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Concepts and Terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Appropriate term for completing Sentence sentence a. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving). b. Direct labor costs combined with factory overhead costs are called (prime, conversion) costs. c. The salaries of sales people are normally considered a (period, product) cost. d. The plant manager's salary would be considered (direct, indirect) to the product. conversion prime e. Longterm plans are called (strategic, operational) plans. f. Materials for use in production are called (supplies, materials inventory). V ' 9. An example of factory overhead is (electricity used to run assembly line, CEO salary). V Classifying Costs The following report was prepared for evaluating the performance of the plant manager of Marching Ants Inc. Evaluate and correct this report. Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 Materials used in production (including $64,800 of indirect materials) $699,400 Direct labor (including $97,100 maintenance salaries) 647,600 Factory overhead: Supervisor salaries 595,800 Heat, light, and power 161,900 Sales salaries 401,500 Promotional expenses 362,700 Insurance and property taxesplant 174,900 Insurance and property taxescorporate ofces 252,600 Depreciationplant and equipment 142,500 Depreciationcorporate offices 103,600 Total $3,542,500 Marching Ants Inc. Manufacturing Costs For the Quarter Ended June 30 ' $[:] ' C] Factory overhead: 444444 Total manufacturing costs incurred 55:]