Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4, Problem 2EA
Table 4.3 shows a list of expenses involved in the production of custom, professional lacrosse sticks.
- For each Item listed, state whether the cost should be applied to manufacturing or sales and administration.
- 1f the cost is a
manufacturing cost , state whether It Is direct materials, direct labor, or manufacturingoverhead . - If the cost is a manufacturing overhead cost, state whether it is indirect materials, indirect labor, or another type of manufacturing overhead.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
A list of expenses involved in the production of custom, professional lacrosse sticks are shown.
For each item listed, state whether the cost should be applied to manufacturing or sales and administration.
If the cost is a manufacturing cost, state whether it is direct materials, direct labor, or manufacturing overhead.
If the cost is a manufacturing overhead cost, state whether it is indirect materials, indirect labor, or another type of manufacturing overhead.
If an item is not applicable, select "NA".
Lacrosse StickProduction Costs
Manufacturingor Sales andAdministration Cost?
If Manufacturing:Direct Materials,Direct Labor, Overhead or Other?
If Overhead:Indirect Materials,Indirect Labor, or Other?
Carbon, fiberglass
Administrative building rent
Accountant salary
Factory building depreciation
Strings for the pocket
Advertising
Production supervisor salary
Paint for sticks…
The table below shows a list of costs for a company that produces custom, professional lacrosse sticks.
1. For each item listed, state whether the cost should be classified as product cost or period cost.
2. If the cost is a manufacturing cost, state whether it is DM, DL, or MO. otherwise select none.
3. If the cost is a manufacturing overhead cost, state whether it is IDM, IDL, or another type of manufacturing overhead, otherwise select none.
List of Costs
Product or Period Cost?
DM, DL. or MO
IDM, IDL, or Other?
Carbon, fiberglass
[Sclect)
( Sekct
Product
Administrative building rent
( Sckct
[Sclect ]
(Scect |
Accountant salary
(Select
[ Select)
( Sckct
Factory building depreciation
(Select)
[ Sclect]
( Scect)
Strings for the pocket
(Sekct
[ Sclect)
( Scect)
Advertising
(Select
[Sclect)
( Scect)
Production supervisor salary
(Seect)
[ Sclect)
(Select
Paint for sticks
(Seect
[ Sclect]
( Sckct
Research and development costs
(Sclect)
[Select)
( Select)
Wages of person who strings the…
1. The table below shows a list of costs for a company that produces custom, professional lacrosse sticks.
For each item listed, state whether the cost should be classified as product cost or period cost.
If the cost is a manufacturing cost, state whether it is DM, DL, or MO, otherwise select none.
If the cost is a manufacturing overhead cost, state whether it is IDM, IDL, or another type of manufacturing overhead, otherwise select none.
List of Costs
Product or Period Cost?
DM, DL, or MO
IDM, IDL, or Other?
Carbon, fiberglass
["", ""]
["", "", "", ""]
["", "", "", ""]
Administrative building rent
["", ""]
["", "", "", ""]
["", "", "", ""]
Accountant salary
["", ""]
["", "", "", ""]
["", "", "", ""]
Factory building depreciation
["", ""]
["", "", "", ""]
["", "", "", ""]
Strings for the pocket
["", ""]
["", "", "", ""]
["", "", "", ""]
Advertising
["", ""]…
Chapter 4 Solutions
Principles of Accounting Volume 2
Ch. 4 - Which of the following product situations is...Ch. 4 - A job order costing system is most likely used by...Ch. 4 - Which of the following is a prime cost? A....Ch. 4 - Which of the following is a conversion cost? raw...Ch. 4 - During production, to what are the costs in job...Ch. 4 - Which document lists the inventory that will be...Ch. 4 - Which document shows the cost of direct materials,...Ch. 4 - Which document lists the total direct materials...Ch. 4 - Which document lists the total direct labor used...Ch. 4 - Assigning indirect costs to specific jobs is...
Ch. 4 - In a job order cost system, which account shows...Ch. 4 - In a job order cost system, raw materials...Ch. 4 - In a job order cost system, overhead applied is...Ch. 4 - In a job order cost system, factory wage expense...Ch. 4 - In a job order cost system, utility expense...Ch. 4 - In a job order cost system, indirect labor...Ch. 4 - The activity base for service industries is most...Ch. 4 - A printing company manufactures notebooks of...Ch. 4 - Burnham Industries incurs these costs for the...Ch. 4 - Chocos Chocolates incurs these costs for the...Ch. 4 - How do job order costing and process costing...Ch. 4 - Why are product costs assigned to the product and...Ch. 4 - Is the cost of goods manufactured the same as the...Ch. 4 - From beginning to end, place these items in the...Ch. 4 - How is the predetermined overhead rate determined?Ch. 4 - How is the predetermined overhead rate applied?Ch. 4 - Why are the overhead costs first accumulated in...Ch. 4 - Why is the manufacturing overhead account debited...Ch. 4 - Match the concept on the left to its correct...Ch. 4 - When compared to manufacturing companies, service...Ch. 4 - Little Things manufactures toys. For each item...Ch. 4 - Table 4.3 shows a list of expenses involved in the...Ch. 4 - Burnham Industries incurs these costs for the...Ch. 4 - Marzons records show raw materials Inventory had a...Ch. 4 - Sterlings records show the work in process...Ch. 4 - Logo Gear purchased $2,250 worth of merchandise...Ch. 4 - A company estimates its manufacturing overhead...Ch. 4 - Job order cost sheets show the following costs...Ch. 4 - A new company started production. Job 10 was...Ch. 4 - K company production was working on Job 1 and Job...Ch. 4 - A company has the following transactions during...Ch. 4 - During the month, Job AB2 used specialized...Ch. 4 - Job 113 was completed at a cost of $5,000, and Job...Ch. 4 - A companys Individual job sheets show these costs:...Ch. 4 - A summary of material requisition slips and time...Ch. 4 - Abuah Goods manufactures clothing. For each item...Ch. 4 - Chocos Chocolates incurs the following costs for...Ch. 4 - The table shows a list of expenses involved in the...Ch. 4 - Masonrys records show the raw materials inventory...Ch. 4 - Steinways