Product costs and which are period costs, Financial Accounting

Assignment Help:

The costs that follow were extracted from the accounting records of various different manufacturers:

1.    Weekly wages of an equipment maintenance worker
2.    Marketing costs of a soft drink bottler
3.    Cost of sheet metal in a Honda automobile
4.    Cost of president's subscription to Fortune magazine
5.    Monthly operating costs of pollution control equipment used in a steel mill
6.    Weekly wages of a seamstress employed by a jeans maker
7.    Cost of compact discs (CDs) for newly recorded releases of Rush, Billy Joel, and Bryan Adams

a.    Determine which of these costs are product costs and which are period costs.

b.    For the product costs only, determine those that are easily traced to the finished product and those that are not.


Related Discussions:- Product costs and which are period costs

Required: prepare journal entries for the above transactions, Sleek Ride, a...

Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June: a. Purchased, o

Produce an adjusted purchases ledger account, Question: Andrew Hegel ma...

Question: Andrew Hegel manufactures garments in his Malagasy Factory. In an effort to remain competitive he continually switches between suppliers.. This has resulted in extra

The book value of shareholders equity, Manik Enterprises spent $10,000 to p...

Manik Enterprises spent $10,000 to purchase farming equipment 5 years ago. This equipment is presently valued at $2,000 on today's balance sheet but could actually be sold for $4,5

State the users of accounting information, State the users of accounting in...

State the users of accounting information Environment has brought new challenges for managers and other users of accounting information. Their requirements have changed and bot

Choice of an appropriate discount rate, Choice of an appropriate discount r...

Choice of an appropriate discount rate The difficulty with selecting a discount rate rests on whether the correct rate for the risk/return has been derived. A number of things

Calculate pre-tax roi return on investment, Shannon Kampa is in talks with ...

Shannon Kampa is in talks with Resul Ozbayrak Leaseco, a leasing company, to rent store space for new stores that Shannon is considering adding to her high-end natural foods chain.

Vat, recommendation regarding the current south African vat system

recommendation regarding the current south African vat system

What points is necessary to meet users requirements, What points is necessa...

What points is necessary to meet users requirements To meet these users' requirements, it can be argued that accounting information must possess certain key qualities, or chara

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd