Financial and Managerial Accounting - Workingpapers
15th Edition
ISBN: 9781337912112
Author: WARREN
Publisher: CENGAGE L
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Textbook Question
Chapter 15, Problem 1PB
The following is a list of costs that were incurred in the production and sale of lawn mowers:
- a. Attorney fees for drafting a new lease for headquarter offices
- b. Cash paid to outside firm for janitorial services for factory
- c. Commissions paid to sales representatives, based on the number of lawn mowers sold
- d. Cost of advertising in a national magazine
- e. Cost of boxes used in packaging lawn mowers
- f. Electricity used to run the robotic machinery
- g. Engine oil used in mower engines prior to shipment
- h. Factory cafeteria employees’ wages
- i. Filter for spray gun used to paint the lawn mowers
- j. Gasoline engines used for lawn mowers
- k. Hourly wages of operators of robotic machinery used in production
- l. License fees for use of patent for lawn mower blade, based on the number of lawn mowers produced
- m. Maintenance costs for new robotic factory equipment, based on hours of usage
- n. Paint used to coat the lawn mowers, the cost of which is immaterial to the cost of the final product
- o. Payroll taxes on hourly assembly line employees
- p. Plastic for outside housing of lawn mowers
- q. Premiums on insurance policy for factory buildings
- r. Property taxes on the factory building and equipment
- s. Salary of factory supervisor
- t. Salary of quality control supervisor who inspects each lawn mower before it is shipped
- u. Salary of vice president of marketing
- v. Steel used in producing the lawn mowers
- w. Steering wheels for lawn mowers
- x. Straight-line
depreciation on the robotic machinery used to manufacture the lawn mowers - y. Telephone charges for company controller’s office
- z. Tires for lawn mowers
Instructions
Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a
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The following is a list of costs that were incurred in the production and sale of lawn mowers:a. Premiums on insurance policy for factory buildingsb. Tires for lawn mowersc. Filter for spray gun used to paint the lawn mowersd. Paint used to coat the lawn mowers, the cost of which is immaterial to the cost of the final producte. Plastic for outside housing of lawn mowersf. Salary of factory supervisorg. Hourly wages of operators of robotic machinery used in productionh. Engine oil used in mower engines prior to shipmenti. Salary of vice president of marketingj. Property taxes on the factory building and equipmentk. Cost of advertising in a national magazinel. Gasoline engines installed in the lawn mowersm. Electricity used to run the robotic machineryn. Straight-line depreciation on the robotic machinery used to manufacture the lawn mowerso. Salary of quality control supervisor who inspects each lawn mower before it is shippedp. Attorney fees for drafting a new lease for headquarters…
Classifying costsThe following is a list of costs that were incurred in the production andsale of lawn mowers:
a. Premiums on insurance policy for factory buildingsb. Tires for lawn mowersc. Filter for spray gun used to paint the lawn mowersd. Paint used to coat the lawn mowers, the cost of which isimmaterial to the cost of the final product
e. Plastic for outside housing of lawn mowersf. Salary of factory supervisorg. Hourly wages of operators of robotic machinery used inproduction
h. Engine oil used in mower engines prior to shipmenti. Salary of vice president of marketingj. Property taxes on the factory building and equipmentk. Cost of advertising in a national magazine1. Gasoline engines installed in the lawn mowers
m. Electricity used to run the robotic machineryn. Straight-line depreciation on the robotic machinery used tomanufacture the lawn mowerso. Salary of quality control supervisor who inspects each lawnmower before it is shipped
p. Attorney fees for drafting a new lease…
The following is a list of costs incurred by several businesses:a. Cost of fabric used by clothing manufacturerb. Maintenance and repair costs for factory equipmentc. Rent for a warehouse used to store raw materials and work in processd. Wages of production quality control personnele. Oil lubricants for factory plant and equipmentf. Depreciation of robot used to assemble a productg. Travel costs of marketing executives to annual sales meetingh. Depreciation of copying machines used by the Marketing Departmenti. Fees charged by collection agency on past-due customer accountsj. Electricity used to operate factory machineryk. Maintenance costs for factory equipmentl. Pens, paper, and other supplies used by the Accounting Department in preparing various managerial reportsm. Charitable contribution to United Fundn. Depreciation of microcomputers used in the factory to coordinate and monitor the production scheduleso. Fees paid to lawn service for office grounds upkeepp. Cost of sewing…
Chapter 15 Solutions
Financial and Managerial Accounting - Workingpapers
Ch. 15 - What are the major differences between managerial...Ch. 15 - Prob. 2DQCh. 15 - Prob. 3DQCh. 15 - Distinguish between prime costs and conversion...Ch. 15 - What is the difference between a product cost and...Ch. 15 - Name the three inventory accounts for a...Ch. 15 - In what order should the three inventories of a...Ch. 15 - What are the three categories of manufacturing...Ch. 15 - How do the manufacturing costs incurred during a...Ch. 15 - How does the Cost of goods sold section of the...
Ch. 15 - Management process Three phases of the management...Ch. 15 - Direct materials, direct labor, and factory...Ch. 15 - Prob. 3BECh. 15 - Product and period costs Identify the following...Ch. 15 - Cost of goods sold, cost of goods manufactured...Ch. 15 - Prob. 6BECh. 15 - Prob. 1ECh. 15 - Indicate whether the following costs of Procter ...Ch. 15 - Prob. 3ECh. 15 - For apparel manufacturer Abercrombie Fitch, Inc....Ch. 15 - From the choices presented in parentheses, choose...Ch. 15 - From the choices presented in parentheses, choose...Ch. 15 - Classifying costs In a service company A partial...Ch. 15 - Classifying costs The following is a manufacturing...Ch. 15 - Financial statements of a manufacturing firm The...Ch. 15 - Manufacturing company balance sheet Partial...Ch. 15 - Cost of direct materials used in production for a...Ch. 15 - Cost of goods manufactured for a manufacturing...Ch. 15 - Cost of goods manufactured for a manufacturing...Ch. 15 - Income statement for a manufacturing company Two...Ch. 15 - Statement of cost of goods manufactured for a...Ch. 15 - Cost of goods sold, profit margin, and net income...Ch. 15 - Cost flow relationships The following information...Ch. 15 - The following is a list of costs that were...Ch. 15 - The following is a list of costs incurred by...Ch. 15 - A partial list of Foothills Medical Centers costs...Ch. 15 - Manufacturing income statement, statement of cost...Ch. 15 - Statement of cost of goods manufactured and income...Ch. 15 - The following is a list of costs that were...Ch. 15 - Prob. 2PBCh. 15 - A partial list of The Grand Hotels costs follows:...Ch. 15 - Several items are omitted from the income...Ch. 15 - Statement of cost of goods manufactured and income...Ch. 15 - Comfort Plus, Inc., has a hotel with 300 rooms in...Ch. 15 - Hilton Hotels and Marriott International:...Ch. 15 - Comparing occupancy for two hotels Sunrise Suites...Ch. 15 - Prob. 4MADCh. 15 - Prob. 5MADCh. 15 - Prob. 1TIFCh. 15 - Communication Todd Johnson is the Vice President...Ch. 15 - For each of the following managers, describe how...Ch. 15 - The following situations describe scenarios that...Ch. 15 - Geek Chic Company provides computer repair...Ch. 15 - Which of the following items would not be...Ch. 15 - Prob. 2CMACh. 15 - A firm has 100,000 in direct materials costs,...Ch. 15 - In practice, items such as wood screws and glue...
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