Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

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Answer 1

Question

Chapter 2, Problem 2.38P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

2.

To determine

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

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Please explain the solution to this general accounting problem using the correct accounting principles.

Zep Co. manufactures home appliances. During the most productive month of the year, 3,800 refrigerators were manufactured at a total cost of $342,000. In its slowest month, the company made 1,200 refrigerators at a cost of $174,000. Using the high-low method of cost estimation, determine the total fixed costs.

Financial Accounting

Answer 2

Question

Chapter 2, Problem 2.38P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

2.

To determine

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

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Answer 3

Question

Chapter 2, Problem 2.38P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

2.

To determine

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.38P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

2.

To determine

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.38P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

2.

To determine

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

Answer 6

Chapter 2, Problem 2.38P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

Answer 7

Chapter 2, Problem 2.38P

1.

To determine

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

Answer 8

2.

To determine

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

Answer 9

2.

To determine

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3Q Ch. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9Q Ch. 2 - What are three different types of inventory that...

Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something. To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.

To explain: Whether the over-premium and idle-time is an indirect cost or direct cost.

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Chapter 2 Solutions

Cost:

Cost refers to the expenses incurred by the business to earn revenue from sales, in other words cost is the amount given in order to get something.

To identify: (a) direct manufacturing labor, (b) idle time, (c) overtime and holiday premium, and (d) total earning in December.