Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answers this please. END OF CHAPTER QUESTIONS 1. Identify and give at least five (5) examples of each of the three basic manufacturing cost categories.

Answers this please.

image text in transcribed
END OF CHAPTER QUESTIONS 1. Identify and give at least five (5) examples of each of the three basic manufacturing cost categories. 2. Identify and give at least five (5) examples of each of the two basic non-manufacturing cost categories. 3. Many new cost terms have been introduced in this chapter. It will take you some time to learn what each term means and how to properly classify costs in an organization. Consider the following example: ABZ Corporation manufactures furniture, including tables. Selected costs are given below: . The tables are made of wood that costs P1,000 per table. The tables are assembled by workers, at a wage cost of P400 per table. Workers making the tables are supervised by a factory supervisor who is paid P350,000 per year. Electrical costs are P2 per machine-hour. Four machine-hours are required to produce a table. The depreciation on the machines used to make the tables totals P100,000 per year. The machines have no resale value and do not wear out through use. . The salary of the president of the company is P1,000,000 per year. The company spends P250,000 per year to advertise its products. Salespersons are paid a commission of P2,000 for each table sold. . Instead of producing the tables, the company could rent its factory space for P650,000 per year. Required: Classify these costs according to the various cost terms used in the chapter. Carefully study the classification of each cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones Of Financial Accounting

Authors: Jay Rich, Jeff Jones

3rd Edition

1285424409, 978-1285423678

More Books

Students also viewed these Accounting questions

Question

Would you investigate to learn more about this Club? How?

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago