Instruction: Classify each cost as Direct Materials, Direct Labor, Manufacturing Overhead, Distribution Costs or Administration Costs. 1. Truck repairs _2. Office Supplies 3. Semifinished parts 4. Gasoline and Oil 5. Finished Parts for Assembling _6. Samples of products _7. Salespeople's salaries _8. Factory machinery repairs _9. Freight out 10. Retail outlet rent
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- Abuah Goods manufactures clothing. For each item listed, Identify whether It is a product cost, a period cost, or not an expense. pins to keep materials together while garment Is being manufactured real estate taxes on store advertising expense product inspector wages shirts for sale Chief Financial Officer salary cost of goods soldHOME WORK COST ACCOUNTING- COST CLASSIFICATION Required: Read each of the following costs (1-58) items and classify cost as Factory Overhead, Office and Administration Overhead, Selling & Distribution Overhead Cost Items Classification 1. Advertising Expenses 2. Bad debts 3. Bank Charges. 4. Buying and store-keeping expenses 5. Carriage inward on purchased materials 6. Carriage outward 7. Consumable stores and all forms of indirect material (i.e., material that cannot be traced as part of the finished product, such as oils and greases, small tools, cleaning materials, and minor spare parts for repairs) 8. Contribution to social security schemes, educational schemes, and old-age pension contributions 9. Cost of dusters, brushes etc. for cleaning. 10. Cost of oil, grease, spare parts, etc. used in maintaining delivery vans 11. Cost of packing and packages 12. cost of printing and stationery used in marketing 13. Depreciation 14. Depreciation of factory plant and machinery and buildings…Question#6 For each item, identify all applicable cost labels. Use the following code in your answer:1 — Product Cost2 — Period Costa. Advertising _______b. Direct materials used _______c. Sales salaries _______d. Indirect factory labor _______e. Repairs to office equipment _______f. Factory manager's salary _______g. Direct labor _______h. Indirect materials _______
- Little Things manufactures toys. For each item listed, identify whether it is a product cost, a period cost, or not an expense. A. internet provider services B. material expense C. raw materials inventory D. production equipment rental E. showroom rental F. factory employee salary G. Human Resource Director salary6. Engineers who design cars for a car manufacturing company submit their timesheets. The entry to record their direct labor costs to the job would include a debit to which account? O finished goods inventory Omanufacturing overhead Owages payable Owork-in-process inventoryRequirements: 1. Accumulated cost for each job 2. Total cost of goods manufactured 3.total manufacturing cost 4. Cost of goods sold 5. Gross profit 6. WIP end 7. Materials inventory 8. FG end
- Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost: Event a. b. C. Advertising costs. d. e. f. g. Goods purchased for resale. Salaries of salespersons. h. i. Transportation-out. Interest on a note payable. Salary of the company president. Transportation-in. Insurance on the office building. Office supplies.Identify the following costs as a product cost or a period cost for an automobile manufacturer:a. Steelb. Wages of employees that operate painting equipmentc. Rent on office buildingd. Sales staff salariesListed as follows are various costs found in businesses. Classify each cost as a fixed or variable cost, and as a product and/or period cost. a. Wages of administrative staff b. Shipping costs on merchandise sold C. Wages of workers assembling computers d. Cost of lease on factory equipment e. Insurance on factory f. Direct materials used in production of lamps g. Supervisor salary, factory h. Advertising costs_ i. Property taxes, factory j. Health insurance cost for company executives k. Rent on factory
- Choose the journal entry 4. Record the cost of goods manufactured Dr Factory overhead; Cr Finished goods inventory Dr Work In process Inventory; Cr Finished goods Inventory Dr Finished goods inventory; Cr Work In process Inventory Dr Materials Inventory; Cr Work In process Inventory\ 5. Record the purchased Indirect Materials on account Dr Factory overhead inventory; Cr Accounts payable Dr Materials inventory; Cr Accounts payable Dr Factory overhead inventory; Cr Cash Dr Materials inventory; Cr CashWhich one is a product cost Select one: a. Travel Expenses b. Power c. Rent Factory Building d. Salesmen SalariesSierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Raw materials inventory 160,500 Work in process inventory-Cutting Work in process inventory-Stitching 122,500 Finished goods inventory 48,250 The following additional information describes the company's production activities for May Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overbead (Actual costs)) Indirect materials used, Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales $ 25,600 102,400 Beginning Inventory $ 106,000 243,500 263,300 60,100 (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold $ 125,000 26,750 0 Ending Inventory $…