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Identify the following costs as direct materials, direct labor, or factory overhead for a lawn mower
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- In Principles of Accounting I, we learned the journal entry for depreciation is: Debit – Depreciation Expense $X,XXX Credit – Accumulated Depreciation - (asset) $X,XXX 1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant? 2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What would the journal entry look like?Which of the following accounts would be a period cost rather than a product cost? a Freight out. b Depreciation on manufacturing machinery. c Maintenance on factory machines. d Production manager's salary.Determine whether each of the following costs should be classified as product costs or period costs. (i) Frames and tires used in manufacturing bicycles.(ii) Wages paid to production workers.(iii) Insurance on factory equipment and machinery.(iv) Depreciation on office equipment.(v) Salary to painting supervisor
- 1. WHAT IS THE ACTIVITY UNDER THE ABC SYSTEM FOR ACTIVITY 3 2. WHAT WOULD BE THE TOTAL OVERHEAD APPLIED TO WORK IN PROCESS ACCOUNT DURING THE YEAR? 3. WHAT WOULD BE THE TOTAL OVERHEAD DEBITED TO THE MANUFACTURING ACCOUNT DURING THE YEAR?The following are classified under period costs, except: * 1 point a. Depreciation of factory equipment b. Depreciation of office equipment c. Commission of salesman d. Office suppliesLO2 The adjustment for the amount of factory supplies used during the year includes a (a) debit to Factory Supplies. (b) debit to Factory Overhead. (c) credit to Factory Overhead. (d) debit to Supplies Expense.
- Classify the following items as Direct materials, Selling and administrative expense, Factory overhead, or Direct labor. a. Rent expense on factory building b. Sales supplies used c. Factory supplies used d. Indirect materials used e. Wages of assembly line personnel f. Cost of primary material used to make product g. Depreciation on office equipment h. Rent on office facilities i. Insurance expired on factory equipment j. Utilities incurred in the office k. Advertising expenseWhich of the following accounts would be a period cost rather than a product cost? Freight out. Maintenance on factory machines. Production manager's salary. Depreciation on manufacturing machinery.Classify the following as either manufacturing (M), Selling (S) or administrative (A)1. Metal for manufacture of gold clubs2. Wages of drivers of delivery trucks3. Rent on factory building4. Freight-in of materials purchased5. President’s salary
- Requirement 3. Classify each of the cost items (A-I) as an inventoriable cost or a period cost. Explain your answers. a. Lumber at Home Depot is a(n) ▼ inventoriable cost period cost since the lumber is ▼ an asset (inventory) held to sale to customers. presumed not to benefit future periods. The cost of lumber becomes part of ▼ cost of goods sold manufacturing overhead operating expenses when it is sold to customers. b. Electricity in an Apple manufacturing plant is a(n) ▼ inventoriable cost period cost . It is ▼ a direct cost an indirect cost of the product being produced. c. Depreciation on the shelving at Home Depot is a(n) ▼ inventoriable cost period cost . It is ▼ a cost of selling their products a cost of the products , not ▼ a cost of selling their products a cost of the products . d. Mileage for Rent a Nanny is a(n) ▼ inventoriable cost period cost since ▼ it has no inventory. it is a…Q2. Categorize each of the following activities into the expenditure, conversion, or revenue cycles, and identify the applicable subsystem. a. Preparing the weekly payroll for manufacturing personnel b. Releasing raw materials for use in the manufacturing cycle c. Recording the receipt of payment for goods sold d. Recording the order placed by a customer e. Ordering raw materials f. Determining the amount of raw materials to order?3-Which of the following costs should be included in valuing the inventories of a manufacturing company? 1. Carriage inwards 2.carriage outwards 3.depreciation of factory plant 4. General administrative overheads. 1, 2&4 only 2,3 only 1.3 only All four items