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devry acct346 week 1 assignment

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Question;DeVry UniversityACCT346 Weekly AssignmentWeek1Directions:Forthisassignment,assumethatwe'reanalyzingalargefactoryoperationthatproducesandmarketsfinebakedgoodstomanysupermarketchains.Yourassignmentthisweekistoinsertalloftheanswersintheemptycellsbelow,andnotethatafewitemshavealreadybeenfilledinjusttogetyoustartedoneachsection.1. Identify whether each of the items below is a Product Cost or Period Cost: (1/2 point each, total 5 points)Factory insuranceCompany president's salaryEggs, salt, water used for bakingDepreciation expense on bake ovensPaper wrappers for breadFactory leaseAdvertising costsFactory supervisor salariesSales commissionsFlour used in baking breadProduct2. Identify whether each of the items below is a Direct Cost or Indirect Cost: (1/2 point each, total 5 points)Factory insuranceBaker's wagesEggs used for bakingDepreciation expense on bake ovensPaper wrappers for breadCleaning materials for bake ovensUtilities used in factoryFactory supervisor salariesLubricant for factory equipmentFlour used in baking breadIndirect3. Identify whether each of the items below is a Fixed Cost or Variable Cost: (1/2 point each, total 5 points)Shipping costs for breadCost of fuel for delivery truck fleetFactory rentFactory insuranceMaintenance on delivery trucksSales commissionsWages paid to part-time (hourly) baker's assistantOven depreciationCost of fruit for cake toppingFactory utilitiesQuestion 4 General Instructions: For this baking operation, you'llneed to first classify each expense below as direct material, directlabor, indirect material, indirect labor, other manufacturing overheador period cost, and then answer the calculation questions in Parts 4b- 4e.Variable4a. Amounts given below are in thousands of dollars. For thissection you will need to classify each cost. HINT: Simply take thedollar amount shown for each item below and copy it into thecorrect cell under the appropriate cost category column...threeitems have already been completed for you. (5 points total)DirectMateriala. Depreciation expense on factory forklifts....................................................................$60b. Property tax on corporate marketing office............................................. $30c. Company president's salary.....,,...............................................$220d. Factory janitor wages.............................................................................$10e. Accounting department salaries..............................................$190f. Bakers health insurance.......................................................$40g. Assorted baking ingredients.....................................................$270h. Depreciation expense on administrative office equipment......$70i. Bakers wages.........................................................................$670j. Factory utilities........................................................................$110k. Production supervisors salaries..............................................$160l. Flour........................................................................................$1,100m. Factory equipment lubricants.................................................$20Using the dollar values provided in the table directly above, forQuestions 4b - 4e below please show your complete calculationsalong with each answer. (HINT: First total each column above.)4b. How much are total manufacturing overhead costs? (5 points)4c. How much are total product costs? (5 points)4d. How much are total prime costs? (5 points)4e. How much are total conversion costs? (5 points)DirectLaborIndirectMaterialIndirectLaborOtherManufacturingOverhead$60$40$160PeriodCost

 

Paper#38649 | Written in 18-Jul-2015

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