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Question;2-20;LO.2 & LO.3;(Cost behavior and classii cation) Classify each of the following costs;incurred in manufacturing bicycles as variable (V),? xed (F), or mixed (M);cost (using number of units produced as the activity measure). Also indicate;whether the cost is direct material (DM), direct labor (DL), or overhead (OH).;Factory;Supervision;Aluminum;Tubing;Rims;Emblem;Gearbox;Straight-line;depreciation on painting machine;Fenders;Raw;Material Inventory Clerks Wages;Quality;Control Inspector's Salary;Handlebars;Metal;Worker's Wages;Roller;Chain;Spokes;Paint;2-21;LO.3 (Financial;statement classification) Wayside Machine Tool Company purchased a $600,000;welding machine to use in production of large machine tools and robots. h e;welding machine was expected to have a life of 10 years and a salvage value at;time of disposition of $60,000. h e company uses straight-line depreciation.;During its?rst operating year, the machine produced 600 machines of which 480;were sold.;a. What part of the $600,000 machine cost;expired?;b. Where would each of the amounts related to;this machine appear on the?nancial statements at the end of the first year of;operations?;-Fixed Asset Account;Machinery and Equipment;-Contra;Fixed Asset Account;Accumulated Depreciation - Machinery and;Equipment;-Expense Account;Depreciation Expense;-Costs of Goods Sold;-Inventory;2-34;The cost of;goods sold in;March 2010 for;Targ? Co. was $2,644,100. March;31 Work in Process Inventory was 25 percent of the March 1 Work in Process;Inventory. Overhead was 225 percent of direct labor cost. During March, $1,182,000;of direct material;was purchased. Other;March information follows;Inventories;March 1 March 31;Direct Material;$ 30,000 $ 42,000;Work in Process;90,000?;Finished Goods;125,000 18,400;a. Prepare a schedule of the;cost of goods sold for March.;b. Prepare the March cost of goods manufactured;schedule.;c. What was the amount of prime;cost incurred in March?;d. What was the amount of;conversion cost incurred in March?


Paper#40711 | Written in 18-Jul-2015

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