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Project Description:

1. the following is a list of costs that were incurred by an airplane manufacturer:
salary of chief compliance officer of company b. power used by painting equipment c. instrument panel installed in the airplane cockpit d. annual bonus paid to the chief operating officer of the company e. turbo- charged airplane engine f. interior trim material used throughout the airplane cabin g. cost of normal scrap from production of airplane body h. hourly wages of employees that assemble the airplane i. salary of the marketing department personnel j. cost of paving the headquarters employee parking lot k. cost of electrical wiring throughout the airplane l. cost of electronic guidance system installed in the airplane cockpit m. salary of plant manager n. cost of miniature replicas of the airplane used to promote and market the airplane o. human resources department costs for the year p. metal used for producing the airplane body q. annual fee to a celebrity to promote the aircraft r. hydraulic pumps used in the airplane’s flight control system s. yearly cost of the maintenance contract for robotic equipment t. prebuilt leather seats installed in the first- class cabin u. depreciation on factory equipment v. special advertising campaign in aviation world magazine w. oil to lubricate factory equipment x. masks for use by painters in painting the airplane body y. decals for cockpit door, the cost of which is immaterial to the cost of the final product z. salary of chief financial officer
a. classify each cost as either a product cost or a period cost.
b. indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost.
c. indicate whether each period cost is a selling expense or an administrative expense.
use the following tabular headings for your answer, placing an “ x” in the appropriate column:
product costs period costs
cost direct materials cost direct labor cost factory overhead cost selling expense administrative expense

2. the following information is available for legend corporation for 2016:
inventories january 1 december 31
materials $ 351,000 $ 436,800

work in process 631,800 592,800

finished goods 608,400 576,000

advertising expense $ 296,400

depreciation expense— office equipment 42,120

depreciation expense— factory equipment 56,160

direct labor 670,800

heat, light, and power— factory 22,460

indirect labor 78,750

materials purchased 659,800

office salaries expense 185,000

property taxes— factory 18,500

property taxes— office building 32,400

rent expense— factory 32,000

sales 3,010,000

sales salaries expense 420,000

supplies— factory 15,400

miscellaneous costs— factory 9,500


prepare the 2016 statement of cost of goods manufactured.
prepare the 2016 income statement.
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Price Type: Fixed

Project Budget: $7 to $10
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