Solution-Identify each of the preceding costs as a product

Identify each of the preceding costs as a product cost

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Reference no: EM132620286

Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow:

Factory rent $3,150

Company advertising 1,090

Wages paid to assembly workers 31,800

Depreciation for salespersons' vehicles 2,040

Screws 545

Utilities for factory 845

Assembly supervisor's salary 3,520

Sandpaper 110

President's salary 5,110

Plastic tubing 4,190

Paint 285

Sales commissions 1,220

Factory insurance 1,010

Depreciation on cutting machines 2,070

Wages paid to painters 8,250

Assume that Suzie Whitson has decided to begin production of her outdoor children's toy.

Required:

Question 1: Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or fixed cost.

Question 2: Determine the total cost

Reference no: EM132620286

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Identify each of the preceding costs as a product cost

Reference no: EM132620286

Reference no: EM132620286

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