cost classification

Project Description:

1. identify whether each of the items below is a product cost or period cost:

factory insurance product
interest on bank loan
eggs, salt, water used for baking
depreciation on bake ovens
paper wrappers for bread
delivery truck costs
advertising costs
factory supervisor salaries
sales commissions
flour used in baking bread

2. identify whether each of the items below is a direct cost or indirect cost

factory insurance indirect
baker's wages
eggs used for baking
depreciation on bake ovens
paper wrappers for bread
cleaning materials for bake ovens
utilities used in factory
factory supervisor salaries
small amount of salt used
flour used in baking bread

3. identify whether each of the below is a fixed cost or variable cost

shipping costs for bread variable
cost of fuel for delivery truck
factory rent
factory insurance
maintenance on delivery truck
sales commissions
hourly wages paid to baker's assistant
oven depreciation
cost of fruit for cake topping
factory utilities

4. classify each as direct material, direct labor, indirect labor, indirect labor, other manufacturing overhead or period cost, and then answer the 5 questions below: 4a. classify each cost (the first one is done for you): (5 points total)
an airline manufacturer incurred the following costs last month (in thousands of dollars): direct material direct labor indirect material indirect labor other manufacturing overhead period cost

a. depreciation on forklifts ........................................................................... $60 $60
b. property tax on corporate marketing office ............................................. $30
c. cost of warranty repairs ............................................................................ $220
d. factory janitors’ wages ............................................................................. $10
e. cost of designing new plant layout .......................................................... $190
f. machine operators’ health insurance ....................................................... $40
g. airplane seats ........................................................................................... $270
h. depreciation on administrative offices ..................................................... $70
i. assembly workers’ wages ......................................................................... $670
j. plant utilities ............................................................................................. $110
k. production supervisors’ salaries ................................................................ $160
l. jet engines ................................................................................................ $1,100
m. machine lubricants .................................................................................... $20

then, answer the below questions:
4b. how much are total manufacturing overhead costs?
4c. how much are total inventoriable product costs?
4d. how much are total prime costs?
4e. how much are total conversion costs?

) actual manufacturing overhead for january amounted to $62,000.
2) total direct labor cost for january was $63,000.
3) the predetermined manufacturing overhead rate is based on direct labor cost. the budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs.
4) the only job unfinished on january 31 was job no. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000.
5) cost of direct materials placed in production during january totaled $123,000. there were no indirect material requisitions during january.
6) january 31 balance in raw materials inventory was $35,000.
7) finished goods inventory balance on january 31 was $34,500.
what is the cost of goods manufactured for january?
show your answer
mollave fun reproduces old-fashioned style roller skates and skateboards. the annual production and sales of roller skates is 950 units, while 1,750 skateboards are produced and sold. the company has traditionally used direct labor hours to allocate its overhead to products. roller skates require 2.5 direct labor hours per unit, while skateboards require 1.25 direct labor hours per unit. the total estimated overhead for the period is $114,300. the company is looking at the possibility of changing to an activity-based
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Price Type: Fixed

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