Question: 1. Identify and give examples of each three basic manufacturing cost categories. 2.During April, $52,000 in raw materials were requisitioned from a storeroom for use
1. Identify and give examples of each three basic manufacturing cost categories. 2.During April, $52,000 in raw materials were requisitioned from a storeroom for use in production. These raw materials included $50,000 of direct and $2,000 of indirect materials. Which accounts and amounts s/b debited or credited to record the issuance of materials to the production Dept? 3. Describe the accounting for applying overhead cost to jobs using a predetermined overhead rate. 4. Distinguish between product costs and period costs and give examples of each.
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