Cost Item  Product or Period Cost? Direct or Indirect Cost? Fixed or Variable Cost? 1 Depreciation on salespersons' cars       2 Rent on equipment used in the factory       3 Lubricants used for machine maintenance        4 Salaries of personnel who work in the finished goods warehouse       5 Soap and paper towels used by factory workers at the end of a shift        6 Factory supervisors' salaries        7 Heat, Water and power consumed in the factory       8 Materials used for boxing products for shipment overseas

Q: amount for manufacturing overheads cost for the period

A: Manufacturing overhead cost = Conversion cost - Direct labor cost

Q: Factory overhead costs do not include which of the following: a. insurance b. heating c. taxes  d,…

A: Overhead is like an expense which does require and incurred to operate day to day business…

Q: Classifying Variable and Fixed Costs and Product and Period Costs Below are listed various costs…

A: Fixed and Variable Costs in Manufacturing:  Variable costs refer to the costs of manufacturing that…

Q: Required: Read each of the following costs (1-58) items and classify cost as Factory Overhead,…

A: Cost classification refers to separation of the expenses group into various categories and this…

Q: XYZ Company reports the following costs and expenses in May. Factory utilities OMR 15,600 89,100…

A: Product costs are those costs that are incurred for manufacture and production of the product. These…

Q: What was Albay's cost of goods sold? Albay Company incurred the following costs and expense during…

A: The cost of goods sold is calculated as difference between total cost of goods available for sale…

Q: The following information is available for a firm:

A: Answer: 1. $85,000 2. $132,750 3. $119,900 4. $217,750 5. $252,650 6. $96,130 Explanation: 1. The…

Q: Indicate for each of the following costs whether it is a product cost or a period cost.1. Wages of…

A: Product costs: Product costs are the costs which are incurred in the production of the goods. These…

Q: he costs incurred by Treats Bakery Ltd. as part of its operations are listed below. Cost Items…

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want…

Q: Calculate prime cost, factory Cost, Cost of Production, Cost of sales and profit from the following…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The following costs were incurred during the year by Hopefully Þepreciation of factory machines Oil…

A: The product cost may be defined as the cost incurred by the business entity mainly by the…

Q: Costs Product Cost or Period Co Depreciation on salespersons' cars. Rent on equipment used in the…

A: The product costs are the cost that directly or indirectly related to the production process.…

Q: 1. Materials-handing labor costs vary with the number of units of furniture shipped to customers. 2.…

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

Q: 5. XYZ Company reports the following costs and expenses in May. Factory utilities Depreciation on…

A: Manufacturing overhead means all indirect costs incurred in the production. Product costs includes…

Q: During Raw materials purchased Direct labor cost Indirect factory labor Taxes and depreciation on…

A: Cost of goods sold means the difference between the cost of goods available for sales and closing…

Q: The related data of Pirena Company:                                           Solvents and cleaners…

A: Formula: Manufacturing overhead = Solvents and cleaners used by the custodians to clean the textbook…

Q: Problem 1 Classify the following as to Fixed, Variable or Mixed Cost 1. Factory Rent 2. Wages of…

A: The fixed cost remains constant at every level of production.  The variable cost per unit remains…

Q: ) Refer to the following data:   Direct material used…

A: Solution: Product costs are direct material, direct labor and manufacturing Overheads. Overhead…

Q: Roderick Company reported the following costs and expenses in May. Factory utilities Depreciation on…

A: Manufacturing overheads are the indirect cost incurred in the manufacturing of products. It is…

Q: XYZ Company reports the following costs and expenses in May. Factory utilities Direct labor…

A: Product and period cost are two different things. Product cost is the cost which is related to the…

Q: Classify each cost as being either variable or fixed with respect to the number of units produced…

A: Variable cost: Costs which vary with the level of output. Eg: material cost, labour cost etc Fixed…

Q: Instruction: Classify each cost as Direct Materials, Direct Labor, Manufacturing Overhead,…

A: Direct Material  These are the expenses associated with obtaining the materials and other components…

Q: Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory…

A: Step2 in the solution

Q: For each cost item, indicate whether it would be variable or fixed with respect to the number of…

A: Variable cost represents the cost that is directly related to the output whereas the fixed costs…

Q: Marquess Corporation has provided the following partial listing of costs incurred during May:…

A: Direct Materials 197000 Direct Labors 78000     Depreciation of production equipment 39000…

Q: Costs for Different Levels of Units Produced and Sold Direct labor At 2,000 units At 4,000 units $…

A: 1. Variable cost - It refers to the cost which changes with the change in the same ratio as a change…

Q: Listed here are product costs for the production of soccer balls. Classify each cost (a) as either…

A: Variable cost changes with the changing level of production or sales i.e. higher the sales more will…

Q: Marawi Company employs normal costing for its production, meaning factory overhead is applied to…

A: Cost of goods manufactured means total costs incurred on manufacturing of goods. It includes direct…

Q: Thomas Traders WLL provide you with the following cost items. Analyse the cost description in Column…

A: Direct material means the material used direct in production of any product. Direct labor means the…

Q: Listed here are product costs for production of soccer balls. Classify each cost as either direct or…

A: Direct Cost :— These are the cost that are directly traceable to product.  This cost is directly…

Q: Thomas Traders WLL provide you with the following cost items. Analyse the cost description in Column…

A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…

Q: The Information bellow has taken from Al Rshad company Wages paid to labour: OMR. 70,000 Purchases…

A: Work in progress means where the raw material has enter in to phase of production but still finished…

Q: b) Refer to the following data:   Direct material used…

A: Period costs are those costs that are not included in the cost of the product and are expensed in…

Q: Listed here are product costs for the production of soccer balls. Classify each cost (a) as either…

A:

Q: Use the table below and record the amount in the appropriate column category.   Cost Item Cost…

A: Solution:- Using the above information recording the costs in appropriate section:-

Q: Cost items Flour Depreciation on cooking vats Cooking oil Sugar Wages of a donut cook Repair of a…

A: Costs are the amounts that are incurred for the production of goods and services. They are of…

Q: The costs incurred by Treats Bakery Ltd. as part of its operations are listed below. Cost Items…

A: Introduction:- Product costs includes any costs incurred for the manufacture of a product. These…

Q: HOME WORK COST ACCOUNTING- COST CLASSIFICATION Required: Read each of the following costs (1-58)…

A: Cost classification refers to separation of the expenses group into various categories and this…

Q: Assume that a manufacturing company incurred the following costs: Direct labor $ 90,000 $ 40,000 $…

A: Manufacturing Overheads: Manufacturing overhead involves a company's manufacturing operations. It…

Q: Costs Direct materials Factory rent Direct labor Factory utilities Supervision in the factory…

A: Any expenses incurred in the creation of a product are considered product costs. Direct materials,…

Q: Classify each cost as being either variable or fixed with respect to the number of units produced…

A: Cost are classified in to variable cost, fixed cost, overhead cost, administration cost, selling…

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.