Answered: Which one of the following is an…

Which one of the following is an example of a period cost? Maintenance on factory machines O Wages of factory workers O Property Tax on Factory Property tax on Adm. Building

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 3MC: Which of the following is a prime cost? A. direct labor B. work in process inventory C....

See similar textbooks

Related questions

Q: Identify which of the following transactions andevents are product costs and which are period…

A: The costs which can directly be attributed to a product is known as Product costs. The costs which…

Q: Which of the following is NOT included in material handling cost at a warehouse? O A. Labor O B.…

A: Material handling costs are a form of indirect costs being incurred in production activity. It means…

Q: 6) Which of the following costs would be included as part of factory overhead? depreciation of plant…

A: Factory Overhead are Cost incurred in Manufacturing process which is not directly attributed to a…

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: 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 accounts would be a period cost rather than a product cost? Freight out.…

A: Cost: It can be defined as the total amount that is spent by a business in manufacturing a product

Q: Which of the following would not be classified as manufacturing overhead? Select one: a. property…

A: The profitability position of the company can be arrived from the income statement of the company…

Q: Which of the following costs would be considered a period rather than a product cost in a…

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

Q: Which one of the following would not be classified as manufacturing overhead? O Indirect labor…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which of the following costs is not a product cost? Depreciation on the plant installed in the…

A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Which of the following would not be an element of factory overhead?

A: Factory Overhead are not direct cost like direct materials and direct labor however they are helpful…

Q: which of the following is a product cost for a manufacturing company : a- insurance on the…

A: Product cost includes all the costs involved to create a product i.e direct material, direct labour…

Q: Identify the following as fixed costs (F), variable costs (V), or mixed costs(M). insurance on…

A: Variable cost: A variable cost is an expense that rises or falls in direct proportion to the amount…

Q: Which one of the following would not be classified as manufacturing overhead? Indirect labor Direct…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Why must a company estimate the amount of factory overhead assigned to indivdual jobs or jobs lots

A: Factory overhead is the total cost involved in operating all production facilities of a…

Q: Which of the following accounts would be a period cost rather than a product cost? a Freight out.…

A: Variable costs: These costs are incurred in conjunction to the volume of goods produced or sold. It…

Q: Which one of the following is not an example of a committed fixed cost? a. The salary of the deputy…

A: Fixed cost refers to those cost which do not change with increase or decrease in production…

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: Which one of the following is an example of a discretionary fixed cost? a. The depreciation cost of…

A: A discretionary fixed costs are those fixed which are avoidable for some shorter period and these…

Q: Which of the following items would be considered factory overhead for a automobile manufacturer?…

A: Factory overhead is a cost that is incurred in manufacturing process or for maintaining production…

Q: Transport charges paid on purchase of machinery is classified as? a. Factory overheads Ob.…

A: Correct option is a. Factory overheads Explanation: Factory overhead is the costs incurred…

Q: Which of the following is not part of the manufacturing overhead for producing a computer?…

A: Manufacturing overhead means all the indirect factory costs incurred in the manufacturing process of…

Q: What do you believe would occur if a business did not use a work cost sheet? What exact things are…

A: A work cost sheet depicts the various cost incurred from manufacturing to selling any number of…

Q: Which of the following statement(s) islare correct? I. Non-manufacturing costs are expensed as…

A: Product cost includes all the direct expenses and overheads concerned with the product. for example…

Q: Which of the following is NOT a period cost? Cost of a seminar concerning tax law updates that was…

A: Cost is the amount of expenditure related to the item such as products, customers, activities,…

Q: An example of a period cost isa. the salary of a production supervisor.b. the raw materials used in…

A: Period cost: It can be defined as the cost that is not directly related to the process of…

Q: On the costs of goods manufactured schedule, depreciation on factory equipment. is not listed…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which one of the following discretionary fixed cost? The salary of the deputy manager of the factory…

A: Discretionary cost is the cost can be eliminated or reduced without at the discretion of the…

Q: Which of the following costs may be classified as fixed costs? i Direct labour ii Depreciation…

A: As posted multiple independent questions we are answering only first question kindly repost the…

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

A: Product cost means the cost of producing one unit of finished goods. Period cost means the cost that…

Q: Why must a company estimate the amount of factory overhead assigned to individual jobs or job lots?

A: Overhead: It can be defined as the expense that is centrally incurred by the business in continuing…

Q: How is the cost of units normally lost reflected in the manufacturing cost for the period?

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

Q: Which can be considered a product cost in a manufacturing company

A: Product costs are those costs that are incurred in the process of manufacturing a product. It should…

Q: The property tax on the building that houses the manufacturing facility of a company is: * A period…

A: Introduction: Product cost: The cost incurred for creation of a product called as product cost.…

Q: What would happen if a business did not use a work cost sheet? What are some of the particular…

A: This question explains about the particular components that a work cost sheet

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: 1 For a manufacturing company, which of the following is an example of a period cost rather than a…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which of the cost below is not classified as fixed cost? a) Depreciation of machine b)…

A: Fixed cost is the cost which remains fixed irrespective of actual production .

Q: How do I record factory labor costs?

A: Factory costs are those costs or expenses which are incurred through the business to manufacture the…

Q: Which one of the following would not be classified as manufacturing overhead? a Indirect labor b…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Question 1 The term "cost" means: all of these. the price paid for a raw material. the wage paid to…

A: Since you have posted two independent questions, the answer to the first question is provided as per…

Q: Which method of determining operating income is used internally for decision making and considers…

A: There are mainly two costing methods adopted by the management to determine the operating income,…

Q: Which of the following represents the cost of the jobs sold during the period? a. Raw Materials…

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a…

Concept explainers

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.

Question

100%

Which one of the following is an example of a period cost?
Maintenance on factory machines
O Wages of factory workers
O Property Tax on Factory
O Property tax on Adm. Building

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Assign each of the following expenses to either the machine cost pool or the factory cost pool: A. property taxes B. heat and air-conditioning C. electricity, machines D. plant depreciation E. electricity, plant F. machine maintenance wages
Which of the following would not be classified as manufacturing overhead? A. indirect materials B. indirect labor C. direct labor D. property taxes on factory
Which of the following is a prime cost? A. direct labor B. work in process inventory C. administrative labor D. factory maintenance expenses
What are factory overhead expenses, and what distinguishes them from other manufacturing costs? What other terms are used to describe factory overhead expenses?
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
In a job order cost system, factory wage expense is debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods sold
Conversion costs include all of the following except: A. wages of production workers B. depreciation on factory equipment C. factory utilities D. direct materials purchased
In a job order cost system, utility expense incurred is debited to which account? A. work in process inventory B. finished goods inventory C. manufacturing overhead D. cost of goods sold
Which of the following costs would be included as part of the factory overhead costs of a computer manufacturer? A.The cost of memory chips B.Depreciation of testing equipment C.Wages of computer assemblers D. The cost of disk drives
The following would be classified as product costs except:a. property taxes on production equipmentb. insurance on factory machineryc. wages of machine operatorsd. delivery expensee. answer not given
Which of the following accounts would be a period cost rather than a product cost? Freight out. Maintenance on factory machines. Production manager's salary. Depreciation on manufacturing machinery.
Which of the following accounts would be a period cost rather than a product cost? a Freight out. b Depreciation on manufacturing machinery. c Maintenance on factory machines. d Production manager's salary.