records show their work in process...Ch. 4 - Langstons purchased $3,100 of merchandise during...Ch. 4 - A company estimates its manufacturing overhead...Ch. 4 - Job order cost sheets show the following costs...Ch. 4 - A new company started production. Job 1 was...Ch. 4 - Inez has the following information relating to Job...Ch. 4 - A company has the following information relating...Ch. 4 - A company has the following transactions during...Ch. 4 - During the month, Job Arch2 used specialized...Ch. 4 - Job 113 was completed at a cost of $7,500, and Job...Ch. 4 - A companys individual job sheets show these costs:...Ch. 4 - A summary of materials requisition slips and time...Ch. 4 - For each item listed, state whether a job order...Ch. 4 - York Company Is a machine shop that estimated...Ch. 4 - Pocono Cement Forms expects $900,000 in overhead...Ch. 4 - Job cost sheets show the following information:...Ch. 4 - Complete the information in the cost computations...Ch. 4 - During the year, a company purchased raw materials...Ch. 4 - Freeman Furnishings has summarized its data as...Ch. 4 - Coops Stoops estimated its annual overhead to be...Ch. 4 - MountaIn Peaks applies overhead on the basis of...Ch. 4 - The actual overhead for a company is $74,539....Ch. 4 - When setting its predetermined overhead...Ch. 4 - The following data summarize the operations during...Ch. 4 - The following events occurred during March for...Ch. 4 - A movie production studio incurred the following...Ch. 4 - For each item listed, state whether a job order...Ch. 4 - Rulers Company is a neon sign company that...Ch. 4 - Event Forms expects $120,000 in overhead during...Ch. 4 - Summary information from a companys job cost...Ch. 4 - Complete the information in the cost computations...Ch. 4 - During the year, a company purchased raw materials...Ch. 4 - Freeman Furnishings has summarized its data as...Ch. 4 - Queen Bees Honey, Inc., estimated its annual...Ch. 4 - Mountain Tops applies overhead on the basis of...Ch. 4 - The actual overhead for a company is $73,175....Ch. 4 - When setting its predetermined overhead...Ch. 4 - The following data summarize the operations during...Ch. 4 - The Following events occurred during March for...Ch. 4 - A leather repair shop incurred the following...Ch. 4 - Can a company use both job order costing and...Ch. 4 - If a job order cost system tracks the direct...Ch. 4 - What are the similarities in calculating the cost...Ch. 4 - If a company bases its predetermined overhead rate...Ch. 4 - How do the job cost sheets act as a subsidiary...Ch. 4 - How is a job order cost system used in a service...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Create an Excel spreadsheet on your own that can make combination forecasts for Problem 18. Create a combinatio...
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
The annual report is considered by some to be the single most important printed document that companies produce...
Accounting Information Systems (14th Edition)
*24. How does the average-cost method of inventory costing differ between a perpetual inventory system and a pe...
Financial Accounting: Tools for Business Decision Making, 8th Edition
FIFO, Perpetual Basis. Spider incorporated provided the following information regarding its inventory for the c...
Intermediate Accounting (2nd Edition)
Name the five steps in process costing when equivalent units are computed.
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Knowledge Booster
Learn more about
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
- The table shows a list of expenses involved in the production of custom snowboard bindings. For each item listed, state if the cost is manufacturing or sales and administration. If the cost is a manufacturing cost, state if it is direct materials, direct labor, or manufacturing overhead. 1f the cost is a manufacturing overhead cost, state if it is indirect materials, indirect labor, or another type of manufacturing overhead.arrow_forwardInstructions Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the following tabular headings for your answer, placing an “X” in the appropriate column: Production Cost Period Cost Cost Direct Materials Cost Direct Labor Costs Factory Overhead Cost Selling Expense Administrative Expense The following is a list of costs that were incurred in the production and sale of lawn mowers: Attorney fees for drafting a new lease for headquarter offices Cash paid to outside firm for janitorial services for factory Commissions paid to sales representatives, based on the number of lawn mowers sold. Cost of advertising in a national magazine Cost of boxes used in packaging…arrow_forwardHelparrow_forward
- 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 guidearrow_forwardIdentify 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.arrow_forwardIdentify whether each of the following costs should be classified as product costs or period costs. (a) (b) (c) (d) (e) S Manufacturing overhead. Selling expenses. Administrative expenses. Advertising expenses. Direct labor. Direct materials.arrow_forward
- Which of the following costs is considered as an example of manufacturing overheads?. Question 2 Answer a. Warehousing. b. The insurance on the factory building. c. Delivery transportation costs. d. Research and development costs. Clear my choicearrow_forwardWhich of the following is a prime cost? A. indirect materials B. direct labor C. administrative expenses D. factory depreciation expensesarrow_forwardWhich of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expensesarrow_forward
- Assign each of the following expenses to either the machine setup cost pool or the factory cost pool: A. indirect materials B. inspections C. factory insurance D. machine depreciation E. machine setup (indirect labor) F. machine setup (indirect material)arrow_forwardFreeman Furnishings has summarized its data as shown: Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hoursarrow_forwardHelparrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Cost Classifications - Managerial Accounting- Fixed Costs Variable Costs Direct & Indirect Costs; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=QQd1_gEF1yM;License: Standard Youtube License