Reference no: EM131217788
Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help it finance its growth. The bank requires financial statements before approving such a loan.
Required:
Classify each cost listed below as either product costs or period costs for the purpose of preparing the financial statements for the bank.
1. Depreciation on salespersons cars
2. Rent on equipment used in the factory
3. Lubricants used for machine maintenance
4. Salaries of personnel who work in the finished goods warehouse
5. Soap and paper towels used by factory workers at the end of a shift
6. Factory supervisors’ salaries
7. Heat water and power consumed in the factory
8. Materials used for boxing products for shipment overseas (Units are not normally boxed)
9. Advertising cost
10. Workers’ compensation insurance for factory employees
11. Depreciation on chairs and tables in the factory lunchroom
12. The wages of the receptionist in thhe administrative office
13. Cost of leasing the corporate jet used by the company’s executives
14. The cost of renting rooms at a Florida resort for the annual sales conference
15. The cost of packaging the company’s product
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