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FiveStarLaw
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Costs other than direct materials cost and direct labor cost

Customer Question

Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost
T or F
Submitted: 2 years ago.
Category: Business and Finance Homework
Expert:  FiveStarLaw replied 2 years ago.
Welcome to JustAnswer,

Thank you so much for your question

Here is my answer for comparison with your own:

True – factory overhead cost is the sum of all indirect elements of cost incurred to manufacture the product

If you have any further questions, I am happy to assist you. You can start your new question with "for WebLaw" and send it to the appropriate legal, tax or homework category so that the question is directed to me and I can give your question my immediate attention

Thank you very much,
WebLaw
Customer: replied 2 years ago.
I'm needing help on a couple more questions, approximately 18 more. I dont have enough to pay $20 per question. Would you be interested in helping out for an additional deposit?
Expert:  FiveStarLaw replied 2 years ago.
I would be happy to assist you. Would it be acceptable for you to list all 18 questions here and bonus $60 upon completion.
Customer: replied 2 years ago.

Yes, that's fine. Thank you.

































Product costs can be classified as one of three types: direct
materials, direct labor, or overhead. (Points : 5)



True


False











4. Which of the following costs is not included in factory
overhead? (Points : 5)



Payroll taxes on the wages of supervisory
factory workers

Indirect labor

Manufacturing supplies used

Direct materials










5.
Job cost sheets can provide information to managers for all but the
following: (Points : 5)









cost impact of materials changes



 







cost impact of continuous improvement in the manufacturing
process



 







cost impact of materials price or direct labor rate changes
over time



 







utilities, managerial salaries, and depreciation of computers
in the corporate office














6.
Which
of the following is not a characteristic of a process cost system?


(Points : 5)









Manufacturing costs are grouped by departments.



 







The system may use several Work-in-Process accounts.



 







The system measures costs for each completed job.



 







The system allocates costs between completed and partially
completed units within a department.














7.
The production activities for a customized product represent a(n):
(Points : 5)



Job

Unit

Pool

Process










8.
Which of the following would most likely use a process cost
system? (Points : 5)



Guitar
manufacturer

Paint
manufacturer

Custom
furniture manufacturer

Tax
consulting company










9.
A job cost sheet
includes (Points : 5)



Direct materials, direct labor, operating
costs.

Direct materials, overhead, administrative
costs

Direct labor, overhead, selling costs

Direct material, direct labor, overhead










10.
The production activities for a customized product represent
a(n): (Points : 5)



Operation

Job

Pool

Process


















11. The process cost system is appropriate where few products are
manufactured and each product is made to customers' specifications. (Points
: 5)



True


False



















12. Large aircraft manufacturers such as McDonnell Douglas
normally use (Points : 5)



Process
costing

Mixed
costing

Job
order costing

Full
costing


















13. A manufacturer may employ a job order cost system for some of
its products and a process cost system for others. (Points : 5)



True


False



















14. Under a just-in-time manufacturing system, large quantities of
inventory are accumulated throughout the factory to be certain that needed
components are available each time that they are needed. (Points
: 5)



True


False















15.


For each item shown
below, indicate whether it is a product cost or a period cost,and for
each item that is a product cost, also indicate whether it is a direct cost
or an indirect cost with respect to a unit of finished product.



a. Administrative salaries

b. Direct labor

c. Advertising

d. Property tax on the factory

e. Interest Expense


(Points
: 10)



16. Describe how materials
flow through a job order cost accounting system, and identify the key
documents in the system.




17. During April, the production department of
a process manufacturing system completed a number of units of a product and
transferred them to finished goods. Of these transferred units, 41,000 were in
process in the production department at the beginning of April and 250,000 were
started and completed in April. April's beginning inventory units were 50%
complete with respect to materials and 50% complete with respect to labor. At
the end of April, 59,000 additional units were in process in the production department
and were 60% complete with respect to materials and 40% complete with respect
to labor.





1) Computer the number of units transferred to finished goods



2) Compute the number of equivalent units with respect to both
materials used and labor used in the production department for April using the
weighted-average method.



