QUESTION 1: Identify the right answer for the following statements. The salary of the director of a manufacturer is part of the manufacturing overhead costs. The depreciation on the machines used on the manufacturing line is considered to be indirect manufacturing cost. Manufacturing overhead costs are also known as indirect manufacturing costs. Commissions paid to sell products are reported as part of the cost of goods sold. Manufacturing overhead must be assigned to both work-in-process inventory and finished goods inventory for external financial reporting purposes. True False True False True False True False True False

QUESTION 1: Identify the right answer for the following statements. The salary of the director of a manufacturer is part of the manufacturing overhead costs. The depreciation on the machines used on the manufacturing line is considered to be indirect manufacturing cost. Manufacturing overhead costs are also known as indirect manufacturing costs. Commissions paid to sell products are reported as part of the cost of goods sold. Manufacturing overhead must be assigned to both work-in-process inventory and finished goods inventory for external financial reporting purposes. True False True False True False True False True False

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter7: Variable Costing For Management analysis

Section: Chapter Questions

Problem 3DQ: Which of the following costs would be included in the cost of a manufactured product according to...

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Classifying costs The following is a manufacturing cost report of Marching Ants Inc. a. List the errors in the preceding report. b. Prepare a corrected report.
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Listed as follows are various costs found in businesses. Classify each cost as a fixed or variable cost, and as a product and/or period cost. Wages of administrative staff Shipping costs on merchandise sold Wages of workers assembling computers Cost of lease on factory equipment Insurance on factory Direct materials used in production of lamps Supervisor salary, factory Advertising costs Property taxes, factory Health insurance cost for company executives Rent on factory
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