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The following is a list of costs that were incurred in the production and sale of boats:

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The following is a list of costs that were incurred in the production and sale of boats;a. Cost of metal hardware for boats, such as ornaments and tie-down grasps.;b. Power used by sanding equipment.;c. Yearly cost of maintenance contract for robotic equipment.;d. Premiums on business interruption insurance in case of natural disaster.;e. Cost of normal scrap from defective hulls.;f. Masks for use by sanders in smoothing boat hulls.;g. Cost of paving the employee parking lot.;h. Hourly wages of assembly-line workers;i. Oil to lubricate factory equipment.;j. Straight-line depreciation of factory equipment.;k. Wood paneling for use in interior boat trim.;l. Commissions to sales representatives, based upon the number of boats sold.;m. Steering wheels;n. Special advertising campaign in Bass World.;o. Cost of boat for "grand prize" promotion in local bass tournament.;p. Memberships for key executives in the Bass World Association.;q. Navigation and fishing instruments for boats.;r. Cost of electrical wiring for boats.;s. Executive end-of-year bonuses.;t. Salary of shop supervisor.;u. Decals for boat hulls.;v. Annual fee for Jim Bo Wilks, a famous fisherman, to promote the boats.;w. Legal department costs for the year.;x. Paint for the boats.;y. Salary of president of company.;z. Fiberglass for producing the boat hull.;Instructions;Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct material cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the following tabular heading for your answer, placing an "X" in the appropriate column.;Product Cost_______________ ______Period Cost;Direct Materials Direct labor Factory Selling Admin;Cost Cost Overhead Cost Expense Expense;The following is a list of costs that were incurred in the production;and sale of boats;a. Cost of metal hardware for boats, such as ornaments and tie-down;grasps.;b. Power used by sanding equipment.;c. Yearly cost of maintenance contract for robotic equipment.;d. Premiums on business interruption insurance in case of natural;disaster.;e. Cost of normal scrap from defective hulls.;f. Masks for use by sanders in smoothing boat hulls.;g. Cost of paving the employee parking lot.;h. Hourly wages of assembly-line workers;i. Oil to lubricate factory equipment.;j. Straight-line depreciation of factory equipment.;k. Wood paneling for use in interior boat trim.;l. Commissions to sales representatives, based upon the number of boats;sold.;m. Steering wheels;n. Special advertising campaign in Bass World.;o. Cost of boat for ???grand prize??? promotion in local bass;tournament.;p. Memberships for key executives in the Bass World Association.;q. Navigation and fishing instruments for boats.;r. Cost of electrical wiring for boats.;s. Executive end-of-year bonuses.;t. Salary of shop supervisor.;u. Decals for boat hulls.;v. Annual fee for Jim Bo Wilks, a famous fisherman, to promote the;boats.;w. Legal department costs for the year.;x. Paint for the boats.;y. Salary of president of company.;z. Fiberglass for producing the boat hull.;Instructions;Classify each cost as either a product cost or a period cost. Indicate;whether each product cost is a direct material cost, a direct labor;cost, or a factory overhead cost. Indicate whether each period cost is;a selling expense or an administrative expense. Use the following;tabular heading for your answer, placing an ???X??? in the appropriate;column.;Product Cost_______________ ______Period;Cost;Direct Materials Direct labor Factory;Selling Admin;Cost Cost Overhead Cost;Expense Expense

 

Paper#26809 | Written in 18-Jul-2015

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