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Question
The following are true regarding product costs exceptA.product costs are found on the balance sheet until they are sold.
B.product costs consist of direct labor, direct materials, and factory overhead.
C.product costs can be found in three accounts in the balance sheet.
D.product costs include sales and administrative expenses.
Answer
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Related questions
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The job order costing system is not used by service organizations.
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A job order cost system would be appropriate for a crude oil refining business.
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A manufacturer may employ a job order cost system for some of its products and a process cost system for others.
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A process cost accounting system is best used by manufacturers of like units of product that are not distinguishable from each other during a continuous production process.
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A process cost accounting system accumulates costs for each of the departments or processes within the factory.
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List the accounts used in the cost flow for (a) a manufacturer and (b) a service provider.
Q:
The following is a list of costs incurred by several business organizations:(a) Telephone cable for a telephone company.(b) Subscription to a health club for executives.(c) Salary of the Director of Internal Auditing.(d) Long-distance telephone bill for calls made by salespersons.(e) Carrying cases for a manufacturer of video camcorders.(f) Cotton for a textile manufacturer of blue jeans.(g) Bandages for the emergency room of a hospital.(h) Cost of company holiday party.(i) Electricity used to operate factory machinery.(j) State unemployment compensation taxes for factory workers.(k) Gloves for factory machine operators.(l) Fees paid for lawn service for office grounds.(m) Salary of secretary to vice-president of finance.(n) Salary of secretary to vice-president of marketing.(o) Production supervisor's salary.(p) Engine oil for manufacturer and distributor of motorcycles.(q) Oil lubricants for factory plant and equipment.(r) Cost of a radio commercial.(s) Depreciation on factory equipment.(t) Wages of check-out clerk in company-owned retail outlet.(u) Maintenance and repair costs for factory equipment.(v) Depreciation on office equipment.(w) Bonuses paid to salespersons.(x) Insurance on factory building.(y) Training for accounting personnel on use of microcomputer.(z) Steel for a construction contractor.Classify each of the preceding costs as product costs or period costs. For those costs classified as product costs, indicate whether the product cost is a direct materials cost, direct labor cost, or factory overhead cost. For those costs classified as period costs, indicate whether the period cost is a selling expense or an administrative expense. Use the following tabular headings for preparing your answer. Place an X in the appropriate column.Product CostPeriod CostCostDirectMaterialsCostDirectLaborCostFactoryOverheadCostSellingExpenseAdministrativeExpense
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The Stamping Department accepted Job 051507A on May 15th to make 1,000 funnels.
Q:
Job cost sheets can provide information to managers for all but the following:
A.cost impact of materials changes
B.cost impact of continuous improvement in the manufacturing process
C.cost impact of materials price or direct labor rate changes over time
D.utilities, managerial salaries, and depreciation of computers in the corporate office
Q:
Prime costs are the combination of direct materials and direct labor costs.
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Differentiate between financial and managerial accounting, addressing such issues as what reports are generated, when, and for whom.
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Sineath Industries had a fire and some of its accounting records were destroyed. Available information is presented below for the year ended December 31, 2011. Materials inventory, December 31, 2011
$15,000 Direct materials purchased 28,000 Direct materials used 22,900 Cost of goods manufactured
135,000 Additional information is as follows:
Factory overhead is 150% of direct labor cost.
Finished goods inventory decreased by $18,000 during the year.
Work in process inventory increased by $12,000 during the year.
Calculate:
a) materials inventory, January 1, 2011
b) direct labor cost
c) factory overhead incurred
d) cost of goods sold
Q:
The following information is available for Carter Corporation for 2012:
1) Materials inventory decreased $4,000 during 2012.
2) Materials inventory on December 31, 2012, was 50% of materials inventory on January 1, 2012.
3) Beginning work in process inventory was $145,000.
4) Ending finished goods inventory was $65,000.
5) Purchases of direct materials were $154,700.
6) Direct materials used were 2.5 times the cost of direct labor.
7) Total manufacturing costs incurred were $246,400, 80% of cost of goods manufactured and $156,000 less than cost of goods sold.
Compute:
a) finished goods inventory on January 1, 2012
b) work in process inventory on December 31, 2012
c) direct labor incurred
d) factory overhead incurred
e) direct materials used
f) materials inventory on January 1, 2012
g) materials inventory on December 31, 2012
Note to students: The answers are not necessarily calculated in alphabetical order.
