Place a check mark in the appropriate column to identify

Assignment Help Accounting Basics

Reference no: EM13391777

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

Reference no: EM13391777

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