Exercises and Problems, Exercises 2-1, 2-2, 2-3, 2-4 Problem 2-14 I didn’t write every, Managerial Accounting

Exercises and Problems, Managerial Accounting

Assignment Help:

Exercises 2-1, 2-2, 2-3, 2-4

Problem 2-14
I didn’t write every question down out of the book just questions 2-1, and 2-2.
Exercise 2-1 classifying manufacturing cost.
Your boat, Inc., assembles custom sailboats from components supplied by various manufacturers. The company is very small and its assembly shop and retail sales stores are housed in a Gig Harbor, Washington, boathouse. Below are listed some of the cost that are incurred at the company.
Required:
For each cost, indicate whether it would most likely be classified as direct labor, direct materials, manufacturing overhead, selling, or an administrative cost.
1. The wages of employee who build sailboats
2. The cost of advertising in the local newspaper
3. The cost of an aluminum mast installed in a sailboat
4. The wages of the assembly shop’s supervisor
5. Rent on the boathouse
6. The wages of the company’s bookkeeper.
7. Sales commissions paid to the company’s salesperson
8. Depreciation on power tools.
Exercise 2-2 Classification of most as period or Product cost.
Suppose that you have been given a summer job at Fairwings Avionics, a company that manufactures sophisticated radar set for commercial aircraft. The company, which is privately owned, has approached a bank for a loan to help finance its tremendous growth. The bank requires financial statements before approving such a loan
Required
Classify each cost listed below as either a product cost or a period cost for purposes of preparing the financial statements for the bank.
1. The cost of the memory chips used in a radar set.
2. Factory heating cost
3. Factory equipment maintenance cost
4. Training cost of new administrative employees
5. The cost of the solder that is used in assembling the radar sets
6. The travel cost of the company’s salesperson.
7. Wages in salaries of factory security personnel
8. The cost of air conditioning executive offices
9. Wages and salaries in the department that handles billing customers
10. Depreciation on the equipment in the fitness room used by factory workers
11. Telephone expenses incurred by factory management
12. The cost of shipping completed radar set to customers
13. The wages of workers who assemble the radar sets
14. The president’s salary
15. Health insurance premiums for factory personnel.

Matt 7/6/2013 1:11:35 PM lksfdfWrite your message here..

Matt

7/6/2013 1:11:35 PM

lksfdfWrite your message here..

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages

Exercises and Problems, Managerial Accounting

Related Discussions:- Exercises and Problems

What are the disadvantages of activity based costing, Disadvantages of acti...

Loan syndication, Loan Syndication : There are two ways of syndication a...

Accounting dtandard board, what is the role of accounting standard board?

Determine the objectives of ratio analysis, Objectives of ratio analysis ...

Make or buy, The Rohr Company’s old equipment for making subassemblies is w...

Managerial accounting, Gafat Engineering Ethio plc manufactures two types o...

List the advantages of program based budgeting, Question: (a) "Budgeta...

What is traditional costing, What is traditional costing In traditiona...

ALLOCATED FIXED COST, INCOME STATEMENTS

Ira, Your financial advisor has recommended that you invest into your Roth ...

Matt

Write Your Message!

Featured Services

Online Tutoring

Project Development

Exam Preparation

Course Help

Assignment Help

Popular Subjects

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT