Instruction: Read each problem carefully ana proviue h nProbProblem 1. Classify each of the following costs of Bug Company in two ways: (a) as variable(V) fixed costs (F); (b) as inventoriable costs (I) or period costs (P):Example: Direct labor1. Salary of company2. Fire insurance on direct materialscontroller3. Property taxes on finished goodsheld for sale4. Direct materials used tico of5. Factory.renty p6. Sales Commissions R7. Overtime premium of machineoperators8. Straight-line depreciation ofFactory equipment9. Straight-line depreciation oftrucks used for deliveryR.of sales to customers10. Salary of factory supervisor16

Variable costs: The costs that change directly in proportion to output produced are known as…

Problem 1. Classify each of the (V) fixed costs (F); (b) as invent- Example: Direct labor 1. Salary of company con 2. Fire insurance on dire 3. Property taxes on finis held for sale 4. Direct materials used 5. Factory.renty ap 6. Sales Commissions 7. Overtime premium of r operators 8. Straight-line depreciati Factory equipmen 9. Straight-line depreciati trucks used for del of sales to custome 10. Salary of factory supe

Problem 1. Classify each of the (V) fixed costs (F); (b) as invent- Example: Direct labor 1. Salary of company con 2. Fire insurance on dire 3. Property taxes on finis held for sale 4. Direct materials used 5. Factory.renty ap 6. Sales Commissions 7. Overtime premium of r operators 8. Straight-line depreciati Factory equipmen 9. Straight-line depreciati trucks used for del of sales to custome 10. Salary of factory supe

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 4P: Using the data in P4-2 and Microsoft Excel: 1. Separate the variable and fixed elements. 2....

