Question

In: Accounting

Required: Identify each of the costs accordingly by placing an “X” in the appropriate boxes. Each...

Required: Identify each of the costs accordingly by placing an “X” in the appropriate boxes. Each cost can be classified multiple times. Please tell why for each. Thank you

Product

Period

Variable

Fixed

Direct Material

Direct Labor

Manufacturing Overhead

Oil to keep a factory machinery lubricated

Aluminum used in the manufacturing of bicycles

Fabric used in the manufacture of baseball jerseys

Wages of sewing machine operators making baseball jerseys

Janitorial supplies used in a factory’s restrooms

The advertising manager’s salary

Copy paper to replenish the fax machine in the sales office.

Solutions

Expert Solution

Product Period Variable Fixed Direct Material Direct Labor Manufacturing Overhead Remarks
Oil to keep a factory machinery lubricated x It Factory Overhead as it machinery needed to be lubricated irrespective if the manufacturing is being done or not.
Aluminum used in the manufacturing of bicycles x Its directly co related with the production of the bicycle without which the bicycle can not manufacured
Fabric used in the manufacture of baseball jerseys x Direct relationship with the manufacturing of the Jerseys
Wages of sewing machine operators making baseball jerseys x Direct relationship with the manufacturing of the Jerseys
Janitorial supplies used in a factory’s restrooms x It Factory Overhead as Janitorial supplies required irrespective of the Production
The advertising manager’s salary x x 1. It is product cost, required to be incurred to sell the product.
2. It is Fixed cost, as the manager will keep on withdrawing the Salary irrespective of the Sales
Copy paper to replenish the fax machine in the sales office. x Its Period Expenses, as the replenishment depends upon the consumption of the paper

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