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GU Wk 1 Manufacturing Cost Income Statement and Product Cost Worksheet

GU Wk 1 Manufacturing Cost Income Statement and Product Cost Worksheet

Question Description

I’m working on a accounting multi-part question and need support to help me study.…

Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense.

Costs Classification
a. Salary of chief compliance officer of company Period costs-administrative expense
b. Power used by painting equipment
c. Instrument panel installed in the airplane cockpit
d. Annual bonus paid to the chief operating officer of the company
e. Turbo-charged airplane engine
f. Interior trim material used throughout the airplane cabin
g. Cost of normal scrap from production of airplane body
h. Hourly wages of employees that assemble the airplane
i. Salary of the marketing department personnel
j. Cost of paving the headquarters employee parking lot
k. Cost of electrical wiring throughout the airplane
l. Cost of electronic guidance system installed in the airplane cockpit
m. Salary of plant manager
n. Cost of miniature replicas of the airplane used to promote and market the airplane
o. Human resources department costs for the year
p. Metal used for producing the airplane body
q. Annual fee to a celebrity to promote the aircraft
r. Hydraulic pumps used in the airplane’s flight control system
s. Yearly cost of the maintenance contract for robotic equipment
t. Prebuilt leather seats installed in the first-class cabin
u. Depreciation on factory equipment
v. Special advertising campaign in Aviation World magazine
w. Oil to lubricate factory equipment
x. Masks for use by painters in painting the airplane body
y. Decals for cockpit door, the cost of which is immaterial to the cost of the final product
z. Salary of chief financial officer

Classifying Cost

following is a list of costs incurred by several businesses.

Use the options above to classify A- Z . Classify each of the following costs as product costs or period costs. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense:

Costs Classification
a. Cost of fabric used by clothing manufacturer
b. Maintenance and repair costs for factory equipment
c. Rent for a warehouse used to store work in process and finished products
d. Wages of production quality control personnel
e. Oil lubricants for factory plant and equipment
f. Depreciation of robot used to assemble a product
g. Travel costs of marketing executives to annual sales meeting
h. Depreciation of copying machines used by the Marketing Department
i. Fees charged by collection agency on past-due customer accounts
j. Electricity used to operate factory machinery
k. Maintenance costs for factory equipment
l. Pens, paper, and other supplies used by the Accounting Department in preparing various managerial reports
m. Charitable contribution to United Fund
n. Depreciation of microcomputers used in the factory to coordinate and monitor the production schedules
o. Fees paid to lawn service for office grounds upkeep
p. Cost of sewing machine needles used by a shirt manufacturer
q. Cost of plastic for a telephone being manufactured
r. Telephone charges by president’s office
s. Cost of 30-second television commercial
t. Surgeon’s fee for heart bypass surgery
u. Depreciation of tools used in production
v. Wages of a machine operator on the production line
w. Salary of the vice president of manufacturing operations
x. Factory janitorial supplies

Select link to prepare Statement of cost of goods and Income statement…

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