph is used to test the assumption...Ch. 2 - Identify the three primary classifications of...Ch. 2 - Explain how the income statement of a...Ch. 2 - Walsh & Coggins, a professional accounting firm,...Ch. 2 - Lizzys is a retail clothing store, specializing in...Ch. 2 - Identify and describe the three types of product...Ch. 2 - Explain the difference between a period cost and a...Ch. 2 - Explain the concept of relevant range and how it...Ch. 2 - Explain the differences among fixed costs,...Ch. 2 - Explain the difference between prime costs and...Ch. 2 - Explain how a scatter graph is used to identify...Ch. 2 - Explain the components of the total cost equation...Ch. 2 - Explain how the high-low method is used for cost...Ch. 2 - Magio Company manufactures kitchen equipment used...Ch. 2 - Park and West, LLC, provides consulting services...Ch. 2 - Canine Couture is a specialty dog clothing...Ch. 2 - Hicks Contracting collects and analyzes cost data...Ch. 2 - Rose Company has a relevant range of production...Ch. 2 - Carr Company provides human resource consulting...Ch. 2 - Western Trucking operates a fleet of delivery...Ch. 2 - Suppose that a company has fixed costs of $18 per...Ch. 2 - The cost data for Evencoat Paint for the year 2019...Ch. 2 - This cost data from Hickory Furniture is for the...Ch. 2 - Markson and Sons leases a copy machine with terms...Ch. 2 - Markson and Sons leases a copy machine with terms...Ch. 2 - Winterfell Products manufactures electrical...Ch. 2 - CPK ** Associates is a mid-size legal firm,...Ch. 2 - Flip or Flop is a retail shop selling a wide...Ch. 2 - Roper Furniture manufactures office furniture and...Ch. 2 - Baxter Company has a relevant range of production...Ch. 2 - Sanchez & Vukmin, LLP, is a full-service...Ch. 2 - Case Airlines provides charter airline services....Ch. 2 - Suppose that a company has fixed costs of $11 per...Ch. 2 - The cost data for BC Billing Solutions for the...Ch. 2 - This cost data from Hickory Furniture is for the...Ch. 2 - Able Transport operates a tour bus that they lease...Ch. 2 - Able Transport operates a tour bus that they lease...Ch. 2 - Ballentine Manufacturing produces and sells...Ch. 2 - Tom West is a land surveyor who operates a small...Ch. 2 - Just Beachy is a retail business located on the...Ch. 2 - Listed as follows are various costs found in...Ch. 2 - Wachowski Company reported these cost data for the...Ch. 2 - Carolina Yachts builds custom yachts in its...Ch. 2 - Hicks Products produces and sells patio furniture...Ch. 2 - Conner ** Scheer, Attorneys at Law, provide a wide...Ch. 2 - Puzzles, Pranks ** Games is a retail business...Ch. 2 - Pocket Umbrella, Inc. is considering producing a...Ch. 2 - Using the costs listed in the previous problem,...Ch. 2 - Gadell Farms produces venison sausage that is...Ch. 2 - In a team of two or three students, interview the...Ch. 2 - This list contains costs that various...
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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.Similar questions
- Which of the following is not considered a product cost? A. direct materials B. direct labor C. indirect materials D. selling expensearrow_forwardWhich of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expensesarrow_forwardWhich of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expensesarrow_forward
- What are factory overhead expenses, and what distinguishes them from other manufacturing costs? What other terms are used to describe factory overhead expenses?arrow_forwardWhich is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overheadarrow_forwardHow do the manufacturing costs incurred during a period differ from the cost of goods manufactured for a period?arrow_forward
- What are the sources for posting indirect labor cost to the indirect labor account in the factory overhead ledger?arrow_forwardWhy is it usually reasonable to assume that labor and factory overhead are added evenly throughout the production process?arrow_forwardWhy factory overhead is computed based on direct labor?arrow_forward
- Wages paid to a labourer who is engaged in production activities should be classified as: a) direct costs b) indirect cost. c) sunk cost.d) imputed costarrow_forwardWhich of the following items would be classified as part of factory overhead? a. amortization of manufacturing patents b. factory supplies used c. production supervisors' salaries Od. all of these choicesarrow_forwardWhich of the following costs would not be inventoriable? Indirect labor cost Office rent factory insurance costarrow_forward
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