Chapter 2 exercises - class 1

The following is a list of costs incurred by several businesses:a. Cost of fabric used by clothing manufacturerb. Maintenance and repair costs for factory equipmentc. Rent for a warehouse used to store raw materials and work in processd. Wages of production quality control personnele. Oil lubricants for factory plant and equipmentf. Depreciation of robot used to assemble a productg. Travel costs of marketing executives to annual sales meetingh. Depreciation of copying machines used by the Marketing Departmenti. Fees charged by collection agency on past-due customer accountsj. Electricity used to operate factory machineryk. Maintenance costs for factory equipmentl. Pens, paper, and other supplies used by the Accounting Department in preparing various managerial reportsm. Charitable contribution to United Fundn. Depreciation of microcomputers used in the factory to coordinate and monitor the production scheduleso. Fees paid to lawn service for office grounds upkeepp. Cost of sewing…

Classify the following costs incurred in the manufacturing of cookie bars as either (a) product cost - direct materials, (b) product cost - conversion, or (c) period cost.   a. depreciation on automated wrapping machine   b. cookie dough   c. peanut butter   d. plant manager's salary of $90,000   e. overtime pay of production workers   f. cost of air time for new radio advertising   g. salary of plant security guard   h. salary of company controller   i. depreciation on computers in legal staff office   j. manufacturing department's allocation of cafeteria costs

The following is a list of costs incurred by several manufacturing companies:a. Annual picnic for plant employees and their familiesb. Cost of fabric used by clothing manufacturerc. Cost of plastic for a toy manufacturerd. Cost of sewing machine needles used by a shirt manufacturere. Cost of television commercialsf. Depreciation of copying machines used by the Marketing Departmentg. Depreciation of microcomputers used in the factory to coordinate and monitor the production schedulesh. Depreciation of office buildingi. Depreciation of robotic equipment used to assemble a productj. Electricity used to operate factory machineryk. Factory janitorial suppliesI. Fees charged by collection agency on past-due customer accountsm. Fees paid to lawn service for office groundsn. Maintenance costs for factory equipment o. Oil lubricants for factory plant and equipmentp. Pens, paper, and other supplies used by the Accounting Departmentq. Repair costs for factory equipmentr. Rent for a warehouse used…

Presented below is a list of costs and expenses incurred in the factory by Nu-Way Corporation, a manufacturer of recreational vehicles.____ 1. Property taxes on the factory land____ 2. Nails and glue used in production____ 3. Cabinet maker's wages____ 4. Factory supervisors' salaries____ 5. Metal used in manufacturing____ 6. Depreciation on factory machines____ 7. Factory utilities____ 8. Carpeting for the recreational vehicles____ 9. Property taxes on the factory building____ 10. Insurance on factory equipmentInstructionsClassify the above items into the following categories:DM — Direct MaterialsDL — Direct LaborMO — Manufacturing Overhead

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The following is a list of costs incurred by several manufacturing companies: a. Bonus for vice president of marketing b. Costs of operating a research laboratory c. Cost of unprocessed milk for a dairy d. Depreciation of factory equipment e. Entertainment expenses for sale representatives f. Factory supplies g. First-aid nurse for factory workersh. Health insurance premiums paid for factory workers i. Hourly wages of warehouse laboresrs j. Lumber used by furniture manufacturer k. Maintenance costs for factory equipment l. Microprocessors for a microcomputer manufacturer m. Packing supplies for products sold, which are insignificant to the total cost of the product n. Paper used by commercial printer o. Paper used in processing various managerial reports p. Protective glasses for factory machine operators q. Salaries of quality control personnel r. Sales commissions s. Seed for gain farmer t. Television advertisment u. Prebuilt transmissions for an automobile manufacturer v. Wages of a…

The following is a list of costs incurred by several businesses:a. Salary of quality control supervisorb. Packing supplies for products sold. These supplies are a very small portion of the total cost of the product.c. Factory operating suppliesd. Depreciation of factory equipmente. Hourly wages of warehouse laborersf. Wages of company controller’s secretaryg. Maintenance and repair costs for factory equipmenth. Paper used by commercial printeri. Entertainment expenses for sales representativesj. Protective glasses for factory machine operatorsk. Sales commissionsl. Cost of hogs for meat processorm. Cost of telephone operators for a toll-free hotline to help customers operate productsn. Hard drives for a microcomputer manufacturero. Lumber used by furniture manufacturerp. Wages of a machine operator on the production lineq. First-aid supplies for factory workersr. Tires for an automobile manufacturers. Paper used by Computer Department in processing various managerial reportst. Seed for…

Current Attempt in Progress Bramble Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) Your answer is incorrect. Compute cost of goods manufactured. Cost of goods manufactured LA $100,800 $ 50,400 6,300 92,400 19,400 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks Work in process inventory was $10,100 at January 1 and $13,000 at December 31. Finished goods inventory w 1 and $38,300 at December 31. $37,800 11,800 17,600 29,400 42,000

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: State with reasons whether following Expenses/ Receipts of a Foam manufacturing factory are of Capital or Revenue nature; 1) Rent paid in advance to owners of building 2) Carriage expenses paid to suppliers 3)Purchases new supply trucks 4) Replacement of old machinery with new ones 5) Commission paid to marketing agents

Question 5 Which of the following is NOT a period cost? Cost of a seminar concerning tax law updates that was attended by the company's controller. O Depreciation of factory maintenance equipment Insurance on a company showroom where customers can view new products. Salary of a clerk who handles customer billing.

