question 16-1

Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms. The preparation and use of accounting information designed to assist managers in planning and controlling the operations business. All manufacturing costs other than direct materials used and direct labor. Direct materials and direct labor used in manufacturing a product. A manufacturing cost that can be traced conveniently and directly to manufactured units of product. The account debited at the time that the Manufacturing Overhead account is credited. The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account. Costs that are debited directly to expense accounts when the costs are incurred. Into which of the three elements of manufacturing cost would each of the following be classified? Tubing used in manufacturing bicycles. Wages paid by an automobile manufacturer to employees who test-drive completed automobiles. Property taxes on machinery. Gold bullion used by a jewelry manufacturer. Wages of assembly-line workers who package frozen food. Salary of plant superintendent. Electricity used in factory operations. Salary of a nurse in a factory first-aid station. Indicate whether each of the following should be considered a product cost or a period cost. If you identify the item as a product cost, also indicate whether it is a direct or an indirect cost. For example, the answer to item 0 is "indirect product cost." Begin with item a. Property taxes on factory building. Cost of disposal of hazardous waste materials to a chemical plant. Amounts paid by a mobile home manufacturer to a subcontractor who installs plumbing each mobile home. Depreciation on sales showroom fixtures. Salaries of security guards in an administrative office building