Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification and explanation of these costs. Write NA if not applicable. Costs Manufacturing (M) or Non-Manufacturing (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) j. Salaries of plant supervisor k. Interest on bank loan l. Property tax on the production plant

Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification and explanation of these costs. Write NA if not applicable. Costs Manufacturing (M) or Non-Manufacturing (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) j. Salaries of plant supervisor k. Interest on bank loan l. Property tax on the production plant

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 12EB: Assign each of the following expenses to either the machine cost pool or the factory cost pool: A....

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Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification of these costs. Write NA if not applicable. Cost Manufacturing/Product (M) or Non-Manufacturing/Period (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) m. Commissions paid to sales personnel n. Salaries of the executive staff o. Car leases for sales agents p. Electricity to run machineries in a lumber yard q. Food for company banquet r. Sugar in a bakeshop
The following would be classified as product costs except:a. property taxes on production equipmentb. insurance on factory machineryc. wages of machine operatorsd. delivery expensee. answer not given
Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification of these costs. Write NA if not applicable. Costs Manufacturing (M) or Non-Manufacturing (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) a. Depreciation of the production plant b. Depreciation of the general office equipment c. Wages of production line employees d. Papers and toner and for the photo-copying services e. Steel bars used in the production of sports equipment f. Wages of the general office staff
Property taxes on a company’s factory building would be classified as a(n): a. Product cost b. Opportunity cost c. Period cost d. Variable cost e. Administrative cost f. Selling cost
Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification of these costs. Write NA if not applicable. Cost Manufacturing/Product (M) or Non-Manufacturing/Period (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) g. Maintenance cost of the production equipment h. Advertising and promotion expense i. Shipping cost of product sold j. Salaries of plant supervisor k. Interest on bank loan l. Property tax on the production plant
Identify whether the following items should be included in Direct Materials (DM), Direct Labor (DL), Manufacturing Overhead (MO) or Period Costs (PC) (a) Assembly line wages (b) Raw materials used directly in product (c) Depreciation on office equipment (d) Property taxes on factory building (e) Rent on factory building (f) Sales commissions (g) Depreciation on factory equipment (h) Factory utilities (i) Wages for factory maintenance workers 0) Advertising (k) Indirect materials used in production (1) Factory manager's salary
Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification of these costs. Write NA if not applicable. Cost Manufacturing/Product (M) or Non-Manufacturing/Period (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) g. Maintenance cost of the production equipment h. Advertising and promotion expense i. Shipping cost of product sold j. Salaries of plant supervisor k. Interest on bank loan l. Property tax on the production plant m. Commissions paid to sales personnel n. Salaries of the executive staff o. Car leases for sales agents p. Electricity to run machineries in a lumber yard q. Food for company banquet r. Sugar in a bakeshop s. Chips…
1 For a manufacturing company, which of the following is an example of a period cost rather thana product cost? a. Depreciation on factory equipment b. Wages of salespersons c. Wages of machine operators d. Insurance on factory equipment
Below is a table showing the various costs incurred by various companies. In each column, indicate the proper classification of these costs. Write NA if not applicable. Costs Manufacturing (M) or Non-Manufacturing (NM) Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH) General and Administrative (GA) or Marketing and Selling (MS) a. Depreciation of the production plant b. Depreciation of the general office equipment c. Wages of production line employees
Listed 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
For a manufacturing company, which of the following is an example of a period cost rather than a product cost? a. Depreciation on factory equipment b. Advertising expense c. Wages of machine operators d. Insurance on factory equipment
A manufacturing company reports cost of goods manufactured as a(n) current asset on the balance sheet. component of the raw materials inventory on the balance sheet. administrative expense on the income statement. component in the calculation of cost of goods sold on the income statement

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Costs	Manufacturing (M) or Non-Manufacturing (NM)	Direct Materials (DM), Direct Labor (DL) or Factory Overhead (FOH)	General and Administrative (GA) or Marketing and Selling (MS)
j. Salaries of plant supervisor
k. Interest on bank loan
l. Property tax on the production plant