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Option #1: Classification of Costs and Income Statement;Felix?s Fine Jewelry produces fine jewelry for department stores. The following costs incurred by the company may be classified as direct materials, direct labor, manufacturing overhead, or period costs.;a.;Wages paid to Jewelry workers;$ 1,200,000;b.;Utilities in the administrative area;300,000;c.;Depreciation on chain linking machinery utilized in the plant;200,000;d.;Silver, gold, and gemstones used in producing necklaces;4,000,000;e.;Company attorney's salary;150,000;f.;Lease rental charge on forklift for material and finished goods handling;10,000;g.;Telephone expense for customer service office;20,000;h.;Wages of plant heating and cooling technicians;100,000;i.;Utilities for the assembly area of the plant;250,000;j.;Maintenance on computers utilized in the administrative assistant?s office;1,500;k.;Salary paid to the CEO;200,000;l.;Fine paid for introducing cyanide into the local water supply;1,000,000;m.;Signature red jewelry boxes used for packaging;50,000;n.;Expedited freight of product to major customer;50,000;Instructions;Classify the costs and total by classification. Assume Felix?s Fine Jewelry?s revenue for the period was $8,000,000 and there is no change in ending inventory. Prepare an operating income statement that shows the deductions of expense in terms of total classification by category: direct materials, direct labor, manufacturing overhead, or period costs.;Provide your answers in clearly organized Excel spreadsheet. Refer to your text to aid you in this assignment


Paper#75270 | Written in 18-Jul-2015

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