Question

The following is a list of costs that were incurred in producing a textbook. Please indicate...

The following is a list of costs that were incurred in producing a textbook. Please indicate whether

    each cost is:

    (a) a product or period cost, and

    (b) if it is a product cost, whether it is a direct material, direct labor, or factory overhead cost.

  1. Insurance on the factory building and equipment
  2. Salary of the vice president of finance
  3. Hourly wages of printing press operators during production
  4. Straight-line depreciation on the printing presses used to manufacture the textbook
  5. Straight-line depreciation on the office building
  6. Electricity used to run the presses during the printing of the textbook
  7. Sales commissions paid to textbook representatives for each textbook sold
  8. Paper on which the textbook is printed
  9. Book covers used to bind the pages
  10. Salaries of staff used to develop artwork for the textbook
  11. The glue used to bind pages to cover
  12. Salary of quality control supervisor who inspects each textbook before it is shipped
  13. Plant manager’s salary
  14. Maintenance supplies
  15. Property taxes on the headquarters building
  16. Factory supervisors’ salaries
  17. Travel costs of marketing executives to an annual sales meeting
  18. Supplies used by the Accounting Department in preparing various managerial reports
  19. Fees paid to lawn service for office grounds upkeep
  20. Cost for marketing at a national conference
  21. Attorney fees for drafting a new lease for headquarters offices
  22. License fees for use of the patent for the printing press, based on number of textbooks produce

Homework Answers

Answer #1

a) Product cost - Factory overhead cost

b) Period cost

c) Product cost - direct labour

d) Product cost - Factory overhead cost

e) Period cost

f) Product cost - Factory overhead cost

g) Period cost

h) Product cost- Direct material

i) Product cost- Direct Material

j) Product cost - Manufacturing overheads cost

k) Product cost- Direct material

l) Period costs

m) Product cost- Factory overhead cost

n) Product cost - factory overhead cost

o) Period costs

p) Product cost- Factory overhead cost

q) Period costs

r) Period cost

s) Period costs

t) Period costs

u) Period costs

v) Period cost

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Paul Stanley specializes in manufacturing motorcycle helmets. During the current period, the following costs were incurred....
Paul Stanley specializes in manufacturing motorcycle helmets. During the current period, the following costs were incurred. For each cost, indicate whether the cost would be considered to be DM--direct material; DL--direct labor; OH--factory overhead; or PC-period cost. 1. Maintenance costs on factory building _______ 2. Factory manager's salary ________ 3. Advertising for helmets ________ 4. Sales commissions ________ 5. Depreciation on factory building ________ 6. Rent on factory equipment ________ 7. Insurance on factory building ________ 8. Plastic used to...
The following is a list of costs incurred by several different businesses. a) The cost of...
The following is a list of costs incurred by several different businesses. a) The cost of cotton used in the production of shirts. b) Maintenance costs for factory equipment. c) The annual salary for the three factory managers. d) Depreciation on marketing equipment. e) Cost of Wages for the laborers hired to bottle beer in the brewery plant. f) Telephone charges of the CEO’s office. g) Depreciation of tools used in production. h) Rent on the head office building. i)...
Question 1 10 MARKS Ashland Company, a maker of kitchen cabinets, incurred the following costs during...
Question 1 10 MARKS Ashland Company, a maker of kitchen cabinets, incurred the following costs during the current year: Required: Classify each cost as either a product or period cost. Product Period 1.. Depreciation on automobiles used sales staff. 2. Salary of Ashland's chief executive officer 3. Glue used in the production process 4. Supplies for factory washroom 5. Research and development costs 6. Property taxes on factory building 7. Salary of company controller 8. Depreciation on furniture in factory...
Caroline Company reported the following costs and expenses in May: Factory utilities                            &nb
Caroline Company reported the following costs and expenses in May: Factory utilities                                   $21,900                       Direct labour   $93,400 Depreciation on factory equipment   16,050                         Sales salaries   55,700 Depreciation on delivery trucks         3,800               Property taxes on factory building     3,040 Indirect factory labour                        53,000             Repairs to office equipment   3,100 Indirect materials                               84,800             Factory repairs            2,000 Direct materials used                         143,500                       Advertising      18,800 Factory manager’s salary                    18,900             Office supplies used    6,640 Determine the total amount of product costs:
among the costs Kunee Company incurred during the month of august were the following: 1. 15,000...
among the costs Kunee Company incurred during the month of august were the following: 1. 15,000 for coolant used in the headquarters office air conditioning system 2. 5,000 for property taxes on the factory building 3. 10,000 for depreciation on trucks used to deliver product for customers 4. 2,000 salary paid to a factory quality control inspector the period costs for the above listed total: A: 7000, B: 25000, C: 32000, D: 30,000
Caroline Company reported the following costs and expenses in May: Factory utilities $21,900 Direct labour $93,400...
Caroline Company reported the following costs and expenses in May: Factory utilities $21,900 Direct labour $93,400 Depreciation on factory equipment 16,050 Sales salaries 55,700 Depreciation on delivery trucks 3,800 Property taxes on factory building 3,040 Indirect factory labour 53,000 Repairs to office equipment 3,100 Indirect materials 84,800 Factory repairs 2,000 Direct materials used 143,500 Advertising 18,800 Factory manager’s salary 18,900 Office supplies used 6,640 Determine the total amount of product costs.
Question #1: A Company reports the following costs and expenses in August. Factory utilities                           &
Question #1: A Company reports the following costs and expenses in August. Factory utilities                               $ 16,500            Direct labor                                        $79,100 Depreciation on factory                                           Sales salaries                                      51,400 equipment                                   12,650            Property taxes on factory                               Depreciation on delivery trucks          3,800                    building                                           2,500 Indirect factory labor                         48,900            Repairs to office equipment                   1,300 Indirect materials                              70,800            Factory repairs                                       2,000 Direct materials used                      157,600            Advertising                                           23,000 Factory manager's salary                   8,000            Office supplies used                              2,640 Instructions From the information, determine the total amount of: (a) Manufacturing overhead. (b)...
Knight Company reports the following costs and expenses in May. Factory utilities $16,300 Direct labor $73,300...
Knight Company reports the following costs and expenses in May. Factory utilities $16,300 Direct labor $73,300 Depreciation on factory equipment 13,350 Sales salaries 46,700 Depreciation on delivery trucks 4,600 Property taxes on factory building 3,300 Indirect factory labor 53,400 Repairs to office equipment 2,000 Indirect materials 83,100 Factory repairs 2,590 Direct materials used 142,700 Advertising 16,900 Factory manager’s salary 8,300 Office supplies used 3,150 From the information: Determine the total amount of manufacturing overhead ($) Determine the total amount of...
The following is a list of various costs of producing T-shirts. Classify each cost as either...
The following is a list of various costs of producing T-shirts. Classify each cost as either a variable, fixed, or mixed cost for units produced and sold. a. Ink used for screen printing b. Warehouse rent of $8,000 per month plus $0.50 per square foot of storage used c. Thread d. Electricity costs of $0.038 per kilowatt-hour e. Janitorial costs of $4,000 per month f. Advertising costs of $12,000 per month g. Accounting salaries h. Color dyes for producing different...
Classify Costs Following is a list of various costs incurred in producing replacement automobile parts. With...
Classify Costs Following is a list of various costs incurred in producing replacement automobile parts. With respect to the production and sale of these auto parts, classify each cost as either variable costs, fixed costs, or mixed costs. 1. Oil used in manufacturing equipment 2. Plastic 3. Property taxes, $165,000 per year on factory building and equipment 4. Salary of plant manager 5. Cost of labor for hourly workers 6. Packaging 7. Factory cleaning costs, $6,000 per month 8. Metal...