Question # 4 — CLASSIFICATION OF COSTS AND EXPENSES Instructions: Classify the following manufacturing costs and...

Question # 4 — CLASSIFICATION OF COSTS AND EXPENSES
Instructions: Classify the following manufacturing costs and expenses by using the following code letters:

A. Direct materials cost
B. Direct labor cost
C. Manufacturing overhead cost
D. Period cost

Abel Manufacturing Company incurs the following costs and expenses in making furniture:

__ 1. Lubricants, rosin, and polishing compounds used in manufacturing

__ 2. Oak and pine wood used in desks and chairs

__ 3. Insurance on factory building

__ 4. Advertising in trade magazines

__ 5. Salesperson's commissions

__ 6. Wages of assembly line workers

__ 7. Rent on leased factory machinery

__ 8. Depreciation on delivery equipment

__ 9. Wages of factory maintenance workers

__ 10. Depreciation on factory machinery

Please Solve As soon as
Solve quickly I get you two UPVOTE directly
Thank's
Abdul-Rahim Taysir

Expert Solution

Solution.

Below are the classification of types of cost:

ekkarill92 answered 2 years ago

Classify the following expenses incurred by a fertilizer business according to cost classification (fixed cost, variable...

Classify the following expenses incurred by a fertilizer business according to cost classification (fixed cost, variable cost, mixed cost, direct material, direct labour, overhead cost and period cost) i. Salaries of production workers ii. Salaries of factory’s manager iii. Commission of salesperson iv.Depreciation of machinery in plant v. Depreciation of office equipment vi. Chemical used in the production vii. Delivery expenses viii. Indirect materials

Classify each of the following costs as a period cost (nonmanufacturing) or a product cost (manufacturing)....

Classify each of the following costs as a period cost (nonmanufacturing) or a product cost (manufacturing). Sales Commission Depreciation on manufacturing equipment Insurance for the factory building Marketing materials Plastic used in production Wages paid to factory supervisor A. Period B. Product

Classify Manufacturing Costs (9 marks) A Car Company had the following costs during January 2020 a)...

Classify Manufacturing Costs A Car Company had the following costs during January 2020 a) Classify each cost as either Direct Material (DM), Direct Labour (DL), Indirect Materials (IM), Indirect (Labour), Manufacturing Overhead (MOH) or period cost. Calculate the total for each type of cost. • Manufacturing Workers Wages$125,000 = DL • Plant utilities$7,000 = MOH • Office utilities$550 = PC • Plant/Manufacturing equipment depreciation$15,000 = MOH • Depreciation of Office Equipment$1,800 = PC • Manufacturing Supplies$3,500 = DM • Engine...

Classify the following workers into one of the five types of unemployment and explain the classification?...

Classify the following workers into one of the five types of unemployment and explain the classification? Be specific in your answers: A) Amy is laid off from IBM as part of cost-cutting by the firm B) Christie is laid off from department store after Christmas C) Tom quits his present job and is looking for a teaching job D) Jim is still looking for a job due to higher minimum wage laws E) Jerry is laid off as a garbage...

Benoit, Inc., a manufacturer of plastic products, reports the following manufacturing costs and account analysis classification...

Benoit, Inc., a manufacturer of plastic products, reports the following manufacturing costs and account analysis classification for the year ended December 31, 2014. Account Classification Amount Direct materials All variable $290,000 Direct manufacturing labor All variable 181,250 Power All variable 36,250 Supervision labor 20% variable 43,500 Materials-handling labor 50% variable 72,500 Maintenance labor 50% variable 58,000 Depreciation 0% variable 110,000 Rent, property taxes, and administration 0% variable 100,000 Benoit, Inc., produced 72,500 units of product in 2014. Benoit's management is...

Which of the following falls outside of the classification ofbusiness expenses that fall into the...

Which of the following falls outside of the classification of business expenses that fall into the category of fixed costs? a. Costs that must be made before production starts b. Costs that vary according to specific line of business c. Costs incurred in the act of producing d. Costs incurred as advertising expenses

ABC, Inc. is a newly organized manufacturing business this year. The following company's costs and expenses...

ABC, Inc. is a newly organized manufacturing business this year. The following company's costs and expenses are: Sales price per unit $41 Manufacturing costs: Fixed Costs Variable Costs Direct materials $8 Direct labor 6 Variable Manufacturing overhead 3 Fixed Manufacturing overhead $80,000 Period expenses: Variable Selling and administrative expenses 4 Fixed Selling and Administrative expenses 20,000 Totals $100,000 $21 Units sold 6,000 units Required: Use the information in the DATA field above using cell referencing to answer the following requirements. ...

Which of the following is the cost of quality classification for costs, such as scrap or...

Which of the following is the cost of quality classification for costs, such as scrap or rework, that occur before a product is shipped to a customer? Group of answer choices A) Appraisal costs B) Prevention costs C) External failure costs D) Internal failure costs E) Rework and wastage PreviousNext

Week 4 Question 1: "Classify the following control activities as preventive, detective or corrective and explain...

Week 4 Question 1: "Classify the following control activities as preventive, detective or corrective and explain your reasoning, (a) Employees have a password to gain access to the system. (b) When sales are entered, the system retrieves customer details based on the customer number. (c) A check is performed to identify if all cheques can be accounted for. (d) Systems development is subject to sign-off by the CIO before it can take place. (e) Virus definitions are updated daily. (f)...

Sweet Tooth Company budgeted the following costs for anticipated production for August: Advertising expenses $281,080 Manufacturing...

Sweet Tooth Company budgeted the following costs for anticipated production for August: Advertising expenses $281,080 Manufacturing supplies 15,410 Power and light 45,950 Sales commissions 310,650 Factory insurance 26,760 Production supervisor wages 135,140 Production control wages 35,140 Executive officer salaries 286,490 Materials management wages 38,630 Factory depreciation 21,890 Prepare a factory overhead cost budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only fixed factory costs. Sweet Tooth Company Factory Overhead Cost Budget For the Month...

Question