Within the accounting system of a group of companies, the following types of expenses are incurred. Complete the following table by placing each expense in the correct cost classification. Reference Number Types of expenses 1 Costs of opening a new facility 2 Costs of conducting business in a new location or with a new class of customer (including costs of staff training) 3 Costs of site preparation 4 Costs of testing whether the asset is functioning properly 5 Electrical installation costs 6 Costs of dismantling and removing the item and restoring the site on which it is located 7 Administration costs 8 Import duty of an imported machine 9 Purchase of a five-year maintenance contract with plant 10 Legal fees for sales and purchase agreement for acquisition of land 11 Interest on loan on a self constructed property after the asset is ready for use 12 Architect fees incurred for self constructed building 13 General overheads incurred for self…

Various cast associated with the operation of factories are given below: Electricity to run production cost, Rent on factory building Cloth used to make drapes. Production supervisor salary. Wages of labourers assembling a product. Depreciation on air purification equipment used to make furniture. Factory janitorial salaries Tomatoes used in canning fruits. Lubricants for production equipment. Sugar used in soft drink production. Property tax on the factory. Wages for workers painting cars. Depreciation on canteen equipment. Insurance on building used in baking bread for sale. Cost of brakes used in manufacturing automobile. 1 2 3 5 6. 7 8 9. 10 11 12 13 14 15

Part 1. Classify the above items into the following categories (a) direct materials, (b) direct labor and (c) manufacturing overhead. Presented below is a list of costs and expenses usually incurred by Stensland Corporation, a manufacturer of furniture, in its factory: 1. Salaries for assembly line inspectors 2. * Insurance on factory machines 3. Upholstery used in manufacturing fumiture 4. Wages paid to assembly line workers 5. Depreciation of factory machinery 6. Salaries of factory supervisors 7. Wood used in manufacturing fumiture 8. Glue, nails, paint, and other small parts used in production 9. Property taxes on factory building 10. Factory manager's salary

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The following information is available for Wonderway, Incorporated, for the current year: Factory rent Company advertising Wages paid to laborers Depreciation for president's vehicle Indirect production labor Utilities for factory Production supervisor's salary President's salary Direct materials used Sales commissions Factory insurance Depreciation on factory equipment $ 29,300 20,800 85,200 8,050 1,880 31,900 30,700 60,800 34,900 7,530 13,100 26,500 Required: 1. Calculate the direct labor cost for Wonderway. 2. Calculate the manufacturing overhead cost for Wonderway. 3. Calculate the prime cost for Wonderway. 4. Calculate the conversion cost for Wonderway. 5. Calculate the total manufacturing cost for Wonderway. 6. Calculate the period expenses for Wonderway. 4

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P1.1 (LO 2), AP Ohno Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Ohno's monthly manufacturing costs and other expense data are as follows. Rent on factory equipment Insurance on factory building Raw materials used (plastics, polystyrene, etc.) Utility costs for factory Supplies used for general office Wages for assembly-line workers Depreciation on office equipment Miscellaneous materials used (glue, thread, etc.) Factory manager's salary Property taxes on factory building Advertising for helmets Sales commissions Depreciation on factory building Check figures provide a key number to let you know you are on the right track. Instructions a. Prepare an answer sheet with the following column headings. Product Costs $11,000 1,500 75,000 900 300 58,000 800 1,100 5,700 400 14,000 10,000 1,500

The related data of Pirena Company:                                           Solvents and cleaners used by the custodians to clean the textbook printing presses  P12,500 Depreciation on the automobiles used by sales representative        P20,000 Fire insurance on factory building              P18,200 Shipping costs on textbooks sold         P 35,700                                                                                       How much is the manufacturing overhead?

Question #1: The Fiberglass Boat Company reported the following costs and expenses in May 2021: Factory utilities $ 12,865 Depreciation on factory 269,525 equipment 6,110 Depreciation on delivery trucks 9,600 Indirect factory labor 41,255 1,325 equipment Indirect materials Direct materials used Factory manager's salary 2,687 used Property taxes on factory 1,965 building Repairs to office Factory repairs 18,685 Advertising 21,670 Office supplies 12,680 Direct labor $232,985 Sales staff salaries 198,665 47,500 Instructions 1. Set up and complete a schedule as shown in the example below, listing each item above, including its dollar amount, under the proper classification heading. 2. Total each column to show the total of all costs and expenses under each one. Cost and Expense Description Product Cost Period Cost Factory Utilities Manufacturing Overhead $12,865