23 Chapter 1 Managerial Accounting Concepts and Prindiples EE1-4 p12 PE 1-4B Product and period costs Identify the following costs as a product cost or a period cost for a magazine publisher a. Sales salaries product cost b. Paper used for the magazine perto c. Maintenance on printing machines prodok coss d. Depreciation expense-corporate headquarters product coes CosS OBJ. 3 EE15 A17 PE 1-5A Cost of goods sold, cost of goods manufactured Timbuk 3 Company has the following information for March: -$105ooo $21,000 Cost of direct materials used in production Direct labor Factory overhead Work in process Inventory, March 1 Work In peocess inventory, March 31 Finished goods Inventory, March 1 Finished goods inventory, Mairch 31 .. , 54,250 87,500 92,750 36,750 2,000 For March, determine () the cost of goods manufactured and (b) the cost of goods sold OBJ.3 Cost of goods sold, cost of goods manufactured PE 1-5B Ebony Company has the following information for July EE 1-5 17 Cost of direct materials used in production Direct labor Factory overhead 88,000 n process Iventory, July 3132800 37,600 44,800 29,600 27,200 iWork in pracess inventory, July 1 , Firished goods inventory, July 1 Finished goods inventory, July 31 For July, determine (a) the cost of goods manufactured and (b) the cost of goods sold. Exercises EX 1-1 Classifying costs as materials, labor, or factory overhead Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials icost, direct labor.cost, or factory overhead cost a. Depreciation of robotic assembly line equipmentC b. v8 automobile engine 1m c. Steering wheel lung . ireyinin. d. Wheels DC e. Painting safety masks for employees working in the paint room FDC f. Salary of test driver. fiOC s. Glass used in the vehicle's windshield Dmac h. Wages of assembly line worker DuC OBJ.2