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B-17.03 One of Professor Kelly's students recently turned in the following paper. The paper included answers to ten quiz questions. Each question was worth 10 points (sorry, no partial credit). Grade the student's paper, and comment on the incorrect questions. 1 Billboard advertising space would be period cost, not a product cost. 2 Beginning work in process, plus conversion costs, minus ending work in process, equals cost of goods manufactured. 3 Conversion costs are always the same, no matter the level of output. 4 Production costs generally consist of prime costs plus manufacturing overhead. 5 Product costs attach can also be described as "inventoriable." 6 The cost of air filters used in the paint shop of a manufacturing facility is a period cost because they are replaced monthly. 7 Nonmanufacturing costs for selling and general/administrative purposes are not part of factory overhead. 8 Manufacturers may have three inventory categories: raw materials, finished goods, and cost of goods sold. 9 The cost of carbon fiber incorporated into the frame of a bicycle built by TecTrack Bikes is a product cost. 10 Prime costs include direct labor and manufacturing overhead. Name: Date: Section: This paper earns a grade of ____. 1 Billboard advertising space would be period cost, not a product cost. 2 Beginning work in process, plus conversion costs, minus ending work in process, equals cost of goods manufactured. 3 Conversion costs are always the same, no matter the level of output. 4 Production costs generally consist of prime costs plus manufacturing overhead. 5 Product costs attach can also be described as "inventoriable." 6 The cost of air filters used in the paint shop of a manufacturing facility is a period cost because they are replaced monthly. 7 Nonmanufacturing costs for selling and general/administrative purposes are not part of factory overhead. 8 Manufacturers may have three inventory categories: raw materials, finished goods, and cost of goods sold. 9 The cost of carbon fiber incorporated into the frame of a bicycle built by TecTrack Bikes is a product cost. 10 Prime costs include direct labor and manufacturing overhead. B-17.03 B-17.04 Perfect Pad manufactures floor mats for trailers that are used to transport horses. The mats provide for a firm footing surface that quickly sheds water. Mats are made to customer specifications via orders submitted over an internet site. The mats are completed and shipped in about one day. As a result, Perfect Pad does not maintain any work in process or finished goods inventory. The following costs were incurred in producing and selling mats during August: Synthetic rubber used in the mat Lubricant used in the molding machine $ 134,300 14,000 Factory rent 9,600 Electricity to run the molding machine 2,600 Labor cost of machine operators Internet sales site Administrative salaries 34,100 1,500 12,500 Depreciation of molding machine 7,400 Salary of factory safety inspector 3,500 Office rent 13,500 Evaluate these costs, and determine the amount of direct material, direct labor, factory overhead, and selling/general/administrative costs. Next, identify how much is considered to be a "prime cost" and how much is considered to be a "conversion cost." Name: Date: B-17.04 Section: Total Cost Synthetic rubber Lubricant - molding machine $134,300 Direct Material $ Direct Labor - $ Factory Overhead - $ - SG&A $ - 14,000 - - - - Factory rent 9,600 - - - - Electricity - molding machine 2,600 - - - - 34,100 - - - - 1,500 - - - - 12,500 - - - - Depreciation of molding machin 7,400 - - - - Salary of factory safety inspect 3,500 - - - - 13,500 - - - - Labor cost of machine operator Internet sales site Administrative salaries Office rent $233,000 $ - $ - $ - $ - B-17.07 Fairbain Corporation was newly formed early in 20X1. relates to the full year: Raw materials purchased (net) The following information $ 3,000,000 Direct labor costs 2,000,000 Factory overhead 1,500,000 Selling, general & administrative 700,000 80% of the available raw material was transferred into production. 75% of the work in process was completed. 90% of the finished goods were sold. 10% of factory overhead related to depreciation. 20% of SG&A related to depreciation. (a) How much is in ending inventory for (1) raw materials, (2) work in process, and (3) finished goods? (b) How much is in (1) cost of goods sold and (2) SG&A expense for the period? (c) How much of the total depreciation for the period is charged against income during the period? Name: Date: (a1) (a2) (a3) (b1) (b2) (c) Section: B-17.07 I-17.02 Maureen Shelley is controller of Optus Communications. Optus manufactures cell phones. She has prepared a list of typical costs incurred by the business. Review the list and determine whether each cost is a product cost or period cost. For product costs, further classify the cost as direct material, direct labor, or factory overhead. Product Period Depreciation of machinery used in factory Commissions paid to sales force Annual inspection of factory fire extinguishers Plastic used to mold phones Maureen's salary Reprogramming of automated assembly line Salary of phone touchscreen installers Depreciation of office computers Computer chips installed in phones Pads used to buff and shine touchscreens Rental of mold for newest model phone Landscape service for corporate office Salary of quality control inspectors Shipping costs for units sold Direct Material Direct Labor Factory Overhead Name: Date: I-17.02 Section: Product Period Direct Material Direct Labor Factory Overhead Depreciation of machinery used in factory Product Factory Overhead Commissions paid to sales force product direct labor Annual inspection of factory fire extinguish period factory overhead Plastic used to mold phones Product Direct Material Maureen's salary Period Factory Overhead Reprogramming of automated assembly lin Period Factory Overhead Salary of phone touchscreen installers Period Direct Labor Depreciation of office computers Period Factory Overhead Computer chips installed in phones Product Direct Material Pads used to buff and shine touchscreens Product Direct Material Rental of mold for newest model phone Period Factory Overhead Landscape service for corporate office Period Factory Overhead Salary of quality control inspectors Period Direct Labor Product Factory Overhead Shipping costs for units sold