ok I nt 1 ences Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow. Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters Assume that Suzie Chang has decided to begin production of her outdoor children's toy. $ 3,140 1,160 30,800 2,170 Req 1 and 2 Req 3 505 875 Determine the total cost for each of the following: 3,700 135 Required: 1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing ove (MOH) and also identify each of the preceding costs as variable or fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units. 3. Determine the total cost for each of the following: 5,190 4,200 220 Complete this question by entering your answers in the tabs below. 1,320 1,090 2,190 8,300
ok I nt 1 ences Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow. Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters Assume that Suzie Chang has decided to begin production of her outdoor children's toy. $ 3,140 1,160 30,800 2,170 Req 1 and 2 Req 3 505 875 Determine the total cost for each of the following: 3,700 135 Required: 1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing ove (MOH) and also identify each of the preceding costs as variable or fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units. 3. Determine the total cost for each of the following: 5,190 4,200 220 Complete this question by entering your answers in the tabs below. 1,320 1,090 2,190 8,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:ok
ht
ences
Your friend, Suzie Chang, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers,
and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is
Jiffy Jet and costs for last month follow.
Factory rent
Company advertising
Wages paid to assembly workers
Depreciation for salespersons' vehicles
Screws
Utilities for factory
Assembly supervisor's salary
Sandpaper
President's salary
Req 1 and 2
$ 3,140
1,160
30,800
2,170
Req 3
505
875
Plastic tubing
Paint
Sales commissions
Factory insurance
Depreciation on cutting machines
2,190
Wages paid to painters
8,300
Assume that Suzie Chang has decided to begin production of her outdoor children's toy.
Required:
1 & 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or
fixed cost. Assumes that screws, sandpaper, and paint are not worth the effort to trace to specific units.
3. Determine the total cost for each of the following:
Determine the total cost for each of the following:
3,700
135
5,190
4,200
220
Complete this question by entering your answers in the tabs below.
1,320
1,090
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