Question

Matching all of them theres 15 total only 11 words The costs listed below are related...

Matching all of them theres 15 total only 11 words

The costs listed below are related to a manufacturer of All-natural ice cream. Classify the following costs as

a. Direct Material

b. Direct Labor

c. Overhead

____ 1. Maintenance on factory building

____ 2. Cream

____ 3. Mixing department wages

____ 4. Vanilla

____ 5. Factory supervisor's salary

____ 6. Machine oil for mixing machines ____

7. Sugar ____

8. Machine operator wages ____

9. Factory maintenance labor ____

10. Depreciation on factory equipment

Match the following key terms with their meaning:

a. Cost allocation

b. Cost driver

c. Cost object

d. Cost pool ____

11. Process of assigning indirect costs ____

12. The collection of indirect costs assigned ____

13. An allocation base

Match the following with their meanings given below:

a. Process costing system

b. Conversion cost

c. Equivalent production

d. Process cost report ____

14. Used to track and analyze costs for a department ____

15. Combination of direct labor and overhead

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Solution:

Classification of costs:

1. Maintenance on factory building = Overhead

2. Cream = Direct Material

3. Mixing department wages = Direct Labor

4. Vanilla = Direct Material

5. Factory supervisor's salary = Overhead

6. Machine oil for mixing machines = Overhead

7. Sugar = Direct Material

8. Machine operator wages = Direct Labor

9. Factory maintenance labor = Overhead

10. Depreciation on factory equipment = Overhead

Matching Key terms with their meaning:

11. Process of assigning indirect costs = Cost Allocation

12. The collection of indirect costs assigned = Cost Pool

13. An allocation base = Cost Driver

Matching with their meaning:

14. Used to track and analyze costs for a department = Process cost report

15. Combination of direct labor and overhead = Conversion cost

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
Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct...
Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct labor-hours at a rate of $3 per labor-hour. Strawberry and vanilla flavors are produced in Department SV. Chocolate is produced in Department C. Sven manages Department SV and Charlene manages Department C. The product costs (per thousand gallons) follow. Strawberry Vanilla Chocolate Direct labor (per 1,000 gallons) 752 827 1127 Raw materials (per 1,000 gallons) 802 502 602 Required: a. If the number of...
Entries for Factory Costs and Jobs Completed Munch Printing Inc. began printing operations on January 1....
Entries for Factory Costs and Jobs Completed Munch Printing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $510...
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential...
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential processes, mixing and freezing. It uses process costing to account for production costs during each period. The following is information obtained from the source documents for Utopia Co. for the month of December: Raw materials purchased (direct and indirect) $208,200 Raw materials inventory (direct and indirect), beginning balance $45,600 Direct materials used – Mixing Department $95,200 Direct materials used – Freezing Department $89,700 Direct...
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential...
5. Process Costing – Balance Sheet accounts, ending balances (4pts): Utopia, Co. makes popsicles in sequential processes, mixing and freezing. It uses process costing to account for production costs during each period. The following is information obtained from the source documents for Utopia Co. for the month of December: Raw materials purchased (direct and indirect) $208,200 Raw materials inventory (direct and indirect), beginning balance $45,600 Direct materials used – Mixing Department $95,200 Direct materials used – Freezing Department $89,700 Direct...
Maintenance costs for machinery and equipment are the largest component of factory overhead for the block...
Maintenance costs for machinery and equipment are the largest component of factory overhead for the block machining department of an engine manufacturing plant. Which of the following would be the best cost driver? A. Machine hours B. Direct labor dollars C. Square feet of floor space D. Direct labor hours
PART B – Journal Entries:  Prepare journal entries for the month of March to record the below...
PART B – Journal Entries:  Prepare journal entries for the month of March to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry). Raw materials purchases (on credit).  Assume the firm purchased $282,000 worth of raw materials in March. Direct materials used in production:  Mixing Department: $250,000;  Packaging Department: $16,500. Direct labor used in production (assume not paid in Cash, use the Factory Wages Payable account for the credit):  Mixing Department: $60,000;  Packaging Department:  $31,800. Overhead...
Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1....
Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $4,500...
1. A factory uses the sequential method to allocate support department costs. Job 23 required 50...
1. A factory uses the sequential method to allocate support department costs. Job 23 required 50 machine hours in the Cutting Department and 10 direct labor hours in the Assembly Department. Total direct materials cost was $1,500, and total direct labor cost was $200. If the overhead rate of the Cutting Department is $4.5 per machine hour and the Assembly Department is $5.5 per direct labor hour, calculate the cost of Job 23. a. $2,000 b. $1,700 c. $1,980 d....
ENTRIES FOR FACTORY COSTS AND JOBS COMPLETED ****ONLY NEED ANSWER FOR C.****** Old School Publishing Inc....
ENTRIES FOR FACTORY COSTS AND JOBS COMPLETED ****ONLY NEED ANSWER FOR C.****** Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor...
Which of the following costs is not a product? Wages paid to workers for rework on...
Which of the following costs is not a product? Wages paid to workers for rework on defective products Wages paid to truck loaders who load finished goods onto outgoing delivery trucks Fringe benefits paid to factory workers Wages paid to workers to idle time due to machine breakdown in a production department ABC differs from traditional product costing because it uses multiple allocation bases and therefore, allocates costs (such as overhead costs) more accurately. This normally results in Equalizing set...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT