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Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost.

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ACC 201 week 2 assignment 1;3 - 22 Identifying product and period cost;Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost.;Advertising expense.;Insurance on vans used to deliver goods to customers.;Salaries of sales supervisors.;Monthly maintenance expense for a copier.;Good purchased for resale.;Cleaning supplies for the office.;Freight on goods purchased for resale.;Salary of the marketing director.;Freight on goods sold to customer with terms FOB destination.;Utilities expense incurred for office building.;3 ? 25 Comprehensive cycle problem: perpetual system;At the beginning of 2012, the jeater company had that following balances in its accounts;Cash $ 4,300;Inventory 9,000;Common stock 10,000;Retained earnings 3,300;Purchased inventory that cost $2,200 on account from Blue Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $110 were paid in cash.;Returned $200 of the inventory that it had purchase because the inventory was damaged in transit. The freight company agreed to pay the return freight cost.;Paid the amount due on its account payable to Blue Company within the cash discount period.;Sold inventory that had cost $3,000 for $5,500 on account, under terms 2/10, n/45.;Received merchandise returned from a customer. The merchandise originally cost $400 and was sold to the customer for $710 cash during the previous accounting period. The customer was paid $710 cash for the returned merchandise.;Delivered goods FOB destination in Event 4. Freight costs of $60 were paid in cash.;Collected the amount due on the account receivable within the discount period.;Took a physical count indicating that $7,970 of inventory was on hand at the end of the accounting period.;Required;Identify these events as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE).;Record each event in a statement model

 

Paper#30026 | Written in 18-Jul-2015

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