Cost classifications Aussie Corp. manufactures rugby jerseys for collegiate sports teams and sells its merchandise through university bookstores.Required: Identify a specific item in the company’s manufacturing, selling, or administrative processes for which the cost would be classified asa. Raw material.b. Direct labor.c. Variable manufacturing overhead.d. Fixed manufacturing overhead.e. Fixed administrative expense.f. Fixed indirect selling expense.g. Variable direct selling expense.

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Under variable costing, which of the following costs would not be included in finished goods inventory? a. electricity used by factory machinery b. steel costs for a machine tool manufacturer c. salary of factory supervisor d. wages of machine operator

The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 3,800 sets per year. Annual cost data at full capacity follow: Direct labor Advertising Factory supervision Property taxes, factory building Sales commissions Insurance, factory Depreciation, administrative office equipment Lease cost, factory equipment Indirect materials, factory Depreciation, factory building Administrative office supplies (billing) Administrative office salaries Direct materials used (wood, bolts, etc.) Utilities, factory $ 89,000 $ 103,000 $70,000 $ 23,000 $ 65,000 $ 6,000 $ 2,000 $ 17,000 $ 18,000 $ 106,000 $ 5,000 $ 111,000 $ 426,000 $ 46,000 Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling…

Electricity purchased to operate factory machinery would be included as part of the cost of products manufactured under the: a. Variable costing conceptb. Absorption costing concept c. Both a&bd. None of the above

Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured.