Question

Please review the terms “Product Costs” and “Period Costs” in Chapter 18 of your eText. Product...

Please review the terms “Product Costs” and “Period Costs” in Chapter 18 of your eText. Product costs consist of Direct Materials, Direct Labor, and Factory Overhead. Period Costs consist of Administrative Costs and Selling Costs. Please select an item in your home and list the costs necessary to manufacture that item. The manufacturing cost of the item must include the three product costs and the two period costs. Please be sure to identify each cost that you list.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Product Costs : cost which associated with manufacturing of product is called product cost (eg,Product costs consist of Direct Materials, Direct Labor, and Factory Overhead)

Period Costs: cost which is associated with time or period.( Period Costs consist of Administrative Costs and Selling Costs)

And we have manufacturing unit of Paper plates: I can explain the costs which are relating to that product:( Provided product images also)

Product cost: for one Packet

material: Round cutting paper = $1.5

Labor: To operate machine = $ 0.5

Expenses:Packing = $ 0.2

Periodic cost:

Rent = $ 3

Selling exp= $0.8

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Please select a product that you use and list some of the manufacturing costs (direct materials,...
Please select a product that you use and list some of the manufacturing costs (direct materials, direct labor, variable factory overhead, and fixed factory overhead). Indicate which would be included in the cost of goods sold under variable and absorption costing.
8. Classify each of the following costs as a period cost or a product cost. If...
8. Classify each of the following costs as a period cost or a product cost. If you classify the cost as a product​ cost, further classify it as direct material​ (DM), direct labor​ (DL), or manufacturing overhead​ (MOH). ​(If the cost is a period​ cost, leave the classification box​ empty; do not select a​ label.) Period cost If product cost, or product cost DM, DL or MOH a1. Property taxes—30% of building is used for sales, marketing, and administrative offices...
Select a product that you use and list some of the manufacturing costs (direct materials, direct...
Select a product that you use and list some of the manufacturing costs (direct materials, direct labor, variable factory overhead, and fixed factory overhead). Indicate which would be included in the cost of goods sold under variable and absorption costing.
E2-18 (Algo) Calculating Actual and Applied Manufacturing Overhead Costs and Over- or Underapplied Overhead Costs [LO...
E2-18 (Algo) Calculating Actual and Applied Manufacturing Overhead Costs and Over- or Underapplied Overhead Costs [LO 2-3, 2-4, 2-5, 2-6] Verizox Company uses a job order cost system with manufacturing overhead applied to products based on direct labor hours. At the beginning of the most recent year, the company estimated its manufacturing overhead cost at $193,000. Estimated direct labor cost was $478,640 for 19,300 hours. Actual costs for the most recent month are summarized here: Item Description Total Cost Direct...
A review of Plunkett Corporation's accounting records for last year disclosed the following selected information. Variable...
A review of Plunkett Corporation's accounting records for last year disclosed the following selected information. Variable Costs Direct materials used              $ 56,000 Direct labor                             $179,000 Manufacturing overhead        $154,000 Selling costs                             $108,400 Fixed costs Manufacturing overhead        $267,000 Selling costs                            $121,000 Administrative costs               $235,900 What were Plunkett's product/manufacturing costs and period/non-manufacturing costs for last year? Question 27 options: Product $235,100 Period $914,000 Product $497,500 Period $651,600 Product$656,000 Period $465,300 Product $683,800 Period $465,300
MANAGERIAL ACCOUNTING - TRUE OR FALSE? (IF YOU ARE NOT ABLE TO ANSWER THEM ALL, PLEASE...
MANAGERIAL ACCOUNTING - TRUE OR FALSE? (IF YOU ARE NOT ABLE TO ANSWER THEM ALL, PLEASE SKIP. THANK YOU) Direct materials costs and indirect materials costs are considered “manufacturing overhead”. All manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead. The total cost of a finished product generally contains equal amounts of materials, labor, and overhead costs. Both direct labor cost and indirect labor cost are product costs. Period costs include selling...
1. Costs that are expensed when incurred are called: A. product costs. B. direct costs. C....
1. Costs that are expensed when incurred are called: A. product costs. B. direct costs. C. inventoriable costs. D. period costs. E. indirect costs 2. The accounting records of Manning Company revealed the following costs: direct materials used, $250,000; direct labor, $425,000; manufacturing overhead, $375,000; and selling and administrative expenses, $220,000. Ehrlich’s product costs total: A. $675,000. B. $1,050,000. C. $895,000. D. $1,270,000. E. None of the answers is correct 3. How should a company that manufactures automobiles classify its...
Since we began the course emphasizing that costs of a manufacturing company product include only the...
Since we began the course emphasizing that costs of a manufacturing company product include only the materials, labor and overhead used in or occurring in the factory and costs of a merchandising company product include the only purchase of the product and expenses surrounding the procurement of it (like freight-in and insurance), why in this chapter do we learn to allocate non-manufacturing and non-procurement costs to products, including the intangible products of service companies?
1. Indicate whether each item below is a product cost (inventoriable cost) or a period cost....
1. Indicate whether each item below is a product cost (inventoriable cost) or a period cost. If it’s a product cost say whether it is DM (direct materials), DL (direct labor) or MO (manufacturing overhead, also called indirect manufacturing costs). If it is a period cost, indicate whether it is AE (administrative expense) or SE (selling expense). These costs are for a company that makes tires. a. Cost of the rubber that goes into the tire b. Depreciation cost of...
Name the three inventory accounts for a manufacturing business. Name the three types of costs in...
Name the three inventory accounts for a manufacturing business. Name the three types of costs in a manufacturing business. Name the three types of manufacturing costs in a manufacturing business. What is the difference between period costs and product cost? Explain and give one example of each type. Identify each if the following costs for the manufacturer of televisions.      M = direct materials      L = direct labor      O = manufacturing overhead      S = selling cost     ...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT