The production of the rest stop benches requires the following costs. For each cost, determine how the cost should be classified by placing an X in the appropriate column.
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- For each of the following activities, select the most appropriate cost driver. Each cost driver may be used only once. Activity Cost Driver 1. Pay vendors Answer 2. Evaluate vendors Answer 3. Inspect raw materials Answer 4. Plan for purchases of raw materials Answer 5. Packaging Answer 6. Supervision Answer 7. Employee training Answer 8. Clean tables Answer 9. Machine maintenance Answer 10. Move in-process product from one work station to the next AnswerFor each of the following, indicate whether the cost would typically be considered product or period cost for the cost object given. Clear All Product Period Tires for the bicycles Electricity costs to run the factory Selling costs for the period Delivery costs to take the bicycles to stores Accountant salariesCost classifications For each of the following costs, check the column(s) thatmost likely apply:Cost Variable FixedRaw materialsStaples used to secure packed boxes of productPlant janitors’ wagesOrder processing clerks’ wagesAdvertising expensesProduction workers’ wagesProduction supervisors’ salariesSales force commissionsMaintenance supplies usedPresident’s salaryElectricity costReal estate taxes for:FactoryOffi ce building
- Following are selected costs of a company that manufactures computer chips. Classify each as either a product cost or a period cost. Then classify each of the product costs as direct material, direct labor, or overhead. 1. Plastic boards used to mount chips 2. Advertising costs 3. Factory maintenance workers’ salaries 4. Real estate taxes paid on the sales office 5. Real estate taxes paid on the factory 6. Factory supervisor salary 7. Depreciation on factory equipment 8. Assembly worker hourly pay to make chipsFor each cost item, indicate whether it would be variable or fixed with respect to the number of units produced and sold, and then whether it would be a selling cost, an administrative cost, or a manufacturing cost. If it is a manufacturing cost, indicate whether it is a direct cost or an indirect cost with respect to units of product 1. Property taxes, factory 2 Boxes used for packaging detergent produced by the company. 3. Salespersons commissions 4. Supervisor's salary factory 5. Depreciation, encive autos 6. Wages of workers assembling computers 7. Insurance, finished goods warehouses Lubricants for production equipment 9. Advertising costs 10. Microchips used in producing calculators 11. Shipping costs on merchandise soldClassify the following costs of this new product as direct materials, direct labor, manufacturing overhead, selling, or administrative 1. President's salary. 2. Packages used to hold the skin wipes. 3. Cleaning materials used to clean the skin wipe packages. 4. Wages of workers who package the product. 5. Cost of advertising the product. 6. The salary of the supervisor of the workers who package the product. 7. Cost accountant's salary (the accountant works in the factory). 8. Cost of a market research survey. 9. Sales commissions paid as a percent of sales. 10. Depreciation of administrative office building. Problem B Classify the costs listed in the previous problem as either product costs or period costs.
- ell Computer incurs the following costs: LOADING... (Click the icon to view the costs.) Requirement Classify each of the cost items (a-h) into one of the business functions of the value chain. Cost Item Value Chain Business Function a. Utility costs for the plant assembling the Latitude computer line of products b. Distribution costs for shipping the Latitude line of products to a retail chain c. Payment to David Newbury Designs for design of the XPS 2-in-1 laptop d. Salary of computer scientist working on the next generation of servers e. Cost of Dell employees' visit to a major customer to demonstrate Dell'sProduct vs Period Cost Classifications Mr. Suncat has hired you to help him determine his product costs. He has given you the following list of costs and has asked you to classify these costs using the following chart by placing an “X” under the appropriate heading: Product Costs Direct Materials Direct Labor Manufacturing Overhead Period Costs Mortgage on the Cake Shop Insurance on the Cake Shop Baking ingredients (flour, sugar, etc) Utilities for the Cake Shop Office supplies Wages for the bakers Salary for his accountant, Mrs. Suncat Depreciation on office equipment Cooking spray to grease cake pans Bakery supervisor salary…Comfort Foods Inc. uses activity-based costing to determine product costs. For each activity listed in the left column, match an appropriate activity base from the right column. You may use items in the activity-base list more than once or not at all. Activity Activity Base Cafeteria Engineering change orders Customer return processing Electric power Kilowatt hours used Number of customers Human resources Number of customer orders Number of customer returns Inventory control Invoice and collecting Machine depreciation Materials handling Order shipping Payroll Performance reports Number of employees Number of inspections Number of inventory transactions Number of machine hours Number of material moves Number of payroll checks processed Number of performance reports Number of production orders Number of purchase orders Production control Production setup Purchasing Quality control Sales order processing Number of sales orders Number of setups
- When Diane Buswell, controller for Current Designs, reviewed the accounting records for a recent period, she noted the cost items and amounts shown below (amounts are assumed). Enter the amount for each item in the appropriate cost category. Then sum the amounts in each cost category column. Payee Winona Agency Bill Johnson (sales manager) Xcel Energy Winona Printing Jim Kaiser (sales representative) Dave Thill (factory manager) Dana Schultz (kavak assembler) Purpose Property insurance for the factory Payroll check-payment to sales manager Electricity for factory Price lists for salespeople Sales commissions Payroll check-payment to factory manager Payroll check-payment to kayak assembler Amount 2,740 1,450 390 74 1,090 1,250 668 $ Direct Materials Ih SUPPORTListed 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 factoryView Policies Current Attempt in Progress Classify the following costs as productor period costs by selecting an "X" in the appropriate columns. Cost of pineapple at Dole Pineapple Salary of production supervisor at Nestles Chocolate Salary of security guard at Ethan Allen Furniture factory Wages of assembly line workers at Slim-Fast production plant Cost of shipping goods for goods ordered online from JCPenney Cost of lubricant used on automobile door hinges at Toyota factory Cost of glue used to attach label to jars at Smuckers Cost of plastic bottles used to bottle Coca-Cola Cost of mustard used at Joe's Hot Dog Stand Salary of Joe, who makes hot dogs at Joe's Hot Dog Stand eTextbook and Media Save for Later Direct Material > > > > > > Attempts: 0 of 4 used Period Cost > > > Submit Answer