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

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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 3 months ago
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