Label each answer clearly and show all work to obtain full credit.



(Points : 10)

















4. Which of the
following costs is not included in factory overhead? (Points : 5)

Payroll
taxes on the wages of supervisory factory workers

Indirect
labor

Manufacturing
supplies used
Direct
materials













5. Job cost sheets can provide information to managers for
all but the following: (Points : 5)






cost impact of materials
changes








cost impact of continuous
improvement in the manufacturing
process








cost impact of materials price or
direct labor rate changes over
time








utilities, managerial salaries,
and depreciation of computers in the corporate
office















6.

Which of the following is
not a characteristic of a process cost system?

(Points : 5)






Manufacturing costs are grouped
by departments.








The system may use several
Work-in-Process
accounts.








The system measures costs for
each completed job.








The system allocates costs
between completed and partially completed units within a
department.















7. The production activities for a customized product
represent a(n): (Points : 5)

Job

Unit

Pool

Process













8. Which of the following
would most likely use a process cost system? (Points : 5)

Guitar manufacturer

Paint manufacturer

Custom furniture
manufacturer

Tax consulting company













9. A
job cost sheet includes (Points : 5)

Direct
materials, direct labor, operating costs.

Direct
materials, overhead, administrative costs

Direct
labor, overhead, selling costs

Direct
material, direct labor, overhead













10. The
production activities for a customized product represent a(n): (Points :
5)

Operation

Job

Pool

Process













11. The process cost system is appropriate where few
products are manufactured and each product is made to customers' specifications.
(Points : 5)

True

False














12. Large aircraft manufacturers such as McDonnell Douglas
normally use (Points : 5)

Process costing

Mixed costing

Job order costing

Full costing













13. A manufacturer may employ a job order cost system for
some of its products and a process cost system for others. (Points : 5)

True

False














14. Under a
just-in-time manufacturing system, large quantities of inventory are accumulated
throughout the factory to be certain that needed components are available each
time that they are needed. (Points : 5)

True

False










15.

For each item shown
below, indicate whether it is a product cost or a period
cost,and for each item that is a product cost, also indicate
whether it is a direct cost or an indirect cost with respect to a unit of
finished product.

a. Administrative salaries
b. Direct labor
c.
Advertising
d. Property tax on the factory
e. Interest
Expense

(Points : 10)
Expert:  FiveStarLaw replied 2 years ago.

I am working on your answer. One moment please.
Customer: replied 2 years ago.

Thanks for the help. I have 45 minutes before the assignment expires. thanks a million

Expert:  FiveStarLaw replied 2 years ago.
I am working on it now
Expert:  FiveStarLaw replied 2 years ago.
For expediency, here are my answers thus far. Please note that number 7 and number 10 are the same question:

Product costs can be classified as one of three types: direct
materials, direct labor, or overhead. (Points : 5)
true

4 Direct materials
5 utilities, managerial salaries, and depreciation of computers in the corporate office
6 The system measures costs for each completed job.
7 Job
8 Paint manufacturer
9 Direct material, direct labor, overhead
10 Job
Expert:  FiveStarLaw replied 2 years ago.
I still need to answer 12 and 15
11 False
12
13 True
14 false
15
a. Administrative salaries - period cost
b. Direct labor - product cost - direct
c.Advertising - period cost
d. Property tax on the factory - product cost - indirect
e. Interest Expense - period cost
Customer: replied 2 years ago.
Thanks! :)
Expert:  FiveStarLaw replied 2 years ago.
12 mixed costing?
16 & 17 are not multiple-choice

I think that's all of the questions - please let me know how we did
FiveStarLaw, Lawyer, Accountant & Researcher
Satisfied Customers: 36580
Experience: 25 years of experience helping people like you.
FiveStarLaw and other Business and Finance Homework Specialists are ready to help you
Customer: replied 2 years ago.

Thanks for your help. I will let you know as soon as the assignment is graded. :)

Expert:  FiveStarLaw replied 2 years ago.
It has been my pleasure to provide you with legal information.


Please let me know if I can assist you in the future by starting your new question with "For WebLaw"

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