Suppose you are a partner in a cosmetics manufacturing company. What is required is as follows: a. Explain the nature of the company and the various costs involved in producing your business. Classification of all items into direct and indirect category along with the number of employees or workers in production departments and other departments. B. View details of all expenses under each category, Materials, Labor, Overhead (maximum 5 and minimum 3) C. Mention opening and closing ( raw materials, semi-finished and finished goods). Prepare a cost sheet using the information in Part A and calculate the profit.
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- 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 factoryOffice salaries, depreciation expense on office equipment, and office supplies expense are examples of what type of expenses for a merchandising business? Group of answer choices administrative expenses selling expenses miscellaneous expenses other expensesBelow 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
- which of the following is a product cost for a manufacturing company : a- insurance on the corporate headquarters building b- property taxes on a factory c- depreciation on a salesperson vehicle d- the salary of a sales managerLargo Company is an engineering consulting business that uses the accrual method of accounting for its services. Mango Company is a manufacturer of nuts and bolts that also uses the accrual method to account for its sales. Each company has a personnel department. Hint: Consider whether the UNICAP rules apply. Regarding how the cost of personnel operations be treated by each of the two companies, label each of the following statements as being either "True" or "False". a. Largo can deduct the costs of the personnel department as these costs are incurred. b. Neither Largo nor Mango are subject to the uniform capitalization rules. Mango is required to allocate a portion of the costs of the personnel department to production and to the ending inventory. C.List at least three (3) costs (each) associated with materials, labor, and overhead for a CPA office. Discuss how these would change for another service company in an industry of your choosing.
- 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 bakeshopUsing the following account names, prepare the journal entries for the independent transactions listed below: Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts Receivable Cost of Goods Sold Factory Wages Expense Finished Goods Inventory Work in Process: Shaping Work in Process: Production Sales Conversion Costs PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (Le. $12,345). • Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. DR DR CR • Prepare the joumal entry to record the factory wages of…Little Things manufactures toys. For each item listed, identify whether it is a product cost, a period cost, or not an expense. A. internet provider services B. material expense C. raw materials inventory D. production equipment rental E. showroom rental F. factory employee salary G. Human Resource Director salary
- 6. Using the following account names, prepare the journal entries for the independent transactions listed below: Raw Materials Inventory Manufacturing Overhead Wages Payable Work in Process: Packaging Accounts Receivable Cost of Goods Sold Factory Wages Expense Finished Goods Inventory Work in Process: Shaping Work in Process: Production Sales Conversion Costs PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Overhead is assigned to the manufacturing department at the rate of $10 per machine hour. There were 3,500 machine hours during October in the shaping department and 2,500 in the packaging department. Prepare the journal entry to apply overhead to the manufacturing departments. DR ? ? DR ? ? CR ? ? Prepare the…Classify 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.Question. Signify the account that should be DEBITED to record each transaction below. Group of answer choices A. The consumption of direct materials in the manufacturing process. [ Choose ] Manufacturing overhead Selling, general and administrative expenses Work in process Cost of goods sold Finished goods Raw materials B. The consumption of indirect materials in the manufacturing process. [ Choose ] Manufacturing overhead Selling, general and administrative expenses Work in process Cost of goods sold Finished goods Raw materials C. The cost of direct labor incurred in the manufacturing process. [ Choose ] Manufacturing overhead Selling, general and administrative expenses Work in process Cost of goods sold Finished goods Raw materials D. The cost of indirect labor incurred in the manufacturing process. [ Choose ] Manufacturing overhead Selling, general and administrative expenses Work in process Cost of goods sold Finished goods Raw materials E. The allocation of manufacturing…