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ACCT 346 Week 1 Homework Assignment NEW

  • ACCT 346 Week 1 Homework Assignment NEW
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ACCT 346 Week 1 Homework Assignment NEW
 
1. Identify whether each of the items below is a Product Cost or Period Cost: 
2. Identify whether each of the items below is a Direct Cost or Indirect Cost: 3. Identify whether each of the below is a Fixed Cost or Variable Cost: 4. Classify each as direct material, direct labor, indirect labor, indirect labor, other manufacturing overhead or period cost, and then answer the 5 questions below:
 
 
Factory insurance
Company president's salary
Eggs, salt, water used for baking
Depreciation expense on bake ovens
Paper wrappers for bread
Factory lease
Advertising costs
Factory supervisor salaries
Sales commissions
Flour used in baking bread
 
2.  Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points)
 
Factory insurance
Baker's wages
Eggs used for baking
Depreciation expense on bake ovens
Paper wrappers for bread
Cleaning materials for bake ovens
Utilities used in factory
Factory supervisor salaries
Lubricant for factory equipment
Flour used in baking bread
 
3.  Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points)
 
Shipping costs for bread
Cost of fuel for delivery truck fleet
Factory rent
Factory insurance
Maintenance on delivery trucks
Sales commissions
Wages paid to part-time (hourly) baker's assistant
Oven depreciation
Cost of fruit for cake topping
Factory utilities
 
Question 4 General Instructions: For this baking operation, you'll need to first classify each expense below as direct material, direct labor, indirect material, indirect labor, other manufacturing overhead or period cost, and then answer the calculation questions in Parts 4b - 4e.
 
 
 a. Depreciation expense on factory forklifts ......
 b. Property tax on corporate marketing office ....
 c. Company president's salary .....,,......
 d. Factory janitor wages ...............
 e. Accounting department salaries .....
 f. Bakers’ health insurance ..............
g. Assorted baking ingredients............
 h. Depreciation expense on administrative office equipment......
 i. Bakers’ wages ...........
 j. Factory utilities ..........
 k. Production supervisors’ salaries .....
 l. Flour ..........................
 m. Factory equipment lubricants ............

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