Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Your friend, Suzie Whitson, has designed a new type of outdoor toy that helps children learn basic concepts such as colors, numbers, and shapes. Suzie's product will target two groups: day care centers in warm climates and home school programs. Her company is Jiffy Jet and costs for last month follow: Factory rent Company advertising Wages paid to assembly workers Depreciation for Salespersons' vehicles Screws Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters $ 3,100 1,050 31,900 2,190 550 840 3,690 120 5,020 4,010 245 1,290 1,119 2,190 8,150 Assume that Suzie Whitson has decided to begin production of her outdoor children's toy. Required: 1 and 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM) direct labor (DHor manufacturing overhead (MOH) and also identify each of the preceding costs as variable or Required: 1 and 2. Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or fixed cost. 3. Determine the total cost for each of the following: Complete this question by entering your answers in the tabs below. Req 1 an 2 Req3 Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or fixed cost. (Select "NA" wherever necessary.) Costs Type of cost Cost head Cost classification Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the prece variable or fixed cost. (Select "NA" wherever necessary.) Type of cost Cost head Cost classification Costs Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Utilities for factory Assembly-Supervisor's salary Sandpaper President's salary Plastic tubing Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to painters Rec3 Prey 1 of 1 Next Req 1 and 2 Req1 Determine the total cost for each of the following: a b. C. d. d . Direct Materials Direct Labor Manufacturing Overhead Prime Cost Conversion Cost Total Product Cost Total Period Cost Total Variable Cost Total Fixed Cost f. h -

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

Sarbanes Oxley Internal Controls Effective Auditing With AS5 CobiT And ITIL

Authors: Robert R. Moeller

1st Edition

0470170921, 978-0470170922

More Books

Students also viewed these Accounting questions