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il63 [147K]
3 years ago
13

For each item listed below, indicate in the space to the right whether the item would be considered a product cost or a period c

ost for a manufacturing company. 1. Factory supervisory salaries 2. Sales commissions 3. Income tax expense 4. Indirect materials used 5. Indirect labor 6. Office salaries expense 7. Property taxes on factory building 8. Sales manager's salary 9. Factory wages expense 10. Direct materials used
Business
1 answer:
Katena32 [7]3 years ago
3 0

Answer:

1. Factory supervisory salaries  <u><em>Production Cost</em></u> Factory Overhead

2. Sales commissions Period Cost Selling expense

3. Income tax expense Period Cost tax expense

4. Indirect materials used <u><em>Production Cost</em></u> Factory Overhead

5. Indirect labor <u><em>Production Cost </em></u>Factory Overhead

6. Office salaries expense Period Cost Administrative expense

7. Property taxes on factory building <em><u>Production Cost</u></em><em> </em>Factory Overhead

8. Sales manager's salary Period Cost Selling expense

9. Factory wages expense <em><u>Production Cost </u></em>Direct Labor

10. Direct materials used   <em><u>Production Cost</u></em> Direct Materials

Explanation:

A period cost is any cost that cannot be capitalized into prepaid expenses, inventory, or fixed assets

Period cost goes straight to expense account

While

Production Cost do capitalizes through Inventory and later recognize as cost of goods sold.

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Ace Industries has a current assets equal to $3 illion . the company's current ratio is 1.5. and its quick ratio is 1.0.
zavuch27 [327]

Answer:

$2,000,000

$1,000,000

Explanation:

We know that

Current ratio = Total Current assets ÷ total current liabilities  

1.5 = $3,000,000 ÷ total current liabilities  

So, the total current liabilities would be

= $2,000,000

And

Quick ratio = Quick assets ÷ total current liabilities  

1.0 = Quick assets ÷ $2,000,000

Quick assets = $2,000,000

So, the inventory would be

= Total current assets - quick assets

= $3,000,000 - $2,000,000

= $1,000,0000

6 0
3 years ago
Acme Corporation has identified several new market opportunities but has limited funds to invest and therefore cannot pursue the
Yakvenalex [24]

Answer:

Option A Planning

Explanation:

The company is focusing on planning which tells about the pros and cons of the investment opportunity. This means planning tells about what issues the company would face after assessing the market research and then the company will form an opinion whether or not the company must invest. This process enables to choose the best option among a number of opportunities due to limiting factors (limited amount of money in this case) which limits the company to invest in coming future.

5 0
3 years ago
The shared federal and state health insurance program for low-income persons is called
Olin [163]

The joint federal and state health insurance program for low-income persons in the United States is called MEDICAID. Medicaid, helps with medical costs for those people with limited resources and income. While Medicaid is jointly funded by both federal and state governments, it is managed by the state governments.

8 0
3 years ago
If fixed costs are $100,000, variable cost per unit is $40, and the selling price is $60, how many units must be sold for the fi
Margarita [4]
In order to break even, they would need to sell at least 5,000 units

Break even point is calculated by the formula:

Fixed costs÷(selling price -variable costs per unit)

i.e.

100,000 ÷ (60-40) = 5,000

Anything they sell above this number will start to produce profits for the company
3 0
3 years ago
An investor purchases $100 par convertible preferred stock at $80 per share. The preferred stock is convertible into common at $
ollegr [7]

Answer:

100000

Explanation:

4 0
3 years ago
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