Miscellaneous materials used in production

Assignment Help Financial Accounting

Reference no: EM1313023

To classify Costs associated with manufacturing firms, merchandising firms or service firms as (1)product or period costs; (2) Variable or fixed costs and (3) further classifying product costs into direct materials, direct labor, manufacturing overhead.

The following are costs associated with manufacturing firms, merchandising firms, or service firms:
1. Miscellaneous materials used in production
2. Salesperson's commission in a real estate firm
3. Administrators' salaries for a furniture wholesaler
4. Administrators' salaries for a furniture manufacturer
5. Freight costs associated with acquiring inventories for a grocery store
6. Office manager's salary in a doctor's office
7. Utilities for the corporate offices of a toy manufacturer
8. Line supervisor's salary for a clothing manufacturing firm
9. Training seminar for sales staff of a service firm
10. Fuel used in a trucking firm
11. Paper used at a printing business
12. Oil for machinery at a plastics manufacturing firm
13. Food used at a restaurant
14. Windshields used for a car manufacturer

Classify the costs as (1) product or period; (2) variable or fixed; and (3) for those that are product costs, as direct materials, direct labor, or manufacturing overhead. Write "not applicable (N/A)" if a category doesn't apply.

Reference no: EM1313023

Questions Cloud

Show the classify costs associated with manufacturing firms : Classify Costs associated with manufacturing firms, merchandising firms or service firms

Computation of elasticity of demand : What elasticity of demand did the Village Administrator seem to assume here in his prediction for 1970- 1971? Compute the approximate elasticity of demand (round off, two decimal places is close enough).

Find the financial break-even quanity : Calculation of cash break-even quantity and financial break-even quantity and find the financial break-even quanity

What is the product cost of training a student : What is the product cost of providing one evening of instruction for all students and What is the product cost of training a student over the entire course?

Miscellaneous materials used in production : Miscellaneous materials used in production and Salesperson's commission in a real estate firm

Shift in trait in the population : Select an organism which consists of a population having two distinct traits. You can be creative here (red and green beetles, humans with red hair and brown hair, birds with short beaks and long beaks and so on).

Okun law and unemployment inflation trade off : This problem uses Okun's law to study how the unemployment and inflation rates change when there are demand shocks.

Defective units and reworking of units : Defective units, reworking of units, prevention cost , appraisal cost given difference of profit earned to find number of defective units. Variance Corporation is a manufacturer of a versatile statistical calculator.

Population having two distinct traits : Select an organism which contains a population having two distinct traits. Red and green beetles. Humans with red hair and brown hair

User Account

All Pages