QUESTION 1 (14 Marks)
Classification of costs
Using the code letters below, indicate in the space provided how each of the following costs should be classified for a pen manufacturing company:
1.1. Property tax on the factory building =
1.2. The chief financial officer’s salary =
1.3. Plastic used to manufacture pens =
1.4. Janitors at the factory =
1.5. Manufactured pens waiting to be sold to customers =
1.6. Advertising logos =
1.7. Partially completed pens =
QUESTION 2 (10 Marks)
Product cost vs. period cost
Briefly define the terms product cost and period cost. Explain why the distinction between these two types of costs is important.
QUESTION 3 (18 Marks)
Indicate whether each of the following is a product cost or a period cost:
3.1. Electricity for lighting a factory building =
3.2. Costs of delivering finished bicycles to dealers =
3.4. Cost of a store detective in a retail establishment =
3.5. Cost of eggs in a bakery =
3.6. Cost of chocolate to a candy manufacturer =
3.7. Salary of injection molding machine operator in a plastics factory =
3.8. Salary of a sewing machine operator in a clothing factory =
3.9. Depreciation of a freezer in an ice cream plant =
QUESTION 4 (20 Marks)
QUESTION 5 (15 Marks)
5.1. Define fixed costs and provide an example
5.2. Define variable costs and provide an example
QUESTION 6 (15 Marks)
Under- and over-applied overhead
6.1. What is meant by under-applied overhead? By over-applied overhead? Briefly explain each term.
QUESTION 7 (8 Marks)
Alice Blue is a wholesale dress manufacturer. In manufacturing dresses, the following costs were incurred in March:
Projected overhead for the year was $560,000 to be allocated based on project direct labor cost of $395,000. What are the total manufacturing costs for March (round your answers)?
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