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stira [4]
4 years ago
14

Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a d

irect labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense.
Business
1 answer:
chubhunter [2.5K]4 years ago
6 0

a. Salary of chief compliance officer of company

b. Power used by painting equipment

c. Instrument panel installed in the airplane cockpit

d. Annual bonus paid to the chief operating officer of the company

e. Turbo-charged airplane engine

f. Interior trim material used throughout the airplane cabin

g. Cost of normal scrap from production of airplane body

h. Hourly wages of employees that assemble the airplane

i. Salary of the marketing department personnel

j. Cost of paving the headquarters employee parking lot

k. Cost of electrical wiring throughout the airplane

l. Cost of electronic guidance system installed in the airplane cockpit

m. Salary of plant manager

n. Cost of miniature replicas of the airplane used to promote and market the airplane

o. Human resources department costs for the year

p. Metal used for producing the airplane body

q. Annual fee to a celebrity to promote the aircraft

r. Hydraulic pumps used in the airplane's flight control system Product costs-  

s. Yearly cost of the maintenance contract for robotic equipment

t. Prebuilt leather seats installed in the first-class cabin

u. Depreciation on factory equipment

v. Special advertising campaign in Aviation World magazine

w. Oil to lubricate factory equipment

x. Masks for use by painters in painting the airplane body

y. Decals for cockpit door, the cost of which is immaterial to the cost of the final product

z. Salary of chief financial officer

Answer:

A) period costs- administrative expense

B) product cost-factory overhead cost

C) product cost-direct materials cost

D) period costs- administrative expense

E) Product costs-direct materials cost

F) Product costs-direct materials cost

G) Product costs-factory overhead cost

H) Product costs-direct labor cost

I) Period costs-selling expense

J) Period costs-administrative expense

K) Product costs-direct materials cost

L) Product costs-direct materials cost

M) Product costs-factory overhead cost

N) Period costs-selling expense

O) Period costs-administrative expense

P) Product costs-direct materials cost

Q) Period costs-selling expense

R) Product costs-direct materials cost

S) Product costs-factory overhead cost

T) Product costs-direct materials cost

U) Product costs-factory overhead cost

V) Period costs-selling expense

W) Product costs-factory overhead cost

X) Product costs-factory overhead cost

Y) Product costs-factory overhead cost

Z) Period costs-administrative expense

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MatroZZZ [7]

Answer:

Misrepresentation.

Explanation:

In this scenario, on its advertisement, a company claims that it has funds in its possession that are in fact not available for payment of losses or claims. The company is guilty of misrepresentation.

Misrepresentation can be defined as an untrue or misleading statement of fact made by a party to an individual or group of people to deceitfully lure or induce them to go into a contract. A company stating in its advert that it has funds in its possession but in the true sense or actual fact do not have the funds for payment of losses or claims; such a company is engaging in a fraudulent act and is liable to prosecution in any court of competent jurisdiction.

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3 years ago
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the correct answer is "Mobile Banking".

Explanation:

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4 years ago
What are some ways to manage a stakeholder relationship closely? Give examples of how you might manage relationships differently
Ludmilka [50]
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4 0
3 years ago
Suppose an early freeze affects the market for oranges. The equilibrium quantity in this market will not change after the change
BlackZzzverrR [31]

Answer:

2) perfectly vertical

Explanation:

When the price elasticity of demand is perfectly inelastic, the demand curve is perfectly vertical. This means that the quantity demanded will remain the same no matter what price.

In this scenario, the supply curve for oranges shifted to the left due to the early freeze, which results in a price increase at every level of quantity demanded. Since the demand is perfectly inelastic, the new equilibrium price will be determined by the how much the supply curve shifts.  

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4 years ago
Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the
Anton [14]

Solution :

a).

Estimated overhead                                1,250,000

Divide by the estimated machine hours    50,000        

Predetermined overhead rate                      25

Actual machine hours                                  54,300

Multiply by predetermined overhead rate        25

The factory overhead amount applied        $ 1,357,500

b).

Actual factory overhead                              1,348,800

Less : factory overhead amount applied     1,357,500

The underapplied amount is                       $ 8700

4 0
3 years ago
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