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Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be priced at $68,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Kim contributes cash of $21,000 and merchandise inventory of $44,500. The partners agree that the merchandise inventory is to be priced at $48,000. Journalize the entries to record in the partnership accounts (a) Aaron's investment and (b) Kim's investment.
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Based on this information, the statement of partners' equity for 2010 would show what amount as total capital for the partnership on December 31, 2010?
A.$384,600
B.$412,600
C.$404,000
D.$414,000
Q:
The capital accounts of Harrison and Marti have balances of $160,000 and $110,000, respectively, on January 1, 2014, the beginning of the current fiscal year. On April 10, Harrison invested an additional $20,000. During the year, Harrison and Marti withdrew $96,000 and $78,000, respectively, and net income for the year was $264,000. The articles of partnership make no reference to the division of net income.
Based on this information, the statement of partners' equity for 2014 would show what amount in the capital account for Marti on December 31, 2014?
A.$216,000
B.$164,000
C.$380,000
D.$52,000
Q:
The capital accounts of Harrison and Marti have balances of $160,000 and $110,000, respectively, on January 1, 2014, the beginning of the current fiscal year. On April 10, Harrison invested an additional $20,000. During the year, Harrison and Marti withdrew $96,000 and $78,000, respectively, and net income for the year was $264,000. The articles of partnership make no reference to the division of net income.
Based on this information, the statement of partners' equity for 2014 would show what amount in the capital account for Harrison on December 31, 2014?
A.$216,000
B.$164,000
C.$380,000
D.$52,000
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Partners Ken and Macki each have a $40,000 capital balance and share income and losses in a 3:2. Cash equals $20,000, noncash assets equal $120,000, and liabilities equal $60,000. If the noncash assets are sold for $80,000, the Macki's capital account will
A.decrease by $16,000.
B.decrease by $24,000.
C.increase by $24,000.
D.decrease by $40,000.
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Soledad and Winston are partners who share income in the ratio of 1:3 and have capital balances of $100,000 and $140,000 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $130,000. What amount of loss on realization should be allocated to Winston?
A.$110,000
B.$97,500
C.$42,500
D.$82,500
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Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,000 Dr.; and Ramona, $30,000 Cr. How much cash is available for distribution to the partners?
A.$120,000
B.$30,000
C.$40,000
D.$90,000
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Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $38,000 and $28,000 respectively, and the remainder equally. How much of the net income of $75,000 is allocated to Xavier?
A.$66,000
B.$40,000
C.$35,000
D.$43,000
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Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%, salary allowances of $34,000 and $26,000 respectively, and the remainder equally. How much of the net income of $100,000 is allocated to Yolanda?
A.$49,000
B.$51,000
C.$50,000
D.$56,000
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An employee's take home pay is equal to gross pay less all voluntary deductions.
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Xavier and Yolanda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net income of $91,000 is allocated to Yolanda?
A.$26,500
B.$46,000
C.$45,000
D.$45,500
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Form W-2 is called the Wage and Tax Statement.
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The discount on a note payable is charged to an account that has a normal credit balance.
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The amount of money a borrower receives from the lender is called discount rate.
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The payroll register of Seaside Architecture Company indicates $970 of Social Security and $257 of Medicare tax withheld on total salaries of $16,500 for the period. Federal withholding for the period totaled $4,235. Provide the journal entry for the period's payroll.
Q:
Condensed data taken from the ledger of Joplin Company at December 31, 2012 and 2011, are as follows: 2012
2011 Current assets
$160,000
$130,000 Property, plant, and equipment
450,000
400,000 Intangible assets
20,700
30,000 Current liabilities
70,000
80,000 Long-term liabilities
210,000
250,000 Common stock
225,000
150,000 Retained earnings
125,700
80,000 Prepare a comparative balance sheet, with horizontal analysis, for December 31, 2012 and 2011. (Round percents to one decimal point.)
Q:
Match each item with its definition. 1) Occurs when a company abandons a segment.
Horizontal analysis 2)Something that is both unusual and infrequent.
Extraordinary Items 3)Useful for comparing one company to another or a company with industry averages
Current position analysis 4)The percentage analysis of the relationship of each component in a financial statement to a total within the statement.
Vertical analysis 5)Focuses on a company's ability to generate net income
Discontinued Operations 6)An analysis of a company's ability to pay its current liabilities.
Profitability analysis 7)This requires a restatement of prior period financial statements.
Common-sized financial statements 8)A percentage analysis of increases and decreases in related items in comparative financial statements.
Change from one generally accepted accounting principle to another