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Marianna [84]
3 years ago
10

Gala Company is a manufacturer of laptop computers. Various costs and expenses associated with its operations are as follows.The

company intends to classify these costs and expenses into the following categories: (a) direct materials, (b) direct labor, (c) manufacturing overhead, and (d) period costs.For each item, indicate the cost category to which it belongs.ItemCategory1. Property taxes on the factory building. Period Costs Direct Materials Direct Labor Manufacturing Overhead Direct Materials and Manufacturing Overhead2. Production superintendents’ salaries. Period Costs Direct Materials and Manufacturing Overhead Direct Materials Manufacturing Overhead Direct Labor3. Memory boards and chips used in assembling computers. Manufacturing Overhead Direct Materials and Manufacturing Overhead Direct Labor Direct Materials Period Costs4. Depreciation on the factory equipment. Direct Materials Direct Materials and Manufacturing Overhead Direct Labor Manufacturing Overhead Period Costs5. Salaries for assembly-line quality control inspectors. Direct Materials and Manufacturing OverheadDirect MaterialsPeriod CostsDirect Labor or Manufacturing Overhead6. Sales commissions paid to sell laptop computers. Period CostsManufacturing OverheadDirect Materials and Manufacturing OverheadDirect LaborDirect Materials7. Electrical components used in assembling computers. Manufacturing OverheadDirect MaterialsPeriod CostsDirect Materials and Manufacturing OverheadDirect Labor8. Wages of workers assembling laptop computers. Period CostsDirect Materials and Manufacturing OverheadDirect LaborDirect MaterialsManufacturing Overhead9. Soldering materials used on factory assembly lines. Direct Materials and Manufacturing OverheadDirect LaborManufacturing OverheadPeriod CostsDirect Materials10. Salaries for the night security guards for the factory building. Manufacturing OverheadPeriod CostsDirect Materials and Manufacturing OverheadDirect MaterialsDirect Labor
Business
1 answer:
astra-53 [7]3 years ago
8 0

Answer:

The various costs associated with the Gala Company could be classified into the following:

a. <u>Direct Material Cost</u>

Memory boards and chips used in assembling computers.

b. <u>Direct Labour Cost</u>

Production superintendents’ salaries.

Salaries for assembly-line quality control inspectors.

Wages of workers assembling laptop computers.

c. <u>Manufacturing Overhead</u>

Sales commissions paid to sell laptop computers.

Electrical components used in assembling computers.

Soldering materials used on factory assembly lines.

d. <u>Period Cost</u>

Property taxes on the factory building.

Depreciation on the factory equipment.

Salaries for the night security guards for the factory building.

Explanation:

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On January 1, 2017, Marin Company purchased 12% bonds, having a maturity value of $320,000, for $344,260.74. The bonds provide t
kap26 [50]

Answer and Explanation:

The Journal entry is shown below:-

1. Debt Investment Dr, $344,260.74  

       To Cash $344,260.74

(Being cash paid is recorded)

2. Interest Receivable Dr, $38,400  

       To Debt Investment $3,973.93

        To Interest Revenue $34,426.07

(Being interest received is recorded)  

Fair Value Adjustment  Dr, $1,713.19  ($342,000 -$340,286.81)

     To Unrealized Holding Gain or Loss - Equity $1,713.19

(Being fair value adjustment is recorded)

3. Unrealized Holding Gain or Loss - Equity  $7928.68

($335,915.49 - $329,700 + $1,713.19)

       To Fair Value Adjustment 7,928.68

(Being unrealized loss or gain is recorded)

Working note

 Book value of    Interest         Interest     Amortization  Book value

  debt beginning  Revenue   Receivable   (d = c - d)       of debt

        (a)                    b=(a × 10%)      c                                    at the end

                                             ($320,000 × 12%)                   (e - d)

$344,260.74      $34,426.07    $38,400      $3,973.93  $340,286.81

$340,286.81      $34,028.68    $38,400       $4,371.32   $335,915.49

8 0
3 years ago
One of the major influences on building partnering relationships in personal selling is​ _______, composed of personal standards
zalisa [80]

Answer: The correct answer is "Character".

Explanation: The character is the set of traits, qualities or circumstances that indicate the nature of a thing or the way of thinking and acting of a person, and by which it is distinguished from others.

So, one of the major influences on building partnering relationships in personal selling is​ <u>character,</u> composed of personal standards resulting in decisions made about​ what's right and wrong.

7 0
3 years ago
Changes in the prices of key commodities can have a significant impact on a company's bottom line. Energy is an input into virtu
andrew11 [14]

Answer:

B)The cost of energy for a company can be both a fixed cost and a variable cost.

Explanation:

Energy is a fixed cost because it is an utility that companies have to pay regardless of the level of production; they need energy to function.

Energy is a variable cost because energy is an input to production, and the amount of energy used (and hence its cost) can vary a lot depending on how much output is produced. In the question, ethanol is referenced, which is also a type of variable cost, because it is an energy source that depends on another input (corn), and its used as a substitue for gasoline.

8 0
3 years ago
Byrd Company decided to analyze certain costs for June of the current year. Units started into production equaled 14,000 and end
Molodets [167]

Answer: Option (C) is correct.

Explanation:

Units Started into the production = 14,000 Units

Ending work in process = 2,000 units

Transferred Units = Units in the starting - Ending work in process

                              = 14,000 units - 2,000 Units

                              = 12,000 Units

Equivalent units = Transferred units + Ending work in process in units × % of Completion

                            = 12,000 Units + 2,000 Units × 25% complete

                           = 12,000 + 2,000 × 0.25

                           = 12,000 units + 500 units

                            = 12,500 units

Total Conversion cost = $52,500

Conversion\ cost\ per\ Equivalent\ unit=\frac{Total\ Conversion\ cost}{Equivalent\ Units}

Conversion\ cost\ per\ Equivalent\ unit=\frac{52,500}{12,500}                                                          

                                                                        = $4.2

5 0
3 years ago
The following transactions involving intangible assets of Minton Corporation occurred on or near December 31, 2017. 1. Minton pa
kvv77 [185]

Answer and Explanation:

As per the data given in the question,

The journal entries are shown below:

A. On the date of transaction

1. Franchise A/c Dr. $400,000

          To Cash Cr. $400,000

(Being cash paid is recorded)

2. Research and development expense A/c Dr. $600,000

              To Cash Cr. $600,000

(Being cash paid is recorded)

3. Patents A/c Dr. $180,000

            To Cash Cr. $180,000

(Being cash paid is recorded)

4. Patents A/c Dr. $140,000

          To Cash Cr. $140,000

(Being cash paid is recorded)

5. Legal fees expense A/c Dr. $480,000

        To Cash Cr. $480,000

(Being cash paid is recorded)

6. Patents expense A/c Dr. $252,000

        To Patents Cr. $252,000

(Being patent expense is recorded)

7. Research and development expense $104,000

            To Cash Cr. $104,000

(Being cash paid is recorded)

B. Journal entries on Dec-31, 2018

1. No journal entry is needed

2. No journal entry is needed

3. Amortization expense A/c Dr. $18,000

             To Patents Cr. $18,000

(Being the amortization expense is recorded)

4. Amortization expense $35,000 ($140,000 ÷ 4 years)

             To Patents Cr. $35,000

(Being the amortization expense is recorded)

5. No journal entry is needed

6. No journal entry is needed

6 0
3 years ago
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