Question

In: Accounting

Below is a partial list of cost associated with Company X                                 

Below is a partial list of cost associated with Company X                                                                           

Required:                                                                                                      

Categorize each Cost as either: Direct material, Direct labor, Manufacturing overhead, or period cost.

Prepare a schedule for each cost category.                                                                                                                                                                               

Cost

1.            Identifiable material used to Manufacture a product .   1,000,000

2.            Unidentifiable material used in the manufacture of product                                                                                     500,000

3.            labor used to assemble a product                                                                                                                                     750,000

4.            labor used to clean the floor in a manufacturing plant                                                                                                50,000

5.            Labor to move product from point A to point B                                                                                                            45,000

6.            Insurance on the production equipment                                                                                                                          20,000

7.            Depreciation on the production equipment                                                                                                                    100,000

8.            Security personnel for the production facility                                                                                                                30,000

9.            Chief executive salary                                                                                                                                                           150,000

10.         Salary of the secretary to the production manager                                                                                                      30,000

Solutions

Expert Solution

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
Cost Details Amount $ Nature
1 Identifiable material used to Manufacture a product .    1,000,000 Direct material
2 Unidentifiable material used in the manufacture of product. 500,000.00 Manufacturing overhead
3 labor used to assemble a product. 750,000.00 Direct labor
4 labor used to clean the floor in a manufacturing plant.     50,000.00 Manufacturing overhead
5 Labor to move product from point A to point B.     45,000.00 Manufacturing overhead
6 Insurance on the production equipment.     20,000.00 Manufacturing overhead
7 Depreciation on the production equipment. 100,000.00 Manufacturing overhead
8 Security personnel for the production facility.     30,000.00 Manufacturing overhead
9 Chief executive salary. 150,000.00 Period cost/ Administrative expense
10 Salary of the secretary to the production manager.     30,000.00 Manufacturing overhead

ekkarill92 answered 10 months ago
Next > < Previous

Related Solutions

The following items (partial list) are associated with a functional-based cost accounting information system, an activity-based...
The following items (partial list) are associated with a functional-based cost accounting information system, an activity-based cost accounting information system, or both: ? a. materials purchasing cost incurrence b. assignment of purchasing cost to products using direct labor hours c. assignment of purchasing cost using number of purchase orders d. usage of direct materials e. direct materials cost assigned to products using direct tracing f. materials handling cost incurrence g. materials handling cost assigned using direct labor hours h. materials...
Brooks Inc manufacturer, sold 10,000 shelves in 2011. Below is a partial list of the company...
Brooks Inc manufacturer, sold 10,000 shelves in 2011. Below is a partial list of the company accounts: Sales....... 990,000 Direct materials used ......242,000 Direct Labour ......330,000 Variable Manufacturing Overhead..... 55,000 Variable Selling and Admin Expenses .....63,000 Variable Selling and Admin Expenses .....110,000 Fixed Selling and Admin Expenses ......90,000 There are 2,000 units in inventory at the beginning of the year and 3,000 units in inventory at the end of the year. The company uses variable costing. There has been no...
Grouper Company pays its office employee payroll weekly. Below is a partial list of employees and...
Grouper Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee --Earnings to July 31----    Weekly Pay-----    Vacation Pay to Be Received in August Mark Hamill $5,010    $200    --- Karen Robbins $4,310 $150    $300 Brent Kirk    $3,510 $110 $220 Alec Guinness    $8,210 $250 --- Ken Sprouse    $8,810 $330    $660...
Pina Company pays its office employee payroll weekly. Below is a partial list of employees and...
Pina Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee Earnings to July 31 Weekly Pay Vacation Pay to Be Received in August Mark Hamill $5,200 $240 - Karen Robbins 4,500 190 $380 Brent Kirk 3,700 150 300 Alec Guinness 8,400 290 - Ken Sprouse 9,000 370 740 Assume that the federal income tax withheld is 10%...
Marigold Company pays its office employee payroll weekly. Below is a partial list of employees and...
Marigold Company pays its office employee payroll weekly. Below is a partial list of employees and their payroll data for August. Because August is their vacation period, vacation pay is also listed. Employee Earnings to July 31 Weekly Pay Vacation Pay to Be Received in August Mark Hamill $5,200 $240 - Karen Robbins 4,500 190 $380 Brent Kirk 3,700 150 300 Alec Guinness 8,400 290 - Ken Sprouse 9,000 370 740 Assume that the federal income tax withheld is 10%...
Explain what partial pressure is. List the partial pressures of O2 and CO2 in alveolar air...
Explain what partial pressure is. List the partial pressures of O2 and CO2 in alveolar air and explain what determines their values (discuss each gas separately). List the partial pressures of O2 and CO2 in systemic arterial blood and explain what determines their values. List the partial pressures of O2 and CO2 in systemic venous blood and explain what determines their values.
1) The marginal cost function associated with producing x widgets is given by C'(x)= -0.8x+75 where...
1) The marginal cost function associated with producing x widgets is given by C'(x)= -0.8x+75 where C'(x) is measured in dollars/unit and x denotes the number of widgets. Find the total cost C(x) incurred from producing the 11th through 05th units of the day. The options are: 2040 2030 2020 2000 2050 a) The Math Club has determined that in order to successfully tutor x Math 2 students in preparation for the second homework, the price per student p(x) in...
Calculate the integrals given below using partial fractions: a) [int] 1/(x^2 - a^2) dx a is...
Calculate the integrals given below using partial fractions: a) [int] 1/(x^2 - a^2) dx a is a fixed positive real number b) [int] 1/(x^4 - 1) dx c) [int] 1/(x^2 + x) dx d) [int] 1/(x^2 - 4x - 5) dx e) [int] 1/(x^2 - 3x - 5) dx f) [int] exp(x) / (exp(4x) - 5exp(2x) + 4) dx
Calculate the integrals given below using partial fractions: a) [int] 1/(x^2 - a^2) dx a is...
Calculate the integrals given below using partial fractions: a) [int] 1/(x^2 - a^2) dx a is a fixed positive real number b) [int] 1/(x^4 - 1) dx c) [int] 1/(x^2 + x) dx d) [int] 1/(x^2 - 4x - 5) dx e) [int] 1/(x^2 - 3x - 5) dx f) [int] exp(x) / (exp(4x) - 5exp(2x) + 4) dx
) A partial standard cost card for the single product produced by Macentoch Company is given...
) A partial standard cost card for the single product produced by Macentoch Company is given below: Direct materials: 3 pounds @ $8 per pound Direct labor: ? hours @ ? Per hour Last period the company produced 4,000 units of product. Cost and other data associated with this production are given below: Direct materials purchased and used, at cost $103,320 Direct labor cost incurred (10,400 hours) $120,640 Materials price variance $2,520 Unfavorable Labor efficiency variance $4,800 Unfavorable Total labor...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT