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To classify Costs associated with manufacturing firms, merchandising firms or service firms as (1)product or period costs; (2) Variable or fixed costs and (3) further classifying product costs into direct materials, direct labor, manufacturing overhead.
The following are costs associated with manufacturing firms, merchandising firms, or service firms: 1. Miscellaneous materials used in production 2. Salesperson's commission in a real estate firm 3. Administrators' salaries for a furniture wholesaler 4. Administrators' salaries for a furniture manufacturer 5. Freight costs associated with acquiring inventories for a grocery store 6. Office manager's salary in a doctor's office 7. Utilities for the corporate offices of a toy manufacturer 8. Line supervisor's salary for a clothing manufacturing firm 9. Training seminar for sales staff of a service firm 10. Fuel used in a trucking firm 11. Paper used at a printing business 12. Oil for machinery at a plastics manufacturing firm 13. Food used at a restaurant 14. Windshields used for a car manufacturer
Classify the costs as (1) product or period; (2) variable or fixed; and (3) for those that are product costs, as direct materials, direct labor, or manufacturing overhead. Write "not applicable (N/A)" if a category doesn't apply.
Prepare general journal entries to record the transactions, assuming use of the periodic inventory system
what unit sales volume would its income equal its costs and what price must each stereo be sold for the company to achieve an EBIT of $95,000?
Assume that once the year ends, the company determines that 12,000 machine hours were actually used during the year and actual overhead was $420,000, what would be the total overhead applied and the over-applied overhead for the year?
Determine the direct materials price variance and the direct materials efficiency variance for the year.
Determine the amount of research and development expense Janson could report in its 2013 income statement related to this project.
Describe why the Gleasons felt that their exchange of property was a 1031 transaction. Why the IRS disputed the Gleason's characterization
Evaluate the firm's sustainable growth rate - find sustainable growth rate
What is the outcome on the financial statements when a company fails to accrue salaries expense at year-end?
Explain the Purpose of Production report in Process Costing and Determine the main function of the process costing production cost report?
Evaluate the company's break-even point in number of widebody passenger jets and in dollars of sales.
Purpose the inventories section of the balance sheet for December 31, 2009 for Danube. Purpose the inventories section of the balance sheet for December 31, 2009 for Annandale.
Evaluation of Standard Cost per unit - Compute Muhsin's total standard cost per unit. (Round your answer to 2 decimal places.)
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