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An allocation base: a. can be units of output if the company has a single product O b. is determined before the period begins. O c. All the given answers are correct. O d. can be direct labor cost e. is a measure used to assign manufacturing overhead costs to products and services PAGE NEXT PAGE IZ TWO Jump CQURSE OUTLINE_SPRING2021 ► tv MacBook Air
Question#6 For each item, identify all applicable cost labels. Use the following code in your answer:1 — Product Cost2 — Period Costa. Advertising _______b. Direct materials used _______c. Sales salaries _______d. Indirect factory labor _______e. Repairs to office equipment _______f. Factory manager's salary _______g. Direct labor _______h. Indirect materials _______
docs.google.com/forms/d/e Q 1/ Answer The Following Questions * :Cost objects include .1 products customers departments All of above answers are correct. The general term used to identify both .2 the tracing and the allocation of * :accumulated costs to a cost object is cost accumulation cost assignment cost tracing conversion costing :Budgeted costs are .3 II
ester tions 1- Introduction ing on 2- Materials ysis 1 sion 3- Materials alysis 2 Fr Type here to search a N F1 F2 W S X Cost that arises during manufacturing maybe classified according to element, nature, function or behavior. As part of the Cost Accounting team you are asked to classify the following cost correctly. Fill in the columns with the correct classification. COST Packing Materials Rent of Factory Wages of factory workers E D C KA F4 $ Ai R LL 11 MATERIALS, LABOUR OR DIRECT OR EXPENSE INDIRECT F5 % 5 V 7 T G F6 F7 JE B Y H DELL 00 7 F8 N U a * 00 J F9 JC M F10 Time left 0:3 K PrtScr 31°C F11 Insert F
Question 4: Match Set A with Set B Set A Set B A. Allocate indirect and overhead costs to unit of products based on what actually used. 1. MOOP costing B. Where costs vary by machine, operation, department, or some other overhead costs. 2. Depreciation C. Start once manufacturing operations, tooling, set-up time and cycle time are estimated. 3. Operation costing 4. PHC costing D. Allocate an amount of money over the recovery life of asset. E. Estimate costs based on future and actual expenditure. 5. ABC costing Set A 1 3 4 5 Set B Your choice
File Edit View History Bookmarks Window Help System (Academic) A elearn.squ.edu.om erial Accounting || fall20 Which one of the following is correct about variable costing systems? Select one: 1 a. Normally result into a lower product cost compared to absorption costing systems b. Calculate product cost as the sum of directs materials, direct labor, manufacturing overhead costs, and selling cost c. Calculate product cost as the sum of directs materials, direct labor and manufacturing overhead costs d. Focuses on both variable and fixed costs.
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 cost and other expense data are as follows. Rent on factory equipment $1,600 Insurance on factory building 2,500 Raw materials (plastics, polystyrene, etc.) 79,700 Utility costs for factory 900 Supplies for general office 300 Wages for assembly line workers 63,700 Depreciation on office equipment 800 Miscellaneous materials (glue, thread, etc) 1,200 Factory manager's salary 6,400 Property taxes on factory building 500 Advertising for helmets 14,500 Sales commissions 10,600 Depreciation on factory building 1,600 (a)
Advanced Products Corporation has supplied the following data from its activity-based costing system: Overhead Costs Wages and salaries $ 300,000 100,000 $ 400,000 Other overhead costs Total overhead costs Total Activity for Activity Cost Pool Supporting direct labor Order processing Customer support Activity Measure Number of direct labor-hours the Year 20,000 DLHS Number of customer orders Number of customers 400 orders 200 customers Other This is an organization- sustaining activity Not applicable Distribution of Resource Consumption Across Activities Supporting Direct Labor Order Customer Processing Support 20% Other Total Wages and salaries Other overhead costs 40% 30% 10% 100% 30% 10% 20% 40% 100% During the year, Advanced Products completed one order for a new customer, Shenzhen Enterprises. This customer did not order any other products during the year. Data concerning that order follow: Data Concerning the Shenzhen Enterprises Order Units ordered 10 units 2 DLHS per unit $300…
UESTION 1 Cost Classification For each cost, identify it as: Variable or Fixed - A. B. Factory supervisor’s salary - A. B. Company president’s salary - A. B. Hourly wafes - A. B. eggs at a bakery - A. B. per-minute usage fees - A. B. depreciation - A. B. Pay-per view - A. B. taxes A. Variable B. fix
Problem 1Classify the following as to Fixed, Variable or Mixed Cost1. Factory Rent2. Wages of workers paid based on units produced3. Cost Accountant Salary4. Depreciation based on output5. Salary of Factory supervisor6. Basic Salary plus sales commission of salesman7. Paper in manufacturing of books8. Factory Insurance9. Monthly Depreciation of Building10. Bottle used in packaging
What I Know Before we begin this lesson, let us check first your prior knowledge on this module. After taking and checking this short test, take note of the items that you are not able to answer correctly and look for the right answer as you go through this module. Direction: Encircle the letter of the correct answer. 1. What type of cost includes product ingredients and materials? а. fixed b. revenue с. total d. variable 2. What type of cost includes the rental of space? а. fixed b. revenue c. total d. variable 3. What type of cost is the product of the price and the quantity sold? а. fixed b. revenue с. total d. variable 4. What concept is being described when the business will neither earn a profit nor suffer a loss? а. break-even b. loss с. profit d. summit 5. What type of analysis shows equal revenue and total cost? а. break-even b. cost of variable c. profit-loss d. volume of sales
Excel SIM: Cost of Goods Manufactured and Cost of Goods Sold 1. Compute a predetermined overhead rate. 2. Prepare schedules of cost of goods manufactured and cost of goods sold. 国日 Cost of Goods Manufactured and Cost of Goods Sold - Excel FILE DATA VIEW Sign In НОМЕ INSERT PAGE LAYOUT FORMULAS REVIEW HA A Calibri 11 Conditional Format as Cell Table - Styles - Paste I U Alignment Number Cells Formatting Clipboard Font Styles A1 fe A C E F G H 2 The allocation base for overhead is direct labor hours. 3 4 Data for the year just ended: 5 Estimated total manufacturing overhead cost $ 275,000 6 Estimated total direct labor hours 25,000 7 Actual total direct labor hours 27,760 8 9 Actual costs for the year: $375,000 $536,300 $302,750 10 Purchase of raw materials (all direct) 11 Direct labor cost 12 Manufacturing overhead costs 13 Beginning $ 14 Inventories: Ending 15,000 $ Raw materials (all direct) Work in process 15 11,375 16 $ 27,875 $ 22,350 17 Finished goods $ 34,600 $ 26,450 18 19 Use…