Identify which of the following transactions andevents are product costs and which are period costs:• Office fire insurance.• Cost of electric power.• Rental charges of warehouses.• Costs of basic raw materials used in production.• Depreciation of electrical equipment in the plant.• Depreciation of the furniture in the office.• Sales incentives paid to the sales personnel.• Inspection costs of raw materials.• Direct overhead costs.• Costs of packing materials.• Overtime premiums.

Q: Which of the following would most likely be a product cost? O A. Salary of VP of sales O B.…

A: Product cost includes all those costs which are directly attributable to the process of converting…

Q: ndicate whether each of the following costs of an automobile manufacturer would be classified as…

A: Direct material indicates the cost spend on material consumed in the product. Direct labor cost…

Q: Classify each cost as either a product cost or a period cost. Indicate whether each product cost is…

A: Introduction: Product costs & Period costs: Product costs are direct costs. Period costs are…

Q: Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether each of the following…

A: INTRODUCTION Direct Materials are the raw materials which are directly attributable for the…

Q: Which of the following is part of factory overhead cost? a.depreciation of sales person's vehicle…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable…

A: Variable cost is the cost that changes with the change in the number of units produced. Fixed cost…

Q: Select the category for each of the following accounts of a manufacturing company as either selling…

A: Introduction: All costs which are directly or indirectly related to products being manufactured are…

Q: Which of the following costs would not be part of productinventory costs for a manufacturer such as…

A: Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare the…

Q: Which of the following is a product cost? A) Sales commissions B) CEO's salary C) Delivery van…

A: Product costs are related to manufacturing and are part of cost of inventory.

Q: Which of the following costs is not a product cost? * 1 point a. Depreciation on the plant installed…

A: Production or product costs allude to the expenses acquired by a business from assembling a product…

Q: Who among the following is not a cost of a product? The expense of the company's fuel. The cost of…

A: Product cost: Product cost is the cost which incurred to manufacture a product. It means it is a…

Q: A car manufacturer incurs the following costs. Classify each cost as either a product or period…

A: The costs are classified as direct, indirect and factory overhead cost.

Q: Please use the drop-down feature to select the most appropriate term for each description below. The…

A: Cost refers to the amount that is spent to obtain a product from the manufacturing unit or by the…

Q: SM, Inc. makes ski-boards in Davao. Identify the correct matching of terms. *       A. Fiberglass is…

A: Solution: The correct matching term is "Payroll taxes for workers in the Packaging Dept. are direct…

Q: Which of the following costs would be included in the cost of a manufactured product according to…

A: Under variable costing method, only variable cost considered and included in production cost and…

Q: Below is a table showing the various costs incurred by various companies. In each column, indicate…

A: Solution: Classification and explanation of each cost are as under:

Q: Below is a table showing the various costs incurred by various companies. In each column, indicate…

A: In the manufacture of every product there are certain costs involved. The nature of the costs will…

Q: Determine whether each of the following costs should be classified as product costs or period costs.…

A: Product costs are those costs that are associated with the process of manufacture and period costs…

Q: Who of the agreed in advance is not a cost of the product? The cost of the factory's fuel The…

A: Product cost:- Product cost is the cost which incurred to manufacture a product. It means it is a…

Q: Indicate whether the following costs of P r oct er & Gamb le , a maker of consumer products, would…

A:

Q: Presented below is a list of costs and expenses usually incurred by Barnum Corporation, a…

A: Direct material refers to the cost of material that is directly identifiable with the product…

Q: Classify the following costs incurred in the manufacturing of cookie bars as either (a) product cost…

A: There are different types of costs. It can be based on their behaviors like fixed and variable cost,…

Q: Which of the following would most likely be a period cost? Depreciation on factory lunchroom…

A: Solution: "salary of telephone receptionist in the sales office" would most likely be a period cost.

Q: Classify each of the following costs as manufacturing or non manufacturing: 1. Factory rental 2.…

A: Cost refers to the amount that is paid to obtain something or use to manufacture an item. COst is…

Q: Charles has provided some of the costs he expects to incur as follows. Decide on the classifications…

A: Cost:   Cost can be defined as the cash and cash equivalent which is incurred against the products…

Q: a. Salary of quality control supervisor b. Packing supplies for products sold. These supplies are a…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you.  If you…

Q: Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether the following costs of…

A: The cost applied in production can be classified as Direct materials, direct labor and factory over…

Q: Classification of Costs Following is a list of costs from Oakland Company, a furniture…

A:

Q: For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as…

A:

Q: Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether each of the following…

A: Definition: Direct labor cost: The employees working on a particular job use time tickets to record…

Q: Classify the following costs incurred by a steel railing manufacturing company as: (1) direct…

A: Direct Material: Material utilized in assembling measures which turns into a necessary piece of the…

Q: Classify the following expenses as direct or indirect:   factory rental -  insurance of machinery…

A: The cost can be classified into two categories i.e. product cost and period cost. The product cost…

Q: Which of the following manufacturing costs is an indirect cost of producing a product? a.commissions…

A: Indirect cost refers to the expenses which are unrelated to the production of goods or services…

Q: Indicate whether each of the following costs associated with production would be classified as…

A: Direct material cost is that costs which is related to the direct use of the materials. Direct…

Q: Cost Item Rent on factory equipment Insurance on factory building Raw materials Utility costs for…

A: Product Cost :— It is total manufacturing cost incurred in the product.  It is the sum of direct…

Q: Below is a table showing the various costs incurred by various companies. In each column, indicate…

A: Solution:- Indication of the proper classification of these costs as follows:- Introduction:-…

Q: Which of the following is a direct cost with respect to producing a motor car? a. Salary of…

A: The question requires us to find Direct cost with respect to producing a motor car.

Q: For apparel manufacturer Abercrobmie & Fitch, Inc., classify each of the following costs as either a…

A: Period costs and product costs are two categories of costs for a company that are incurred in…

Q: Indicate whether each of the following costs of an automobile manufacturer would be classified as…

A: Direct material cost is that material that is directly related to the production activities. Direct…

Q: Cost classifications For each of the following costs, check the column(s) that most likely applies…

A: Fixed cost: A fixed cost is a cost incurred by a company that remains fixed irrespective of the…

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.