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Place a check mark in the appropriate column to identify whether each of the following costs is a product cost or a period cost. If it is a product cost, further classify it in the last column as direct materials (DM), direct labor (DL) or manufacturing overhead (MO).
Product Cost
Period Cost
DM, DL, MO
a.
Cost of supervisory personnel in the factory
b.
Direct materials used
c.
Salary of the company president
d.
Cost of the corporate accounting department
e.
Indirect materials used
f.
Costs incurred to run the company's credit department
g.
Salary of the production superintendent
h.
Property taxes for land upon which the factory is located
i.
Deprecation on the office machines used in the advertising department
j.
Materials used in the production process that do not become part of the finished product
Cost of Goods Manufactured Statement
ABC Co. is a large manufacturer of electronic game components. At year-end 2015, the following information is obtained from the worksheet. All information is shown in thousands (000s).
Factory supplies
$ 3
Rent on machinery
40
Indirect labor
120
Beginning Raw Materials Inventory
500
Ending Raw Materials Inventory
850
Direct Labor
1,100
Insurance on factory buildings
50
Beginning Work in Process
700
Ending Work in Process
400
Property taxes on factory
200
Advertising expense
175
Purchases of raw materials
900
REQUIRED: Prepare in good form, a Cost of Goods Manufactured Statement
Make the adjusting entry to shift the current installment of the long-term note payable to a current liability. Also accrue interest expense at year end.
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Which of the following pertains primarily to the planning of fixed overhead costs?
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Qualitative considerations in capital investing analysis include:
The company faces a 40% tax rate. What is the project's operating cash flow for the first year (t = 1)?
Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
The compensation associated with executive stock option plans is:
Calculate the predetermined overhead rate for the year using each of the following cost drivers:
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