Managerial Accounting Quiz 1

Requirement 3. Classify each of the cost items ​(​A-I​) as an inventoriable cost or a period cost. Explain your answers.   a. Lumber at Home Depot is ​a(n) ▼   inventoriable cost period cost since the lumber is ▼   an asset (inventory) held to sale to customers. presumed not to benefit future periods.   The cost of lumber becomes part of ▼   cost of goods sold manufacturing overhead operating expenses when it is sold to customers. b. Electricity in an Apple manufacturing plant is​ a(n) ▼   inventoriable cost period cost . It is ▼   a direct cost an indirect cost of the product being produced. c. Depreciation on the shelving at Home Depot is​ a(n) ▼   inventoriable cost period cost . It is ▼   a cost of selling their products a cost of the products ​, not ▼   a cost of selling their products a cost of the products . d. Mileage for Rent a Nanny is​ a(n) ▼   inventoriable cost period cost since ▼   it has no inventory. it is a…

Select and “X” in the column that corresponds to the cost classification for each of the following scenarios. Some items may fit in more than one column.

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16.3

Multiple choice

Question 34 Classify the following costs into engineered, committed and discretionary costs Wages of employees in manufacturing Cost of timber in furniture manufacturing Salary of CEO Cost of heating in factory Salary of sales employees Depreciation of machinery in production Rent of factory building Wages of designers< Car hire Cost of yearly Christmas party Cost of repairing machinery ↓↓↓ committed discretionary Engineered 7777777777

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Problem 1Classify the following as to Fixed, Variable or Mixed Cost1. Factory Rent2. Wages of workers paid based on units produced3. Cost Accountant Salary4. Depreciation based on output5. Salary of Factory supervisor6. Basic Salary plus sales commission of salesman7. Paper in manufacturing of books8. Factory Insurance9. Monthly Depreciation of Building10. Bottle used in packaging

Which of the following costs would not be part of productinventory costs for a manufacturer such as Harley Davidson? A. Costs to advertise the newest model B. Kickstands purchased for use in manufacturing themotorcycles C. The factory manager’s salary and benefits D. The wages and benefits of an employee in the weldingdepartment

QUESTION 4 Indicate whether each of the following costs incurred by a manufacture would be considered an (Inventoriable) Product Cost or a Period Cost. If the cost is identified as a Product costs, indicate whether it would be considered Direct Material, Direct Labor, or Manufacutring Overhead (MOH). А. Product - MOH The cost to deliver finished product to customers В. Period The insurance costs for the factory building C. Product - Direct Materials The wages of the assembly workers D. Product - Direct Labor

Q1

Which one of the following is an example of a committed cost? a. The cost of annual end of year celebration а. b. None of the given answers С. The salary of the chief operating officer d. The cost of employee training program * e. The salary of the marketing manager

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Which of the following costs is not a product cost? *1 pointa. Depreciation on the plant installed in the factoryb. The electricity cost of the office of factory foremanc. The cost of shipping finished products to customersd. The cost of fuel used in the factory

Choose the correct letter in each item. Kindly answer all items. NO EXPLANATION NEEDED1. Wages for factory assembler and production superintendent are: a. Prime costb. Conversion costc. Direct labord. Manufacturing cost 2. The cost of insurance for manufacturing plant is aa. Product costd. Prime costc. Conversion costd. Period cost 3. Factory supplies for manufacturing plant are generallya. Prime costb. Fixed costc. Period costd. Variable cost 4. Wages paid to timekeeper in a factory is aa. Prime costb. Direct Materialc. Conversion costd. Direct labor

Cost: Allocated corporate overhead            Decision: Closing a money-losing department           Relevant or Irrelevant?       2. Cost: Cost of an old car           Decision: Vehicle replacement           Relevant or Irrelevant?       3. Cost: Direct materials            Decision: Make or buy a product            Relevant or Irrelevant?

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1F- Please solve these sub-parts of this question on urgent basis. Thanks

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Requirement 1. Classify each cost as​ value-added, non-value-added, or in the gray area between.   a. Materials and labor for servicing machine tools   b. Rework costs   c. Expediting costs caused by work delays   d. Materials-handling costs   e. Materials-procurement and inspection costs   f. Preventive maintenance of equipment   g. Breakdown maintenance of equipment   Requirement 2. For any cost classified in the gray​ area, assume 96​% is​ value-added and 4​% is​ non-value-added. How much of the total of all seven costs is​ value-added and how much is​ non-value-added?   Compute the total cost for the​ value-added and​ nonvalue-added costs, then compute what percentage of the total is​ value-added and how much is​ non-value-added.       Total percent   Total cost of total costs Value-added     % Non-value-added     % Total costs       Requirement 3.…

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true or false. plase answer Assembly line worker’s wages is a controllable cost, product cost, direct labor cost and indirect cost. Sales commission is a non-manufacturing cost and uncontrollable cost. Executive office and heat and air conditioning is an administrative cost, non-manufacturing cost and non-controllable cost. Cost of electricity used in sewing department of T-shirt manufacturing business is an indirect cost, Factory overhead cost and a product cost Depreciation of furniture of sales staff is a fixed cost, period cost and selling costs.

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