Classification of Costs Following is a list of costs from Oakland Company, a furniture manufacturer:1. Wood used in chairs2. Salaries of inspectors3. Lubricant used in machinery4. Factory rent5. Wages of assembly workers6. Factory workers’ compensation insurance7. Sandpaper8. Fabric used for upholstery9. Property taxes on manufacturing plant10. Depreciation on machineryRequired Classify each cost as direct or indirect assuming that the cost object is each item manufactured.Also indicate whether each cost is a variable or fixed cost.

Q: Question 1:Classify the following cost in the given statement. Direct Material, Direct Labor,…

A: Sno Particulars Reasons 1 ITS A DIRECT MATERIAL BECAUSE ITS A MAIN MATERIAL WITHOUT IT PRODUCT…

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A: Unit-level: These are activities that are carried out on each unit made. This form of operation does…

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A: Variable cost is such type of cost which changes with the changes in units produced. Fixed cost…

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A: The question is based on the concept of Cost Accounting.

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A: Product cost and period costs:

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A: Direct  product cost is the cost incurred  to manufacture  a product  that can be directly…

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A: 1 and 2

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A: Period Cost: These are the costs that do not have any direct relation with the production process…

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A:

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A: Given the following question:

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Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.